Joe Ross
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Hey Joe! It is so hard sometimes to make myself exit a losing trade. What should I do?
There is an old saying that goes like this: When day trading positions have had negative open equity most of the day, and an opportunity arises with less than 30 minutes of trading left in the day to exit the market at break even ─ go ahead and exit the market.
Unless the market is moving rapidly in your direction with expanding-in-length bars, and no more than 5 minutes left, exit immediately and consider the opportunity to exit a gift. Day traders are limited by the number of minutes that exist in a trading day and their profit objectives must take this fact into account before trade initiation. It should be extremely rare for you to initiate a day trade with less than fifteen minutes to go before the Close.
Better yet is to make it a rule to never ride a position having negative open equity. Unless you like to suffer, there is no point in holding a losing position for very long.
Best bet is to exit losing positions as soon as possible, and wait for a more opportune time to re-enter the market.
There is an old saying that goes like this: When day trading positions have had negative open equity most of the day, and an opportunity arises with less than 30 minutes of trading left in the day to exit the market at break even ─ go ahead and exit the market.
Unless the market is moving rapidly in your direction with expanding-in-length bars, and no more than 5 minutes left, exit immediately and consider the opportunity to exit a gift. Day traders are limited by the number of minutes that exist in a trading day and their profit objectives must take this fact into account before trade initiation. It should be extremely rare for you to initiate a day trade with less than fifteen minutes to go before the Close.
Better yet is to make it a rule to never ride a position having negative open equity. Unless you like to suffer, there is no point in holding a losing position for very long.
Best bet is to exit losing positions as soon as possible, and wait for a more opportune time to re-enter the market.
