what was your reasoning for the second entry? It was already going against you. I think this is one of the Rules of a Daytrader, "never add to a losing position" that WillyB keeps by her desk.
Stop wasn't terrible so it was a position sizing issue to have lost that much money.
Need to make sure to have a max loss per trade limit so this kind of thing doesn't happen. As much as you want to hit a home run after a loss, it very rarely works.. I don't know why, but I do know I have tried it many more times than I can count on two hands and it hasn't worked out ONCE for me.... I hate it, lol.
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what was your reasoning for the second entry? It was already going against you. I think this is one of the Rules of a Daytrader, "never add to a losing position" that WillyB keeps by her desk.
Stop wasn't terrible so it was a position sizing issue to have lost that much money.
Need to make sure to have a max loss per trade limit so this kind of thing doesn't happen. As much as you want to hit a home run after a loss, it very rarely works.. I don't know why, but I do know I have tried it many more times than I can count on two hands and it hasn't worked out ONCE for me.... I hate it, lol.