{"id":50855,"date":"2016-03-20T07:00:53","date_gmt":"2016-03-20T14:00:53","guid":{"rendered":"https:\/\/brookstradingcourse.com\/?p=50855"},"modified":"2018-03-25T03:09:51","modified_gmt":"2018-03-25T10:09:51","slug":"staying-upbeat-losing-money","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/ask-al\/staying-upbeat-losing-money\/","title":{"rendered":"Ask Al: Staying upbeat losing money"},"content":{"rendered":"<h2>Staying upbeat after losing money for so long<br \/>\n BPA trading room Q&amp;A: March 11, 2016<\/h2>\n<p class=\"content-box-green\">Do you have any advice for staying upbeat throughout the years while losing money? I\u2019ve been losing money for nine straight years and it gets hard to maintain a positive attitude.<br \/>\n <em>Video duration: 3min 47sec<\/em><\/p>\n<div style='position:relative;height:0;padding-bottom:56.25%'><iframe class='sproutvideo-player' src='\/\/videos.sproutvideo.com\/embed\/a49adfbb1319efca2c\/ebe03dc516ba23aa?playerTheme=dark&amp;playerColor=' style='position:absolute;width:100%;height:100%;left:0;top:0' frameborder='0' allowfullscreen><\/iframe><\/div>\n<p><\/p>\n<p class=\"caption\">You can also view this video on <a href=\"https:\/\/youtu.be\/woUeUFJtqJU\" target=\"_blank\" rel=\"noopener\">Al&#8217;s YouTube Channel<\/a> if needed.<\/p>\n<h3>Losing money &#8212; for a long time!<\/h3>\n<p><a href=\"\/wp-content\/uploads\/2016\/03\/ask-al-51-es-chart-advice-to-remain-upbeat-losing-so-longpng.png\" rel=\"attachment wp-att-50871\"><img loading=\"lazy\" decoding=\"async\" src=\"\/wp-content\/uploads\/2016\/03\/ask-al-51-es-chart-advice-to-remain-upbeat-losing-so-longpng-300x180.png\" alt=\"ES Chart - Advice on staying upbeat losing money\" width=\"300\" height=\"180\" class=\"alignleft size-medium wp-image-50871\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2016\/03\/ask-al-51-es-chart-advice-to-remain-upbeat-losing-so-longpng-300x180.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2016\/03\/ask-al-51-es-chart-advice-to-remain-upbeat-losing-so-longpng-768x460.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2016\/03\/ask-al-51-es-chart-advice-to-remain-upbeat-losing-so-longpng-600x360.png 600w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2016\/03\/ask-al-51-es-chart-advice-to-remain-upbeat-losing-so-longpng.png 983w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Yeah. My only thought &#8212; I lost money probably for 10 years or more, and I\u2019m a really stubborn guy. And my thought was \u201cI can see the chart at the end of the day. \u00a0I print it out, and I can see it\u2019s going up.\u00a0 I knew bar 13, 14, 15, it will go up at least a little bit higher. So why not just buy there and put a stop here [below 8] and make money?\u201d So initially, I started doing that for swing trades, and then I started saying, \u201cAl, I can see all kinds of little things all along the way and they\u2019re probably 30, 40, 50, 60 one-point trades during the day, and y\u2019know I can swing and just wait or I can keep grabbing as many of those little one-point things as I can,\u201d which is what I ended up doing.<\/p>\n<p>If I\u2019m going to be here, it\u2019s just more fun for me to take as many of those little things as I can during the day, than to buy the 14 close, and then just sit with a stop below 8, and then raise the stop below 18, and then raise the stop below 52.\u00a0 You make a lot of points doing that &#8212; you\u2019d have made about 10 points, 8 points. But it\u2019s more fun for me to stay connected with the market, so I just keep taking money out, taking money out, taking money out.\u00a0 And at the end of the day, you say, \u201cGosh, I worked hard, but I made a whole bunch of points.\u201d<\/p>\n<h3>Money management<\/h3>\n<p>So, if you\u2019re losing money consistently, it\u2019s almost certainly due to <a href=\"\/how-to-trade-manual\/trade-management\/\" target=\"_blank\">management<\/a> and trade selection.\u00a0 You\u2019re probably buying too high, and then not using the correct stop Or you\u2019re selling too low and not using the correct stop.\u00a0 And I think that\u2019s really, really important.\u00a0 When traders are losing money, all they think about is loss, and &#8212; in general \u2013 they end up buying too high and using too tight a stop, selling too low and using too tight a stop.\u00a0 Any time you\u2019re buying at the top of something, you need a wide stop; anytime you sell too low, you need a wide stop; and you have to be trading small enough so that you can handle it.<\/p>\n<p>So let\u2019s say you buy above 35, right? Where\u2019s your stop?\u00a0 Maybe a couple ticks below here.\u00a0 The actual correct stop is below 18.\u00a0 So if you\u2019re buying up here [above 35] you put a stop down here [below 18] and I would scale in. This is too tight &#8212; we\u2019re probably going to get the second leg down, so here and I would buy above a bull bar there [above 52].\u00a0 And then once we get this [the bull leg up], you raise your stop to that [below 52].<\/p>\n<h3>Trade small size<\/h3>\n<p>So I think &#8212; I would, first of all, try to reduce the position size really, really tiny, and then I would just look at where the correct stop is, and I would look at being able to scale in one time.\u00a0 So no matter where I buy up here [26-36], I put my stop down here [below 18] and I want to scale in one time and do it above a bull bar. I don\u2019t want to do it above a bear micro channel with a bull bar with a tail on top [45], but here &#8212; second entry &#8212; that\u2019s where I buy again [above 52].\u00a0 If you just print out charts, it\u2019s such a good way to do it that it makes sense.\u00a0 It\u2019s a really good thing to do.\u00a0 Even on crazy days like this, it still works.\u00a0<\/p>\n<p>But that would be my thought. \u00a0I would think about trading really, really tiny and trying to keep it really, really simple.\u00a0 You know, Al says, \u201cAlways in long\u201d?\u00a0 Okay, I\u2019m going to buy a really tiny amount.\u00a0 Al says the stop is down there.\u00a0 I\u2019m going to put the stop down there, and I\u2019m not going to add on if it goes against me unless I get a bull bar and then I\u2019ll buy above the bull bar, above 52.\u00a0 And then I decide whether to get out breakeven on the entire trade or try to get out breakeven on my first entry and then with a profit on my lower entry.\u00a0 And if you just do that, it\u2019s a really, really high probability way of trading.\u00a0 And, to me, that would be my thought about the first direction I would take.<\/p>\n<p><em>Al Brooks<\/em><\/p>\n<p><a title=\"Al Brooks&#039; trading room\" href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\">Information on Al&#8217;s Online day trading room<\/a><\/p>\n<hr \/>\n","protected":false},"excerpt":{"rendered":"<p>Staying upbeat after losing money for so long BPA trading room Q&amp;A: March 11, 2016 Do you have any advice for staying upbeat throughout the years while losing money? I\u2019ve been losing money for nine straight years and it gets hard to maintain a positive attitude. Video duration: 3min 47sec You can also view this [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[159],"tags":[],"class_list":["post-50855","post","type-post","status-publish","format-standard","category-ask-al","entry","has-post-thumbnail","override"],"featured_image_src":null,"author_info":{"display_name":"BTC Admin","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/richardhk\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/50855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=50855"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/50855\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=50855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=50855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=50855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}