In a Bronx Tale, after C loans $20 to a guy who wont pay and he does not even like, Sonny explains that for $20 he never has to see him again.
My grandmother’s sick. I’ll talk to you later, I gotta go do something.
Where’s my f*cking money? You’re fucking dead when I catch you, you piece of shit
C! Come here! What’s wrong? Get over here.
Hey, the kid wants his f*cking money, so what you gonna do?
I’m gonna talk to him.
Stop babying him.
He owes me money.
Hit him with a f*cking bat. Whack him.
What kind of advice is that? F*cking hoodlums. Come on, lets’ go in. Don’t listen to these hoodlums.
I’ll be right back. Alright. What’s the matter?
Louie Dumps owes me $20. It’s been two weeks now and he keeps dodging me.
Should I crack him one, or what?
What’s the matter? What have I said? Sometimes hurting somebody ain’t the answer.
Is he a good friend?
Nah, I don’t even like him.
Don’t even like him. Well, there’s your answer. Look, it cost you $20 to get rid of him. He’ll never bother you, or ask you for money again. He’s out of your life for $20. You got off cheap, forget it.
No one likes to lose but it is part of it. Losses are part of it, large losses are not. Career threaten losses are not part of trading or they do not have to be.
The voice in your head is loud, “You are going to be right stick with it, the chart just has some noise”. The loud voice is replaced by the high pitched ding of your stop getting hit. Or worse your stop almost gets hit and the feeling of relief washes over you. Not wanted to feel that pain again you move your stop. You get stopped out and lose twice as much or worse you make money. To adapt a phrase, if you get stopped out at your max risk you own the trade, when you lose more than your max risk the trade owns you.
Getting stopped out or taking a loss means you get to move on. It is small price to pay to enable you to find the next trade. The next trade, if done right, will be taken when you have more knowledge of yourself, the market, and the relationship between the two.
Lessons cost money in trading but you ultimately get to decide how much it costs. For a couple hundred bucks you never have to see that trade again. Don’t let the trade own you.
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