How to deal with an annoying, losing trade
“That’s it. I can’t take it anymore!”
^^^ Me, last week, dealing with my overgrown hair.
I’ve always hated my hair failing into my eyes. I suppose that won’t be a problem sometime in the next ten years as my hairline continues its retreat.
😆
But for now, I bounce between the inconvenience of getting a haircut and the annoyance of constantly brushing it out of my eyes.
Today’s the day to fix that ... for a few months.
After weeks of wearing hats all around the house and out in public, I finally broke down and scheduled a hair cut.
I mean, when you’re considering wearing a hat to bed just to keep your hair out of your eyes, it’s time.
Which is where I was last night.
It’s weird to brush your teeth while wearing a hat, right?
That felt weird to me.
Haha, anyway...
Let me make a point to this benign story:
Sometimes when trading, I’ve got to just get rid of a loser.
It usually comes when, after a few months of holding on to a trade and it continuing to struggle, I metaphorically throw in the towel.
“That’s it. I can’t take it anymore!”
I mentioned a few days ago that I did such a thing this week.
Part of my decision is the fact that I realized I jumped into a trade I should not have jumped in to. For the record, if you open a trade and later realize you should not have opened that trade, you can always just exit.
It only requires accepting the loss (call it tuition for the School of Hard Knocks) and paying the broker fees.
Really, not that big a price to pay to learn & improve.
Even my loser can be made up in a week or two of trading.
Yeah, I hate accepting losers.
It’s the main reason I trade in my slow-and-steady approach — because 98% of the trades work out profitably. I like winning, even if it requires a little bit of waiting.
All right, if you’re interested:
I give new subscribers free access to my foundation course “Options 101.” It’ll teach you the trading stocks & options basics as well as giving you a trading system you can use to safely grow your accounts (as safe as trading can be, all trading involves risk after all).
Tap the button here:
— Ricky Ketchum