trader198
Registered: Mar 2010
Posts: 1229 |
05-05-12 01:11 AM
stop trading one week, that will automatically put you at no losing position.
i.e. the losing streak is stopped.
then focus on one strategy, do one trade a day.
the most efficent one is buy dip, then sell with little profit.
no matter what kind of sessions, either strong down trend day or up day or range band day, patient to wait for the dip (under EMA in a down trend, like oversold ),
or buy on the ema in a uptrend.
the odd is very high. do not forget to get profit quickly, do not sit there and wait for home run. just 100bucks even 10bucks, you will feel very different since you are winning.
most people in a losing streak is trying to make killing to recoup lump sum loss, that either stopped you from trading (you need huge risk to do that, you will freeze, always wat a perfect trade)or put you in a gambler situation and you stumble into a hole you never be able to climb out of .
when i experienced losing streak, I often try this and try that and try to figure out what is wrong, like switch strategy to another one, and back and forth, late found they just don't work when I apply them, when I do not apply them, they work, .......
acutally I found that does not work. I just need stick to one strategy, do not try to change.
if you like to pick bottom, stick to it. if you like to ride trend, stick to it........ all methods are sometimes great but sometimes aweful.
if you switch back and forth, your mind will get confused, so will easily create mess. when you should ride trend, you counter-trend (your last trade to ride trend failed), when you should counter trend, you follow trend.
what I learned is: never change my strategy, that is why my strategy is just buy OTM options. if I see the underlying go up trend, I buy call. if i see the underlying go down trend, I buy put.
I just trade the up direction. I do not try to confuse myself about direction.
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