It's a bad feeling but it's inevitable. And I think that everyone remembers the first loss and how bitter it tasted.
But with time you learn that from time to time you can't avoid it but it's very important how you deal with loss and do you manage to recover it and move on. To my opinion that is the most important. And with time you also learn to estimate the risk and not to make foolish decision. But to take it serious I think that everyone has to experience the loss.
Topic: Your First Stop Loss - page 2. (Read 343 times)
I remember when I start trading and I didn't know what I was doing. I was following the advice of some random dude who actually didn't know what he was doing too. And I didn't use a stop loss because the dude told me so. You can imagine the result was disastrous.
After some time I decided never to trade without a stop loss. And I still follow this rule. Even if the stop loss level gets hit, it is OK because I trade no more than 2% of the funds I have allocated for trading. One wrong decision no longer means a disaster for me.
Now to the question. What time frame did you trade? On the lower time frames the thing you describe (bull traps or bear traps, essentially) can happen more often than on the higher time frames.
After some time I decided never to trade without a stop loss. And I still follow this rule. Even if the stop loss level gets hit, it is OK because I trade no more than 2% of the funds I have allocated for trading. One wrong decision no longer means a disaster for me.
Now to the question. What time frame did you trade? On the lower time frames the thing you describe (bull traps or bear traps, essentially) can happen more often than on the higher time frames.
Still though, my portfolio bleeding away from a little bit of play money to almost no money was nothing compared to the feeling of getting stopped out and price rocketing straight to the moon a few seconds later. 🚀🌖
That's the part nobody warns you about.
That's the part nobody warns you about.
I can definitly feel you
I remember the time when I traded BTC in mid 2017. BTC fell from ~3600 to 3525, my stop loss was at 3530 so it triggered. But it was literally just a second BTC was that low, it immediatly turned and rocket to around 3800 letting me sit with my FIAT. Same bro, I once felt that when the price touched the SL then the price returned to skyrocket it was very painful. But in my opinion it's the best than we lose more money, because we ourselves cannot predict how long the market will touch the lowest point.
In my trading experience, the most painful thing was that when I didn't install the SL and the price went down, wow it hurts.
Panic and not yet aware of the market situation and situation, made me do CL for the first time.
at first I was satisfied because I had done CL. but I feel sorry when the price goes back up quickly shortly after I do the CL.
at first I was satisfied because I had done CL. but I feel sorry when the price goes back up quickly shortly after I do the CL.
We all have that experience in trading because many of us have a use stop loss in the trading, especially if the price is suddenly get down deeper.
It attracts us to sell bitcoin at that price but then the price increase higher, and we don't expect to see the higher price.
But that will be a good lesson for us because we need to learn more about trading, how we can analyze the chart so we can predict for the price movements.
We need to practice over and over so we can decide in a short time and we prevent the losses that we might get.
It attracts us to sell bitcoin at that price but then the price increase higher, and we don't expect to see the higher price.
But that will be a good lesson for us because we need to learn more about trading, how we can analyze the chart so we can predict for the price movements.
We need to practice over and over so we can decide in a short time and we prevent the losses that we might get.
I remember my first time paying the price for not using a stop loss. 
I lost $3,000+ on that position, of maybe $15,000 total capital. I bought the top of a bull trap then watched the price stair step down for weeks until I eventually capitulated and sold everything.
I'm pretty sure I made a few more mistakes like that before realizing stop losses were crucial to my future as a trader. Like they say, this learning process is "paying tuition" as you learn how trade properly and pay the price for your mistakes. In a sense, we depend on other traders making these mistakes so we can profit.
I lost $3,000+ on that position, of maybe $15,000 total capital. I bought the top of a bull trap then watched the price stair step down for weeks until I eventually capitulated and sold everything.
I'm pretty sure I made a few more mistakes like that before realizing stop losses were crucial to my future as a trader. Like they say, this learning process is "paying tuition" as you learn how trade properly and pay the price for your mistakes. In a sense, we depend on other traders making these mistakes so we can profit.
Still though, my portfolio bleeding away from a little bit of play money to almost no money was nothing compared to the feeling of getting stopped out and price rocketing straight to the moon a few seconds later. 🚀🌖
That's the part nobody warns you about.
You find yourself in the awkward position where you were right - price was about to go up!
That's the part nobody warns you about.
You find yourself in the awkward position where you were right - price was about to go up!
this sort of psychology is what builds market trends. it's really very classic. what you're talking about is called a "stop run"...… the market runs through a key price level where traders are likely to stop loss, then reverses hard.
sometimes whales try to facilitate this by dumping near such key levels. then they set bids below to catch the cascading stop losses. after that, all the little guys are left chasing the price higher after getting stopped out.
a really important part of trading IMO is re-taking a trade after getting stopped out, should the trade setup appear again. stop losses are crucial to limiting losses, but if you let them discourage you from taking trades again, you will miss out on lots of winners like you said!
Still though, my portfolio bleeding away from a little bit of play money to almost no money was nothing compared to the feeling of getting stopped out and price rocketing straight to the moon a few seconds later. 🚀🌖
That's the part nobody warns you about.
That's the part nobody warns you about.
I can definitly feel you
I remember the time when I traded BTC in mid 2017. BTC fell from ~3600 to 3525, my stop loss was at 3530 so it triggered. But it was literally just a second BTC was that low, it immediatly turned and rocket to around 3800 letting me sit with my FIAT. 
I remember when I hit my first stop loss.
It took a lot of pain to convince me that I needed to use stop losses. It's a good thing at that time I was playing with money I could afford to lose, because I would throw a little bit of BTC at different projects and watch in agony as the coins bled away into obscurity. 💉
Still though, my portfolio bleeding away from a little bit of play money to almost no money was nothing compared to the feeling of getting stopped out and price rocketing straight to the moon a few seconds later. 🚀🌖
That's the part nobody warns you about.
You find yourself in the awkward position where you were right - price was about to go up!
But you got shook out before it did and took a loss.📉
There's a million possible reasons why that happened. As you improve your skills as a trader, you'll begin to identify those situations and avoid them, but you'll never get rid of the chance completely. 📖
It took a long time for me to accept that while sometimes sticking to a stop loss hurts, the majority of the time it will save you from even greater pain. 🤕
When things go wrong in manufacturing, this phrase is often thrown around: "Your first loss is your best loss." It refers to tossing the problem product in the trash right away, instead of spending a bunch of money trying to fix it. 🗑️
Trading isn't so different. If the trade isn't going the way you thought it would, throw that trade in the trash and move on to another.
There's so many opportunities for profit in this market, seize them!
It took a lot of pain to convince me that I needed to use stop losses. It's a good thing at that time I was playing with money I could afford to lose, because I would throw a little bit of BTC at different projects and watch in agony as the coins bled away into obscurity. 💉
Still though, my portfolio bleeding away from a little bit of play money to almost no money was nothing compared to the feeling of getting stopped out and price rocketing straight to the moon a few seconds later. 🚀🌖
That's the part nobody warns you about.
You find yourself in the awkward position where you were right - price was about to go up!
But you got shook out before it did and took a loss.📉
There's a million possible reasons why that happened. As you improve your skills as a trader, you'll begin to identify those situations and avoid them, but you'll never get rid of the chance completely. 📖
It took a long time for me to accept that while sometimes sticking to a stop loss hurts, the majority of the time it will save you from even greater pain. 🤕
When things go wrong in manufacturing, this phrase is often thrown around: "Your first loss is your best loss." It refers to tossing the problem product in the trash right away, instead of spending a bunch of money trying to fix it. 🗑️
Trading isn't so different. If the trade isn't going the way you thought it would, throw that trade in the trash and move on to another.
There's so many opportunities for profit in this market, seize them!
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