I try to relax my mind with music and dance. It really helps me to block any bad emotions that could lead to revenge trading.
What according to you is an effective way to deal with losses when you have a bad week/month ?
- Thread starter Raheel Shaikh
- Start date
You're right yana, Revenge trading one of the biggest reasons for people to lose their accounts and quit trading
if you know the 90/90/90 rule, that's exactly the start cause of it.
Two reasons anyone would would have a bad week no less a bad month:
1 Don't know how to trade
2 Inability to behave as a trader
Solutions?....Test your strategy(s) until you KNOW you have an edge, create a viable trade plan around it and then observe without fail the rules of the strategy. Losses are inevitable but prolonged losing periods point to other issues.
And before you try and devise strategies, you should understand the nature of price behavior. Where in the market cycle are you? Are you in a trend and if so what is the nature of the trend, wide channel, narrow, small pullbacks (flags etc) or deeper consolidations? They suggest different setups, targets or trade management and stop placements. How about a trading range? It requires a different approach. Do you fade strong trends because you identify a doji as an "evening star" or "hanging man" and your indicator is "overbought"? It's more likely to be a small consolidation or rest before resumption. Do you know what a major trend reversal DOES look like? People lose because they don't know what the hell they are doing.
1 Don't know how to trade
2 Inability to behave as a trader
Solutions?....Test your strategy(s) until you KNOW you have an edge, create a viable trade plan around it and then observe without fail the rules of the strategy. Losses are inevitable but prolonged losing periods point to other issues.
And before you try and devise strategies, you should understand the nature of price behavior. Where in the market cycle are you? Are you in a trend and if so what is the nature of the trend, wide channel, narrow, small pullbacks (flags etc) or deeper consolidations? They suggest different setups, targets or trade management and stop placements. How about a trading range? It requires a different approach. Do you fade strong trends because you identify a doji as an "evening star" or "hanging man" and your indicator is "overbought"? It's more likely to be a small consolidation or rest before resumption. Do you know what a major trend reversal DOES look like? People lose because they don't know what the hell they are doing.
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Hello Raheel Shaikh,
If your making money, you will NOT care about losses.
If you care about losses it is ONLY because you not making money.
If you not making money, it is ONLY because how you currently trading does not make money consistently.
The problem is and will ALWAYS be choosing a consistent way to trade that makes money consistently.
I believe you said it; losses are inevitable. Trust your plan! Follow your plan.
Somewhere in your plan is (should be) a process to follow when you hit a certain drawdown. It's at that point you have to consider that it might be the plan that is faulty, not the trader.
appreciate your feedback mate
for me, Trading is not just about monetary goals
there is a lot more than ONLY money and money and money in trading i believe.
i look at it as a freedom of time, freedom of doing what i want and where i want
i believe money is a biproduct of discipline and consistency in trading
i mean no disrespect but that's just how i look at it
Yes sir
completely agree to that
its the strike rate that decides the number if losses but the pattern of losses are always unknow.
Raheel Shaikh,appreciate your feedback mate
for me, Trading is not just about monetary goals
there is a lot more than ONLY money and money and money in trading i believe.
i look at it as a freedom of time, freedom of doing what i want and where i want
i believe money is a biproduct of discipline and consistency in trading
i mean no disrespect but that's just how i look at it
Stop Bullshitting around. Trading is ONLY about making money, ONLY.
Without making money in trading, you have no freedom of time and doing what you want to.
If you make no money trading, then you go work full time job.
So stop bullshitting around. We trade to make money ONLY.
