How do top traders bounce back after major setbacks?

Quote from ProfitTakgFool:

Exactly Right! Just about every successful trader has blown up and I'm no exception. I took a few days off and got back in the saddle and did exactly what got me to the point before the blowup. If you blew up take some time off and get your head straight. When you come back do exactly what you were doing before Domesday. If you're human you are prone to making a catastrophic error. Don't beat yourself up too much and then move one. In a couple of years you'll get a good laugh out of it.
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Some more excellent advice.
 
Quote from Tums:

Top traders don't have blowups.
Pretenders do.

Top traders have setbacks, they are the Top Trader because they know how to stop the loss before the setbacks become "Major".

Top traders are seldom in the limelight, they have no reason to.
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Everyone has losses. Top traders or no traders they all lose sometimes. Its the loss management that counts. If you can keep your losses-less than your winnings you will be here till you are 92 years old rocking on a armchair somewhere in Italy and an assistant will be placing trades for you. You will be very rich..
 
Quote from HedgefundTrader2:

Everyone has losses. Top traders or no traders they all lose sometimes. Its the loss management that counts. If you can keep your losses-less than your winnings you will be here till you are 92 years old rocking on a armchair somewhere in Italy and an assistant will be placing trades for you. You will be very rich..
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your right, i picture the guy on the highwire with a balancing stick, thats trading,the guy without the safety net is the one who dies when he falls, the guy with the net just gets the shakes for a few minutes and climbs back up, after big losses or blowouts you learn to use stops
 
Quote from ammo:

your right, i picture the guy on the highwire with a balancing stick, thats trading,the guy without the safety net is the one who dies when he falls, the guy with the net just gets the shakes for a few minutes and climbs back up, after big losses or blowouts you learn to use stops
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amen to stops! sure beats your finger on the mouse getting ready to get out of an order....
 
Quote from turkeyneck:

Such as taking big losses or even blowup?
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One trade at a time. Scale back, be disciplined and patient, wait for your set ups. I like to start off with a winner, then as I demonstrate my ability to make money again, and my confidence returns, I start scaling up my size.
 
As many others have said so far:

Scale back, regroup, re-evaluate your methods and just start all over with what was working and keep a positive attitude.
 
Quote from Tums:

Top traders don't have blowups.
Pretenders do.

Top traders have setbacks, they are the Top Trader because they know how to stop the loss before the setbacks become "Major".

Top traders are seldom in the limelight, they have no reason to.
More...

This is exactly correct.

In 15 years...
My two biggest drawdowns have been 10% and 7%.

Very painful.

But after every setback...
I have obsessively studied the direct problem that led to my drawdown...
And have built systems to avoid repreating my mistakes.

You have to stare you losses dead in the eye...
Never, ever make excuses or blame "bad luck".

Excuses are for losers.
 
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