Day trading A Stop Loss or not?

by Paulius K.
in Blog
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Do you utilize stops and your trading? 

The offer beginner traders, uh, on the are for people that have absolutely strategies. As I say, you know, I, I've rejected depending on my trade, my reasons for being in that trade on. I'm aggressive, you know, if you're trying to put a stop on my size, it is, it's difficult for a start, you know, physically, but it's also not good for your nerves. As I say, I'm a bird to risk amount of money to make money and I tell myself when I'm wrong, I don't wait for the market, tell me. And that's foolhardy, arrogant, stupid. I don't know, whatever it is. This is my system. I would say, you know what? I'm teaching people to trade with a stop and you know where you stand, but I'm not really in the market long enough for that to be a factor.

It's often said that stop-losses are the main reason for being taken out of the game. Do you think that's true? Yeah,

I mean, you know, short squeeze, pinball stopped. Rubber Ali's phrase exist for a reason. You know, if you're putting yourself on a stop in the, you know, the market used to be hard. I mean, you look back, you know, the early total traders, you don't ever, you stops because again, you know, the other system. Then the day, you know, if you put in your stall out, the nine times out of 10, somebody's got a hump for it because you're easy money.

What's your method in risk and money management on trading?

Don't lose money. No. A possible, um,

how do you handle those moments when you lose money?

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Many different ways. Um, it's not nice. I mean I've been on the back of horrific loss is, you know, you know, like 40,000 pounds and it comes with, you know, the size of account of the trade you do. It's not nice and how you deal with it. I don't think you ever get used to that way of dealing with it. You just, you just have to get on with it. I mean, you take the dog for a walk, you're trying to speak to your partner about it and have no interest. Charge me to finally get no interest. So you can only really tell it to other traders. That's still, you know, that's why traders acquire a lonely profession because you only told two people who've been in that situation, you know, when you burn them, killing all the Gulf. People make money when you lose money.

I think you're stupid when you make money, you think you're a god, but then the day you know it takes money to make money and you lose and you win it. I mean, how do I deal with age is I've tried to be as a kind of stoical his account. If I make money or lose money, it's about the office. I can't really think of any other way. I mean, the way I kind of take a big loss on board is I've paid a paid for that lesson to be taught a lesson that I learned from a not do. Again, you're paying for that. That's the only way I can deal with a loss or not drive myself off a bridge. You've paid for information, you got something out of it. And that's again the psychological side. It's quite a powerful thing that helps people deal with because if you can't take a big loss, you'll never make big money.

If you made a loss, would you carry on trading that day or do you step away?

Probably the collarx desirement, you know, like don't really matter to let you know when it's bad. It's bad. I mean the certain kind of procedures, you know, you put in, you'll lose x amount of money, you can trade the way I kind of trade is more kind of all or nothing type thing. So if that trades not work then it's probably time to call it a, you know, a day or a week and then you come back and revisit it. If you're trading smaller, you hit your stop loss. Yeah, of course. There's always something happening in the market, so trade around us to the cash open, that kind of stuff. You know, it all. It's all down to you or people don't understand this one day, you know, can make gibberish and break it. So it takes just a day or 23 trading days left of that month or a year. It's a marathon, not a sprint, so you got to live, you know, day to day to day, week to week to week, month to month to month to a year. We don't look at it that way. Then you're always boom in Boston. You'll not make sense.

How do you trade size and manage larger positions?

I mean, just come into the experience and you know, the, the size of a cane, you know, people say that, you know, trading a one launch, we're trained the same as a thousand life isn't the same metolius absolutely. Chalk and cheese, the, the ability to trade size. It is a rare, rare, rare thing, you know, and I'm not even a big trader, you know, the guys at the, you know, much bigger than me and I trade size because I want to make money. Simple fact, the motto is a necessity for me. I don't have the interest of patients to treat 10 pounds of point. It will not give me what I want out of life. So I traded big because the bigger you trade, the more money you make a, you know, you deal with that again in your own way is it's a, it's something that I've really kind of held people with enough train, you know, a known big prop trader, you know, kind of aspiring hedge fund managers, et Cetera, et cetera.

And it's always tiger woods stealing the best golfer in the world, arguably, and all of a coach. There's certain things I'm going to tell people to work on and saying I'm just going to tiger woods or a good to train other people. I just know certain things. I know how to approach it and that's what people respond to. So I'm trying to get the best out of people all time. It's not there to say I'm chief market [inaudible]. Listen to me, it's been, I've done it. This is the kind of things that will help you. But if maybe it's just like looking at it or thinking things in a certain way or were you haven't thought of before, that's, that's will be a law. And that just comes from being in this industry for so long.

How do you effectively average into and out of trades?

You just picking a point of interest? Like I say, I'm not price specific, an area of interest or a couple of prices. The thing that would've found out that can be over 10 pitch, 20 minutes, 50 steps and that's, you know, again, we'll meet you put the size in. I always think that I'm going to be wrong because that's my experience in the market and put more size in as I know the monkeys, feeling pain as I should feel, pain. And then you get the rewards when it goes what you think.

Can I ask what's been your biggest setback to date

in life or trader trading and how did you recover from it? The biggest sub actually losing money. Get on with it. It wasn't like a one thing that you as closing trades I, I regret because you lose money but you only learn by losing money when you only do things in a certain way. You know, nobody likes losing money. It's just a horrible feelings. What's then it's like losing a pet or something physically affects, you know, I don't lose you money. I hate it.

And so when you sat there thinking about Steve, how do you judge your performance? Do you judge you on your Max pnl for the year or do you judge it on the volatility? Draw down

for me. You can go onto my effects but link up your account and you can have all the structure went up or down and watch for lunch. Then just judge yourself on what he meant about being pat on the back. You know, if we've got enough to do what I want it alive, then that's been a good. Yeah, that's good.

When things aren't going so well and we all have days like that, well how do you unwind? What do you do? Have to step away.

I'm going to simply walk away from the screens. You know, you've got the power to that. Any point, you know, just close a trade. I walk away and that's the only way to unwind. I mean, you can go and kick the dog or you know, come shoot a gun or whatever, whatever, whatever works for you and the date or dogs don't have the KKK and I won't be happy that I don't care. I'm a dog lover. My Little Jack. Russell Sushi is. Yeah, they're the center of my world and I think, you know, it's, it's just get over yourself. Really grow up pools though. Did you tell them my athletic figure? No, I'm not like a distance runner and I'm going to the zone and that kind of stuff and you know what? They want to do a walking tour. They'll go, let's just say that kind of stuff to wind. I mean for me it's just when you're working, you're working. When you're not, you're not. I don't worry about what was going after. So my work time is concentrated into what I do, but that's only a couple of hours a week sometimes. So I have a lot of time to do whatever I want and that's what you work for. This the time you can't get back. The money is just the money.

You touched upon earlier about things that you've sacrificed to get where you are, what kinds of things have you sacrificed?

It's literally everything. Friends, you know, relationships with women. Um,

why is that? Because of the time that you have to put in

the person I became, you know, I wasn't a particularly nice person and I was, you know, all of it. Everyone, a trader, then what you should tell him to have a conversation with you about the weather uses that to me, you know, talk about trading, speak my language, then we're fine. That's why trade is only have traded friends because you want to get to that level on without point, you know, you have to call a lot of things out. So my advocate for people is it's a lonely life.

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