Submitted by [deleted] t3_yzlcb7 in wallstreetbets
alanzo123 t1_ix0lres wrote
no one knows which way the market will go on a daily basis. you can only stack statistics, trends, support and resistance in your favor. manage risk and get out when the trade doesn’t go the way you thought.
it’s not about being right, it’s about making money. most of the loss porn is people refusing to see the writing on the wall, stubbornly holding hope they will still be right.
before you enter any trade, find the points where you are getting out for a loss. assume you’re going to lose. take profits if they come, evaluate your p/l on a weekly basis and reconsider your strategy every losing week.
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