Don’t trade based on hope
Nice explanation of what can happen when you violate risk management and thanks for posting. Trading based on hope can only lead to a loss long-term. I think most struggle to execute a trading plan when a trade moves against them.
Trading based on hope alone is a bad idea for the traders and the obvious is that they may lose a lot of money because of their bad hope.
I do believe on hope . Hope is a motivation for me if I loose hope I could not run with this business when I am in loss. With hope I do a good planning and my positive thinking gives me good results.
Everybody trades based on hope. The only question is if the hope is the primary decisive impulse or you are able to sit down, calm down and make a decision based on your knowledge and logic. And once when the rational decision gives results you can continue hoping 
I do believe on hope . Hope is a motivation for me if I loose hope I could not run with this business when I am in loss. With hope I do a good planning and my positive thinking gives me good results.
You cannot trade based on hope. Because market doesn't care. If you cannot get the trades correctly, hope won't help you.
Hope is good but just hope can not bring better results until trader not do good analysis in trading . With this risk management and emotional control is also important .free hand without skill having good hopes not a right attitude for a forex trader.
Every man trades because he hopes. There is nobody that does not hope to get something
| The given example is a really bad situation. Trading on hope is like gambling where you depend on luck. I think when a trade go bad, you should accept your failure rather than violate your risk management rules. |
I do not see any problem about being hopeful when you trade. Hope is a positive energy. And when you are hopeful and optimistic, it brings good energy and therefore good results. Just be keep in mind that you need to work hard and learn hard to achieve good trading day.
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Hope and luck have no room in a trader’s dictionary. Never hold on to a losing trade past your risk management level based on hopes that it may turn around. A lot of new traders make the crucial mistake that they adjust their stop loss or hedge level as the trade unfolds.
For example, they set their stop loss level 50 pips away and now the trade moves against them. Being down 20 pips and everything is fine, down 40 and you see your trade highlighted red in your terminal as you are 10 pips away from your stop loss. You start to panic, check the chart and now think what goes one way for this long has to turn around eventually and 5 pips away from stop loss and safety you adjust it by another 25 pips.
Congratulations, now you have successfully violated your risk management protocol and exposed your portfolio to failure. You are now down 65 pips after a spike and over the rest of the trading day the trade moves in your favor and you head to bed being down 18 pips and feel comfortable with your decision. Overnight events unfold and you wake up with your trade highlighted in red.
You check the charts and news and all looks like this sucker will turn around because it just has to. You adjust your stop loss another 25 pips and 8 minutes later you are being stopped out at twice the amount you were able to afford. Next stop: revenge trading with destination total account failure.
Don’t trade based on hope.