“There are really four kinds of trades or bets: good bets, bad bets, winning bets, and losing bets.” – Larry Hite – See more at: http://www.donttalkaboutyourstocks.com/market-wizard-larry-hite/#sthash.TnGH3p64.dpuf
“There are really four kinds of trades or bets: good bets, bad bets, winning bets, and losing bets.” – Larry Hite
- How much B.S. is there on social media with fake gurus? I am well respected by many because I post my losing trades and they are shocked to see them, many fake traders must never admit to losers for this to be such a novelty. If a trader NEVER posts a losing trades then they are lying or will quickly compound their money to millions and billions of dollars.
- When I have a losing trade it is generally about a half% or 1% of my trading capital for the account I am trading it in don’t worry about me or stress for me, my risk of ruin is almost zero, I will be fine in the next short term trend.
- My short trades are generally about 1/5th the size of my long trades since that is my weak point.
- I do not regret my trades because when I took them they were valid entries for my method.
- I have losing streaks and draw downs from equity peaks and all real traders do eventually have these, the pretend traders don’t have to worry about such things.
- I do not trade with a lot of stress or anxiety because I do not trade too big.
- I do not let a losing trade interfere with my next trade, I forget it and open my mind to the next possibility.
- I am quick to exit a trade when price moves to a place that tells me I am wrong.
- I do not hold and hope for a rebound in my losing trade, I get the hell out of it.
- I never, ever, ever, add to a losing trade. When I am proven wrong I admit I am wrong and get out of it, not add and create an even bigger losing trade.