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When one is in a bad trade and a stock dips lets say 10% - the loser mentality person will say "I will get out when i'm back to even." This is basically setting you up to lose more. If the stock dives further - then you will take a larger hit. People say that they will get out when they are back to even because they don't want to admit that they just took a loss. They don't want that psychological burden of being a loser.The fact is that anyone who trades professionally, or made millions in the stock market had many losing trades. Its about getting out of your losing trades quickly and letting your winning trades run as much as possible.The winning mentality knows this. Make sure you don't hold on to your losers. Let the ego go and get rid of the losers if they are past your rules and have gone through your stops.
