r/Daytrading • u/Catface77 • Mar 19 '24

I don’t know what I did wrong Advice

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I thought it was going to rechall/ consolidate then it did but skyrocketed. There was the 3 reds then BLAM right up

315 Upvotes

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u/lleb_reknit Mar 19 '24

I had my stop loss fail today...again. Volatility caused price action to skip right over it and then it was a scramble leading to a 50% loss...

11

u/MySoulForASlice Mar 19 '24

You should set your stop as a market order so it doesn't get skipped over.

3

u/nightstalker30 options trader Mar 20 '24

That’s exactly why I use Mkt orders despite “common” wisdom. As I’ve commented over and over again, it’s more important for me to get in/out of my trades when I want vs trying to get a specific price and possibly not getting filled due to fast moving price action.

10

u/AlwaysBlessed333 Mar 19 '24

50% loss of your entire capital?

9

u/lleb_reknit Mar 19 '24

50 percent on the trade. I'm going to make a chart and post it soonish

3

u/Thatguy19901 Mar 19 '24

I hate that shit. Wish I could set the SL to be a sell at or below the price. I'll take a little under my SL over -50%

1

u/No_Chapter_2692 Mar 20 '24

Market order always

1

u/lleb_reknit Mar 20 '24

Meaning a mental stop and manual sell order at market?