I Trade Options wrote an interesting post today on
Here’s a quick excerpt
When day trading for a living it is crucial you understand that you are trading for the month, NOT by the hour. You are not trading time for money with the job market, you are using skills to earn money from the stock market.
It is imperative that you get out of your head the result of any one particular trade. If you manage risk properly (translation: keep small losses small) and internalize the fact that your number one job is to preserve capital for the opportunities that “line up” so you can build a position as it moves in your favor.
GET OVER TRADING TO BE RIGHT! GET OVER IT NOW OR YOU WILL NEVER MAKE IT AS PROFITABLE TRADER. Your job as a trader is to manage risk. Taking losses is a HUGE part of the business. Get comfortable with it.
Whats the big deal about taking a bunch of small losses? Stop whining your timing […]
Read the rest of this great post here