Planning your exit
 
Since no human can see into the future, unfortunately new and experienced traders alike will sometimes have to contend with losing trades.
 
Emotions can run high at these times. Watching your hard-earned money being depleted from your account is an uncomfortable experience - and it can compromise your decision-making abilities.
 
That's why it's important to decide - right at the outset - where you'll get out if this trade doesn't go well.
 
Rule 1: always have an exit strategy
You need an exit plan - a strategy for managing the risk of the position, so that one bad trade won't wipe out a significant chunk of your trading capital. But simply telling yourself where you want to get out may not be enough.
 
Consider the scenario: you head to bed for the night with a position going well, but by the time you wake up in the morning the market has taken a turn against you.
 
Or perhaps you're watching a position while travelling on the train. You enter an area with no mobile or wifi service, and by the time you get back online the market has moved past your planned exit level.
 
Shutter stock
So once you’ve decided where you’ll close the trade, you need an automated mechanism to protect you when you’re not in control. And that’s our second rule:
 
Rule 2: set a stop
Setting a stop reinforces your exit strategy. The resting order will close your position if the market hits the level you specify, even if you're not logged in to your platform at the time.
 
It also removes the need for you to make a difficult decision under pressure.
 
It's easy to disregard the emotional aspects of trading. But, especially when you're new to the markets and still learning, the rollercoaster of feelings created by losing a trade can have a substantial impact.
 
Example
Let's say you take a long position and the market immediately starts to rise, putting you into profit. However, suddenly it goes into a sharp reversal, and to your dismay your winning trade rapidly turns into a loser.As the position drives further below your entry price, you keep hoping for recovery. But that hope turns into wishful thinking as prices continue to deteriorate.Finally, you're left with a feeling of desperation. It's clear that prices aren't coming back anytime soon, and you have no choice but to realise a loss.
 
Price chart
In this situation, the financial impact certainly stings. But it's the emotional toll that can make your next trade more complicated, as you try to recover. Just one idea that didn't work out could define how you move forward in a market. For example, you might feel tempted to rush into a new position without proper consideration, in an effort to claw back your losses as quickly as possible.
 
One easy way to help avoid this issue is to decide where to set your stop before opening a position, and set it up while executing the trade, so your position is never left unprotected.
 
With a stop-loss order in place at your pre-defined exit level, if that price is met you don't have to make a decision about to what to do. You've done your planning in advance, and your position is closed for you.
 
Lesson summary
Every trader needs to be prepared to suffer some losses
Always plan where you'll exit a trade if it doesn't go well
Set a stop to close the position automatically for you
 
 

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I am asking for your help to pay for medical and travel expenses. I have been dealing with a heavy menstrual issue that, despite doctors efforts (which included multiple birth controls) my issue is still not being resolved. I have exhausted all of my expenses traveling to appointments and I am still searching for a cure. This issue has cost me my job, an I have been going through this for 3 months straight without relief. Please anything will help me get to more appointments as i seek help and pay for medical expenses.

Hi everyone. Some days ago i tried suicide, since I'm in a place in my life i don't see much sense.
Now i'm dealing with hospital bills and i'm in need of money to buy me the medication i need to treat depression and borderline disorder. 
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If you can help me, please, I can send you my paypal address. 
Thank you for your time.

Good Day 

My name is Delicia and I am from South Africa. I am looking for any sort of financial assistance. I have been diagnosed with a skin condition and need to visit a dermatologist again urgently

Hello, Im about to take my Professional Exam in 2 months and currently I am reviewing for it. Im away from my parents since there are no nearby review centers for my course. I havent really gotten used to the city because I only loved in our small town my entire life. To cut it short, heres the gist of what happened to me.

I usually commute going to the nearest bank and back to where Im currently staying. Last Sunday I just got my monthly allowance from my parents. It was just enough for my food this entire month and for my application fee for my exam ($70 equivalent give or take). On my way back to my rented unit I fell asleep in the commute for a while. And yeah during that short time my whole allowance was taken from my bag. I only noticed it when I got back to my place and found nothing was left. Im able to borrow some money from my friend for a few meals but I dont really have enough for my application fee. I cant ask more from my parents since they dont earn much. I found my way here and was hoping to ask for a few bucks for my meals and my application. I was be very grateful!

I read that you need a paypal link so I went a head and made one.

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Again thank you so much for any help!

Hi I am a 36 year old with some issues with money atm. I don’t normally ask for anything but my situation isn’t  getting easier. I have a job but it just does not pay enough and does not include health insurance. I am normally an RN but my license isn’t active at this time due to inability to pay the re-registration fee of $105. Seems doable but I also take care of 4 of my younger sisters kids now that she has lost her rights to them due to drug addiction. It was either I take them or they get separated and go to foster care. I also have one child of my own and he is 2. The other kids are 11 9 and the twins are 5. I have very little outside help because I don’t have much for family that isn’t in active addiction.
Recently the only car I own took a crap on me, and is not fixable or at least worth fixing. I am hoping that by posting my story someone will read it and maybe be able to relate to my situation. I am asking for donations to help me buy a used vehicle that doesn’t have to be fancy just get us from point a to point b. I’m hoping to raise at least $3000 in donations for a vehicle so I can get myself to work, pay the nursing fee and get a better paying job and buy a car that can get me there.
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Thank you for taking the time to read my story and god bless you all for your help.
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[font=.SF UI Text][font=.SFUIText]Hello, my name is Taneia Love. My husband lost his job 2 months ago. We are struggling to make ends meet or even see each other. We are behind on many bills but my main concern is Rent and basic necessities.  There are limited resources for rent and food. We have been to the pantry. I have worked over time but that is not enough. We do not have anyone to help us out which has brought me here to ask for a little help. I am asking for $1000. My husband will start a new job at the end of the month, however bills cannot wait and we really need the help. Thank you for reading my story.[/font][/font]




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    I lost my job and I lost the room I was renting because I had no more income. It’s starting to get cold at night and I really need help. Anything will help. Thank you.

[attachment=465][attachment=465] I am from SW Florida.
And I have 2 boys who are 3years old and 2 years old. Currently we all have been going through our own personal hell because a very selfish, spineless person I was so blindly to consider a friend or even best friend oneday let me know how she was keeping tally of alli the nice things she's done for me and say pretty much that she was ready to collect on the one favor she'd wanted from me from day one to ruin her ex fiances life and sabbatoge his business page with a bad reveiw.
I thought about it after 2hrs of being guilted into it.. But i decided against it and offered to be they're for her in any other way and the moment i did that my kids and I became her biggest enemy from not sitting when she said sit. For standing up for my own personal morals and principles she then food something that was evil and not in my deck of cards that turned her evilness to me and my family ruined my life trying to take my kids removed from me. Putting a false call and then Getting me fired from my job. I had to make a choice that soon brought me to right now where I'm not able to afford rent. Through trials and tribulations i had to pay for excessive drug testing and go to court viciously and also to afford lawyer and not there lousy won't fight for you lawyer bc dcf isn't offsetting case plan isn't offering referrals they are trying to get me to surrender my rights and caused me so much turmoil. I can't lose my boys or being their mother and raising them. 
I had to get rid of my car and car payment and trade in for a bike. I have 4 interviews for jobs lined up and i have tried so hard to see if I can keep this roof over my head and pay my rent by the 14th of this month.... I will be able to go into court next month and reach an agreement with the other party dcf who motioned expedited tpr full of lies still makes me want to throw up. and finally bring my babies home. For good once as for all. I've given everything of mine that I possibly could please my rent is 1400 and I am busting my ass to come up with any of it. Any amount that anyone could chip in the better please......It will not go in vein. Thank u for helping however many people who have from this website. God bless u all I'm so scared just day a prayer and i may be able to come up with 400 of the rent for this month.. Im selling anything i can to keep this route over my head while waiting on these job interviews and court for dependency I cannot lose my babies everytime they ask me to take then home and the cries and the sadness just breaks my heart please help me keep this roof waiting for them the amount I've spent of private drug testing on Lawyer and classes twice a week to prior in a good patent had ran me dry and broke. Please help I'm doing the best i can.

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Hello, I am a single mother of one in desperate need of help. I’m in danger of my power being turned off(it’s dangerously hot out)and of being evicted from our home. We would have no place to go if we were. I’m behind about $2000 right now but anything would help. If any of you could find it in your heart to help it would be greatly appreciated and you would literally change our lives. Thank you for reading. I have cash app $trbo23 and the same with Venmo $trbo23. Once again, thank you for your time.