How To NOT Blow Up Your Trading Account! [ Ссылка ] PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE! Techniques to stop having those blowup losing days if you're a day trader. You are a day trader and you have had several winning days in a row or perhaps even a great month and then you get a horrific downday that undoes most of your gains. I've done it myself - how do we stop that? If we can eliminate just that imagine how better off you would be. Redoing.
1) Rules - have rules in place to stop this. We need to know when we are stopping and not going to trade. Say 3 losers in a row - something that triggers and alerts us that something is wrong. Then you could have a monetary stop say a percentage off the high.
2) Hard Stops - another technique is to use hard stops - just leave enough money in your trading account to cover your hard stop. It is the same with position sizing.
3) Discipline - Rehearsing in your mind and doing it consistently that if one and two happen you stop trading. Just because you break the rules once doesn't mean that its acceptable to continuing doing this.
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