when u hit string of losses, what do u do?

Discussion in 'Professional Trading' started by innovest_11, Feb 27, 2009.

  1. Actually have been earning day trading from Jan till late Feb, but hit road blocks twice this year, resulting in losses amounting to 16k, now beginning to lose confidence whether day trading is for me, any advice?

    Last whole year, earn quite a bit from day trading, but this year has been tricky...

    So when u hit string of losses, what do u do?
  2. yobo


    Trade smaller positions until you get your edge back. All traders experience losses.
  3. ER9


    drink a bottle of good wine to help forget about it.

    not much you can do about it one way or the other....

    if your confident in your trading and are trading that amount of capitol you should have a very good idea of your approximate max drawdown/ loosing streak.

    if i was exceeding my expectations for max potential, consecutive loss then i would stop trading and try and understand why. if it was within the scope of what i expected in a worse case scenario then i wouldn't change a thing. especially if it was nearing my max expectations because that would mean winning trades were due soon. scaling back would cut into profits unnecessarily.
  4. timbo


    It's a game of expectations. If it doesn't go as expected, get the fuck out.
  5. I would tend to agree with this if there is no way to identify what's causing the losses
  6. Whao .. 16k of losses.

    Omg.. that's really high threshold for pain.
  7. if you blew up your account ...

    o reduce your expenses. you may need to find work elsewhere in the interim,
    part-time maybe. good luck.

    o take some time to reflect on what happened. get out and about.

    o something needs to change. the change takes as long as it takes. don't push it.
  8. seadog


    Try being down $250k trading futures.I stopped trading for a month and fine tuned my trading program.You have to believe in your system, always needs adjusting.Took two years to come back. Break even now.
  9. I try not to let myself lose a measly $60 in one day...otherwise I just stop for the day...go workout etc.

    it's better to just cut and RUN.
    I play a lot of poker and understand how repetitive folding can be frustrating as well as losing GOOD bets. Walk AWAY from the table and wait...
    getting angry will worsen your play because you make irrational/revenge bets.

    :D "simple". calm the emotions and you have ultimate control.