How do you deal with Starting the Day out with Losses?

Discussion in 'Psychology' started by Flashboy, Oct 30, 2003.

  1. madf

    madf

    Well almost invariably I start the day with a loss.. Why? Because I am sleepy/out of tune with the market / slow to react.

    I'm used to it, it's only small - about 5 DAX points or $130. I don't like it but I know my next trade or the one after or the one after that will give me 15 to 20 points - $500 plus.

    If I stop trying I will definitely lose..

    On my worst morning I had 4 losing trades in a row - $475. Then I had one nice trending trade and made 30.5 points or $780 and finally ended the day +$482.

    Did I sweat? Not really. I know my systems work , I know I will lose money at times, my stops keep me from losing too much and since I run trailing stops and leave trades to run (unless there is a very obvious reversal at support or resistance) then my winners should outrun my losses..
     
    #41     Nov 7, 2003
  2. ryangiggs

    ryangiggs

    PUSH-UPS AFTER EVERY BAD TRADE
     
    #42     Nov 12, 2003
  3. But what if you get to love push-ups? Then wouldn't you make bad trades just so you could get to do them? Ahhhhhhh..........
     
    #43     Nov 12, 2003
  4. oten

    oten

    "I tend to lose my discipline" - You answered your own question - discipline!!!

    If you have a winning system follow it - stop with the "story" and follow the system.

    I did the same thing while tracking what my system would have done - I lost, it made $$$

    Finally I had had ENOUGH and stayed with the system even when I started the day with a couple losers - the system always brought me back to profit (at least 95% of the time).

    Become your own best friend - if you have a winning system always follow it, if not don't trade!

    Good luck - remember it is not a contest between you and the market, it is between you and yourself!

    Oten
     
    #44     Nov 13, 2003