I was trading a stock up big pre market on blow out earnings and they warned on there conference call.... not much i could have done about that one..... These days happen...and are easy to live with,,,,, its when i get killed doing dummy shit,,, when //// i know better i am gonna start boozin at noon
I try to gauge situations by thinking "in x amount of time, how much will this situation effect me?" So, i have a bad day and lose lots of money. I think, in 24 hours, how much will this sting? In a week, will i even care? In 2 months, will I even remember? If you are a profitable trader, a big loss doesnt mean you lose money, it means you lose time. Positive expectancy will always make you new money, but it will take longer to get to where you want to be. After i calm down, i go back over what happened and attempt to not repeat that set of decisions. (this isnt always clear, and doesnt always work though, of course)
if the loss makes you go on tilt ( wether your fault or not )...then stop trading for a couple of days...getting drunk is optional....I often hear people say "my fault" "this fault" "i should have done this and not that" "discipline" "no discipline"....who we kidding how about its no ones fault and part of this business ( taking your lickings)....anyone can look back and say shit i should have done this..just get back in there if you are NOT ON TILT and keep swinging the bat...peace
Lol.. Been there before. I find spending a day or 2 trading my Sim account with discipline gets my confidence back, only big losing days I have had are when I've lost discipline and gambled.
i do agree with the get smashed and get in there the next day principle, but ya gota remember to not tilt. if you have a good system then a blowout isn't going to happen everyday. happened to me last month, biggest loss ever early in the month, ended up finishing at my highest month ever. believe in your system
To prevent revenge trading, usually I will wait till my normal next trading time rather than trying to trade my way out of it. For example, I made back today all the money I lost on Monday. I would also suggested drinking. I could not do that yesterday since it was one of my non-drinking days.
All of my bad days are big drinking days.... Seems like i trade well when i am hungover.... up and out
Recover is the wrong terminology to use. Keep doing what you are doing, because if you are doing it you must be doing it because it works. If it's a set back and you still believe in your methodology, continue with it. If it was a discipline fuck up, kick yourself for it and learn from the mistake. NN