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The importance of a stop loss with risk management

Certainly nothing is better than learning with others mistakes, and why is that? Just because it is the most cheap way of learning, when in the market, it will not be so complacent and very expensive. A lesson that is very neglected is the one which Jesse Livermore say: "Profits always take care of themselves but losses never do".
Or, in a concise form: stop loss. Never forget to use it and not just as a fun tool, but it ought to be part major strategy, to your risk management. If you don't have…
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Stix avatar
Stix 15 Set

If I think of stop-loss, I think of "beyond the support or resistance". If that helps. Best wishes. :) :)

ANABEVZ avatar
ANABEVZ 15 Set

Good information!

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The Irony of Trading

Here is my quick review of my first trade:
Currency Pair: USD/TRY
Side: Long
Amount: 5Mill
Time Frame: 1h
Open Price: 2.133467
Close Price: 2.12377
PnL: -97 pips loss
Open date: 04.08.2014 07:00:20
Close Date: 05.08.2014 08:23:20
Reasons Behind the trade: This was supposed to be a quick trade between some intraday support and resistance levels nothing complicated about it. After my order was triggered the market stop moving any further and we stayed in a tight range until next day(see Figure
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Neu_spir8 avatar

Sh!t happens u know, happened to me before and laughed on myself, think all traders experienced things like that, tell u the truth, i laughed on u man,  just a little :), someone like u will overcome things like that, am still laughing, no disrespect pal.

Daytrader21 avatar

Neu_spir8 Yes, sh*t happens all the time, I already forgot about it:)..there is no time for crying in this business:))

scramble avatar

I thought this was happening only to me!! :PP

Ichimoku6886 avatar

i think it down

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Trading Quote - Jesse Livermore (194)

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Trading Quote - Jesse Livermore (274)

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Jesse Livermore - The unsuccessful investor is best friends with hope

Jesse Livermore :- "The unsuccessful investor is best friends with hope...."
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REMINISCENCES - 3

Dear friends ,

Yesterday we saw some of the excerpts from the brilliant book about Jesse Livermore - REMINISCENCES OF A STOCK INVESTOR .
I hope we can improve a lot in our trading if we read such books.What is amazing is how much of the book is applicable to today's markets and trading, seeing that the events in it are from about 80-90 years ago.
Today we shall see some more excerpts from the book. ( More of philosophical thoughts )
"Let me tell you the trouble with trading. There is no career…
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Daytrader21 avatar

Jesse Livermore is my IDOL:). Many are saying about me that I'm Jesse Livermore incarnation:)

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REMINISCENCES - 2

Dear friends ,

Yesterday we had a glimpse of Jesse Livermore , one of the greatest traders of all time.
Those who know about his life and story ( it would beat any blockbuster movie ! ) - Please don't bother why he committed suicide or how can he make billions ( today's value ) and can lose it and regain , etc..
We should not think of the actor's personal life when watching his movie. We should simply enjoy the movie. Likewise , rather than dwelling on his personal life , any trader who wants t…
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REMINISCENCES - 1

Dear friends,
In the previous blogs,we analysed some forex pairs , charts , Pivot points and technical analysis.
Today we will see an useful post for beginners who want to improve their discipline in the art of trading.
Jesse Livermore (1877 – 1940), also known as the Boy Plunger and "Great Bear of Wall Street", was an American stock trader. He was famed for making and losing several multi-million dollar fortunes ( today's equivalent of billions ) and short selling during the stock market crash…
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Jesse Livermore - Reminiscences of a Stock Operator

Some inspiring and educational quotes by Jesse Livermore (from Reminiscences of a Stock Operator)
1) And when the market goes your way you become fearful that the next
day will take away your profit, and you get out-too soon. Fear keeps you
from making as much money as you ought to. The successful trader has to
fight these two deep-seated instincts. He has to reverse what you might
call his natural impulses. Instead of hoping he must fear; instead of
fearing he must hope. He must fear that h…
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geula4x 24 Dic

+1 Liked: Thanks for sharing :-) A "classic" trader's book IMHO :-)

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