SLM SSF is suffering

[HateGauteng]

I went long of an SLM SSF trade at 1590. The trade is suffering at the moment. Just wondering wether to exit at a loss or hang in there?

[#2]

Why did you go long there when the rest of the market is pointing down?

[SimonPB]

have your exit starategy in plan before you enter - and then when hit - exit ..

[Electrox]

Always know where you will get out of a trade before putting on a trade. WhatI mean by "know where to get out" Is a calculated risk that wont affect you psychologically if you do take a loss. From a technical point of view, I would've shorted SLM @ R16.00

[HateGauteng]

Sanlam was still within its range but at the lower end.

[HateGauteng]

It looks a bit risky shorting a share when it is at its lower end of its range.

[Pam_1]

Rule 1: Preserve capital. Rule 2: if the market goes against you, Rule 1 applies. Get the hell out of your losing position ASAP.

[Electrox]

It does'nt matter what appears to look risky... What is actually RISKY is not knowing where your Risk IS.

[#9]

Remember that the share can always break downwards out of its historical range. It might be better to wait for the share to turn and start moving in your favour before entering your position. If you are trying to trade a range, consider putting a stop-loss just below the bottom of the range.

[HateGauteng]

I set the trade yesterday and then popped out to get my daily ration of one Russian vienna sausage and then the price fell to below 1590. I was keeping an on the price and adjusting my price accordingly but was out for about 18 minutes.

[Brazen]

Why only one vienna?

[HateGauteng]

Not very healthy, soaked in over used oil and I'm not sure what's in it.

[Brazen]

Ture. You don't want to end up like Chartist's dog.

[HateGauteng]

Chartists dog has it good. At least its getting fibre.

[#15]

So you would have made a fat profit had you not taken 18 minutes to get the vienna. In addition to causing you great loss, you know that the vienna is damaging your health. You have clearly overcome the most difficult first stage of dealing with your problem; that of denial. The next step towards your rehabilitation is to visualise yourself free of your vienna addiction. Can you see it?

[HateGauteng]

Duh?!? I don't get it. Maybe I should cancel pending trades whenever I need the bathroom.

[#17]

Sorry, let me be more straight-forward. You should trade in such a way that it doesn't matter if you take an 18-minute break from staring at the numbers. A multiday trade should not depend on minute-by-minute information.