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portales@xxxxxxxx wrote:
> I place my order with astop loss of 20 points ( $ 250 ) below my
> entry. If prices keep going down and hit my stop, well, plain simple :
> I WAS WRONG. Take it gracefully and be ready for your next trade.
>
RT'ers:
Good post! I think this attitude is overlooked by new traders, and
critical for daytrading (indeed, any trading). When you place the stop,
just think of it as LOST. Mentally consider it a loss taken. Don't place
the stop and then spend a lot of energy hoping the stop doesn't get hit.
Just be passive about it, and if the market proves you wrong, you are
already psychologically prepared. Your stress level during the trade
goes way down!
Jim Oliver
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