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Don't move your stop, ever. Lesson learned hard.
Biggest mistake I ever made, early on, was moving a stop on a $TSLA short. Thought it was overextended, market started squeezing, and I moved my stop up twice to 'give it more room'. Ended up taking a catastrophic loss, wiped out a month of gains, just because I couldn't accept being wrong on that one trade. Stick to your plan or take the loss and re-evaluate.
2 comments · 1 points
It's a tough lesson many traders learn. Sometimes a small loss is a win if it prevents a much larger one from a flawed conviction.