Hey Romario,Romario wrote: Today, with overoverconvidence I backed a favorite (on the daily highest traded price) and it went straight against me. Since it was still 4 Minutes to the Off I did not scratch nor put a Stop Loss. The price did not come back, I went In-Play and lost my complete Bankroll of Euro 200.-.
Well, I'm also a newbie and must say that I lost my bank twice because I went in-play. Here's what another user said to me (and he was completely right) :
"Unfortunately the only way to learn is the hard way, and if that means blowing a bank in order to learn then so be it
Not going in play and cutting your losses is always a struggle even for experienced traders!"
Now, if I go for a swing trade I ALWAYS set a stop loss! If I scalp I scratch as soon as I'm not 100% sure I'm on the right side!
If the trade goes against me, I just accept the loss and move on. This is of course easier to say that to do, but I would strongly suggest u "learn" this as soon as possible.
Good luck, practice as much as you can and never give up