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Minimizing Your Losses

Written by Pip Wrangler | Leave a Comment
Topics: Trading Tips

Hi everyone, I hope everyone is doing well and trading smart. The tip that I am offering today has helped me tremendously! Enjoy.

You can minimize your losses by starting out small and adding on to the trade once it is going in your favor. When you do lose, you lose a little and when you win you win a lot. With a good trading plan you will win more times than you lose and the wins will be larger than the losses. This will put you on the right side of the probabilities. Try and learn something from every loss. I consider some of my losing trades to be some of my most profitable. I gained so much insight that I felt I had a winning trade.

For example: I put a trade on and it went in my direction 20-30 pips. I then moved my stop loss closer to my entry point. The trade came back and went 2 pips past the stop loss and of course I was out of the market. Then the trade went in the original direction 250 pips. I learned more about setting stop losses on that trade than I had learned in the previous year. I also learned that I made a good entry on the trade and read the market right. By reviewing that trade and understanding what I did wrong and right I have made many times the amount I lost and would have made on that trade.

Plan to win, plan to lose, learn to plan right and learn from it all.

February 20th, 2008
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