How does a champion think?
- Thread starter chasinfla
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amen, sportsguy. i agree 100% with that, thanks !!
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In general, I think of losing as an unavoidable component of the process of winning. As such, a loss therefore has no implications regarding me personally, or my ability to make money as a trader. You will never be able to eliminate losses from your trading. Beginning traders fixate on tweaking and complicating their method in a futile and misguided attempt to avoid all losing trades. Good traders accept their losses as unavoidable, and fixate on managing them so that they do not overwhelm their winning trades.
P.S. Regarding your Babe Ruth question.....If I had to guess, I would say Babe Ruth, after striking out, said to himself: "Time for a beer!"
i personally hate to lose money- nothing upsets me like a loss- BUT it is a part of trading that you have to accept- when i have a losing position, i trade it very AGGRESSIVELY and minimize the damage quickly- for instance, at a $400 loss, i cut the trade, no qualms about it- because $400 is nothing to make back- the important thing is never letting a $400 loss become say a $2000 loss.
What I want to know is, what was Babe Ruth thinking in the 7th inning when he already had 2 homers and 5 RBIs and they were winning by 6 runs.
I hate getting hit with losses and get very angry after 2 or 3 in a row. That's my biggest problem - getting mad - because I tend to compound my mistakes.
However, despite the fact that I don't like taking losses, I'm still able to get out quickly. The trick for me, is to get out even quicker than I used to. I used to wait (and pray, and hope) until my stop got hit. Now, if a trade doesn't go my way very quickly, I'll try to get out at break even, or exit before my stop gets hit, or get out with less profit than I had hoped for, and move onto the next trade. But I always try to get out at break even or better...
I hate losses. I know that's not a politically correct statement to make in a trading forum, but I hate losses!
However, despite the fact that I don't like taking losses, I'm still able to get out quickly. The trick for me, is to get out even quicker than I used to. I used to wait (and pray, and hope) until my stop got hit. Now, if a trade doesn't go my way very quickly, I'll try to get out at break even, or exit before my stop gets hit, or get out with less profit than I had hoped for, and move onto the next trade. But I always try to get out at break even or better...
I hate losses. I know that's not a politically correct statement to make in a trading forum, but I hate losses!
My signature (below) says it all.
