Cutting losses and riding profits are equally important to the success of a trader. Both are difficult to master.
To cut the story short, in order to make money, profits must be more than the losses and must be enough to cover all the expenses for a trader to survive.
Sound stupid, who don't know about it, but why many are still losing money? The answer lies in the past few lessons, simply just unable to follow them.
In trading performance, notice the difference between the 2 traders?
8038 is very consistent, slow and steady, controlling his losses very well and riding his profits on low volume. I like to see traders making money on low volume trading from home, controlling the comm with patience instead of recklessly getting into a trade.
Remember, being a Day Trader don't try to scalp, when the volume increases you are just not trading right. Too much slippage. Compare the comm of 8022 and 8038, you will understand what I'm talking about. Despite advising 8022 on numerous occasion to reduce his volume, he just can't change the way he trades, thus going around in circles.
When you are not making money after some time, put in an effort to find out the reasons from your trading journal. Unfortunately, most don't keep one, that's why they are not learning.