I blew up , feels so bad

Discussion in 'Psychology' started by tickmagnet, Feb 15, 2009.

  1. I didn't read through all the posts, so someone may have already said this...

    Don't trade another cash trade until you get over your fear. I'm not kidding... if you're trading scared you have a 0% chance of being consistently profitable!

    Let me ask you this... do you have confidence in your trading methodology? Do you have trade setups you execute on every single time without hesitation? First, you need a solid methodology. Second, and probably more importantly, you must have the confidence to execute on it EVERY SINGLE TIME.

    If not, here's what will happen...

    You'll take a good trade that turns into a loser. With you confidence shaken up, you'll hesitate on the next set up and miss a good trade. You'll become frustrated and begin to manufacture trades, focus on the money and trade emotionally. This is what I call "revenge trading". I know it very well... done it myself a few times and have seen almost every trader I know go through it.

    So... build confidence in your strategy by sim trading. Once your confidence is back up, trade small positions and EARN the right to trade bigger and more frequently.

    Hope that helps...

    Chris
     
    #91     Feb 21, 2009
  2. this post is right on...good
     
    #92     Feb 21, 2009