How not to lose money

Ironplates said:
I'm more interested in the mindset behind [not losing money] beliefs
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Hello Ironplates,

When you state"not losing money", what do you mean by this?

Are you referring to a trade loss or are you referring to losing a sum a money after taking X to XXX trades (e.g., 1-100 trades)?

Are you taking about a 1 trade loss for example?

Or are you talking about combined losses after taking 100 trades?

Sorry, but I am trying to understand what you mean to provide some help.
 
Ironplates said:
As a high-performance coach and trader, I'm intrigued by the psychological aspects of trading. I'm looking to gather ideas and feedback on the psychology of avoiding financial losses.

What do you think are the most important psychological factors to consider? I'm interested in your insights, personal stories, and experiences.

Your input could spark some great discussions and be valuable to many in our community.

I'll add more myself along the way.

Thanks in advance for sharing!
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Hi all. Im actually interested in everyone's own definition of [not losing money] and everything and anything around that subject. The only answer that matters is your answer. Im wanting to learn and understand other peoples perspective on this subject. That is what would help me.

Thank you for your generous insights.
 
Ironplates said:
actually im more interested in what YOUR definition of not losing money is.
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Hello Ironplates,

I trade ES and NQ.

My risk is as follow for losing money

ES - Risk capital per year = $1500

NQ - Risk capital per year= $2000


I get two tries per year to grow the ES account from $1500 to: -$1500 to +$X,XXX,XXX

I get two tries per year to grow the NQ account from $2000 to: -$2000 to +$X,XXX,XXX

Risk to Ruin Per Year.

-$3500.00

How do I feel about losing -$3500 per year? It does not bother me at ALL. At least I bless with the capital to try year to year.

I hope that helps.

You have to define your own Risk to Ruin Per Year for your self and your bank account. Your Risk to Ruin Per Year may be -$100,000 or -$25,000, etc etc etc.

A friend I told about ES futures trading a few years ago, took $50,000 from his account and took one ES trade with 25 ES contracts and make $10,000 and never traded again. But he does not care about money, he is millionaire already.

He did it just to prove to me that he is a better trader than I am. LOL HAHAHHAHAHHAHAH. I guess he is. He knew absolutely nothing about trading.
 
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Ironplates said:
I'm more interested in the mindset behind [not losing money] beliefs, references, labels, and feelings, emotions, and even the role ones relationship with money can have.
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It goes like this. Good traders don’t have egos (at least not during trading). Therefore, taking losses is not a problem for them. They trade to make money, and not to be “right”. It’s a numbers game to them. Each trade is just a probe with limited risk.

In contrast, those who cannot take losses, cannot trade! They usually have the need to be “right” (ego, conditioning, greed, etc).
 
Ironplates said:
Hi all. Im actually interested in everyone's own definition of [not losing money] and everything and anything around that subject. The only answer that matters is your answer. Im wanting to learn and understand other peoples perspective on this subject. That is what would help me.

Thank you for your generous insights.
More...
Hello Ironplates,

I do not want to lose more than $3500 year trading the futures market.

How do I feel when lose the $3500 for the year? I feel like I wasted time and wish I made money on the year. Then I keep on trying.

Here is a tip that helps me ALOT: Do NOT tell anyone you are an ES trader, keep it to yourself. Tell them you a trader after you make a $1, 000,000 dollars cash.

NOONE cares you are an ES trader, if you have not made a $1Million yet.

This helps to reduce pressure and stress.
 
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