Trader's Queries - Stop loss
Query : I do not use/follow stop loss. For example if I purchase 100 share @ 100 Rs if share value rs 102 means I book and exit if going down means wait (Mentally thinking coming up like that) finally sell @ Rs 80. 20 Rs loss per share. How to control this?
Answer : I have seen this problem among many new traders. Not closing the trade when it hit the stop loss and making the loss big. This problem also has the same reasons which I have mentioned in my post about "discipline". If you did not read it yet, refer the links given below. In addition to that one important reason is when we are trading, we are dealing with virtual money and not feeling the money. So the pain of losing money wont be felt by us till we empty our capital.
In war, soldiers save/protect their life to fight for another day. Similarly, with out capital we can not trade the next day. When we realize that, we have to protect our capital, to trade next day, we will respect the stop loss. Remember " You have to protect your capital to take next trade".
Note : Post written as a reply for the query from a regular follower. Replied/posted 3 queries from regular followers in 24 hrs.
Answer : I have seen this problem among many new traders. Not closing the trade when it hit the stop loss and making the loss big. This problem also has the same reasons which I have mentioned in my post about "discipline". If you did not read it yet, refer the links given below. In addition to that one important reason is when we are trading, we are dealing with virtual money and not feeling the money. So the pain of losing money wont be felt by us till we empty our capital.
In war, soldiers save/protect their life to fight for another day. Similarly, with out capital we can not trade the next day. When we realize that, we have to protect our capital, to trade next day, we will respect the stop loss. Remember " You have to protect your capital to take next trade".
Note : Post written as a reply for the query from a regular follower. Replied/posted 3 queries from regular followers in 24 hrs.
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