We’ve all felt that temptation to move the stop.
It’s easy to rationalise, at the time.
“It just needs a little more room. And just this once. I promise!“
Here’s the reality though:
You weren’t really “giving the trade more room”. You were scared of taking the loss and afraid to admit it.
You didn’t want to be wrong!
But there’s danger here.
The ABSOLUTE WORST outcome, if you do move the stop, will be this:
I’m hoping that when you do move the stop, you’ll get this outcome. Because then you might learn.
You’re lucky if you only get a 6R loss. It’s recoverable. If you learn.
Others have not been so lucky.
Others have had accounts destroyed.
Learn from their lesson. Rather than having to experience it yourself.
Here’s the problem with your rationalisation: “It just needs a little more room. And just this once. I promise!“
IT’S NEVER JUST ONCE.
If you allow yourself this lapse of discipline once, you’ve given yourself permission to do it again.
Especially if it worked and you profited.
But even if it didn’t work – “It will work this time, for sure!“.
Your number one priority at all times is to survive to trade another day. NEVER place yourself in the position of allowing a single loss to get out of control.
You aren’t really “giving the trade more room”. You’re scared of taking the loss and afraid to admit it.
Take the damn loss, while it’s still small.
Or quit now, before you destroy your account.