How To Rescue a Trade When it Goes Wrong - [Q&A] Caan
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- čas přidán 22. 08. 2024
- People don't like losing. That's understandable but you can't afford to get it wrong when it comes to making mistakes. An important Q&A from a follower brings the most truthful response I can think of....
Related: Managing Losses - • How To Deal With Losse...
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Caan Berry successful Betfair trader featured by Betfair, matchbook, and Betdaq. Specialising in horse racing, tennis on the sports exchange market.
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Trades can't be rescued, they either live or die according to your entry and exit strategy. But ...
#1 It's like learning to drive, at first it's all gears and mirrors and pedals, eventually you will 'feel' when you need to click.
#2 What's a good profit strike rate? 80% of trades up? ....so get used to the fact that means there's 20% of them that are losers, so make them as small as possible.
#3 Learn to be happy you took a small loss because that's a good thing, it's what traders do, often many times a day.
Lastly, sometimes the loss is transitory, if you're convinced your analysis is right but it's going 'bad'. Hop off the bus, get back on further down the ladder and ride back to the planned destination or even it only goes back to the original price you took you'll be in profit if ticks up>ticks down. Your temporary sadness at your loss will be no comparison to the smuggness you'll feel when you've proved right and nicely green.
rescuing a trade is the most fundamental aspect of successful trading. Set stop losses and get out and take your medicine
I think the key thing to this sort of trading is 'keep guessing until you are right', and that is fine you minimise and narrow your area of attack but there is always that bit that you can not know. A bit like your video game you are not always going to kill the German with one shot.
handy pro tip, get a mouse with programmable buttons especially the thumb one on the side, then program that thumb button to output H if you're using geeks toy. No more hunting around madly losing money on a keyboard in a flat panic when you can just push that button immediately and be hedged out in a second. Also the button is helpful psychologically, because you're in the zone, if you have that sort of control while you're trading in that "being in the zone" feeling, you want as little to interrupt that flow as possible as you still need to trade afterwards. One button, instant push and you stay calm. worth it's weight in gold i tell you :)
Hey Caan. Maybe you could comment on a % of how many trades for you end up in profit and how many in loss? I'm quite new to trading and was just wondering about this and perhaps if it is possible to be in the negative for multiple days in a row for an experienced trader?
Cut and run. Damage limitation. Nope the feck out of there. Regroup and try not to let your emotions influence your decision making for your next trade. Take a break until calm and composed
spot on with this vid mate. great advice. I've been a lot more successfull doing this the last couple of years.
Thanks for the insight.
does anyone think using an automatic stop loss is a wise thing?
I do
I still have allot to learn with trading i think i am slowly getting there i love the grayhounds markets they are the wild west of trading and a great place to learn i find some times the price will just drive right through me and i dont see why that is but i dont panic i just try and exit in a nice smoother manner and take the loss its no biggy, some times the markets and do crazy things and you will not understand why if like me your new to trading so like you say trying to work out a plan or recover i think will just loose you more just exit move on to the next trade and if you really want to try and work out what happened record your trading sessions then review them thats what i have started to do as i want to get better