The Happy Steem Trader episode #21 I got into a bad bad trade today..

in trading •  8 years ago 

So how do I handle the bad trades?

Bad trades happen, because the market will surprise you from time to time. So I thought I should take a few minutes and make a video describing what happened and how following your rules will save your butt time and time again. It took me years of discipline to be able to see a loss as a good trade. But if you followed your rules and managed your trade properly, than you should be proud of the bad trade. I did good today, by saving myself a huge loss when a stock did the unexpected.

Please take a few minutes and watch my video to see what happened

Thanks for watching, if your learning to trade, I hope this lesson about following rules helps.

Luc

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Good job, following your rules is the most important thing in trading. Taking good losses is the difference between profitable and non profitable traders.

Thanks. Yeah, its a hard thing to do for new traders, that's why I figured this was a perfect opportunity to share how to handle these situations.

Also good to have predetermined rules, and strictly adhere to them in:

  • relationships
  • las vegas
  • car purchases
  • salary negotiations
  • friday night drinking with friends
  • dieting
  • etc.

lol

Words of wisdom :)

I'll be in Vegas 3 weeks from now. I need to MAKE some rules for that trip!

I agree steem is mostly an investment and not a trade because of the 100% annual inflation rate. A good strategy IMHO is to buy SBD on big dips like today and convert to SP, which provides another 10% discount from current prices.

It's good to get the lowdown on what to do when things go the other way. I am happy you got out. I managed to get some steem when it hit .002. I think part of the lowhas something to do with the higher btc price.

ok I get it now. the rule is make money on every bounce or get out on every bounce but do not wait for the market to turn around there are times it will not. I get it now.

What video, there is nothing there :p.