Actually, before I enter trading, I always tell myself that I have to be mentally ready and stable in what will I do because I know that there is a possibility that I will lose my money if I handled it incorrectly. In that way, I set my mind that there is always a possibility that I might lose what I have right now and I have to refrain myself from overreacting because instead of analyzing what I have done wrong, I might just commit another mistake that I'll surely regret. Not just in losing, but also when winning. I also tell myself to not overreact frequently especially when winning because I might do uncertain things that instead of securing money, i will lose it. You just have to know and understand your emotions and you just need to be able to control it in order for you to handle it properly.
Mental preparation is key.
Understanding your emotion is ultimate.
Great point!
Taking consecutive losses in trading has led to a lot of blown accounts.
Losses affects us psychologically and doesn't make us think logically.
Just wanna know how you get yourself back in right state of mind after taking a loss or better still, how do you handle losses?
Share your experiences and techniques, this will be helpful.
Have a limit to yourself about how much loss which you are willing to afford for that day, once you exceeds then just stop the trading activities for a while no matter what you feel inside and just wait for the right time to begin your trading into positive side.You can also use stop loss feature to reduce the risks of getting over blown.Losses affects us psychologically and doesn't make us think logically.
Just wanna know how you get yourself back in right state of mind after taking a loss or better still, how do you handle losses?
Share your experiences and techniques, this will be helpful.
Yes, i concur with this.
You need to set limits to avoid self-sabotaging beliefs.
It is very difficult when you have so many successful trades,and then...all of a sudden you lose...But,that is a part of the game,and you have to move on.Tomorrow is another day...
Losses are part of the game but controlling them will keep you in the game long enough.
The first time I experienced in cryptocurrency trading, I was still a newbie then and to be sincere I felt really depressed. I was broke then and there were lots of thoughts going through my mind and I couldn’t control it. I just felt like it’s the end of the world. I got really pissed with myself and I started regretting why I ever decided to start trading cryptocurrency.
But later I understood that the fault was from me, because I was trading something I knew nothing about. I didn’t take my time to study everything about trading and how it works, I just heard about it and that people are making money and jumped in immediately and lost my money. I even threw in an amount of money I couldn’t afford to lose because I was trying to double it up. But now I understand everything, although I don’t make much loss these days, when I do it’s not much and I trade with what I can risk.
But later I understood that the fault was from me, because I was trading something I knew nothing about. I didn’t take my time to study everything about trading and how it works, I just heard about it and that people are making money and jumped in immediately and lost my money. I even threw in an amount of money I couldn’t afford to lose because I was trying to double it up. But now I understand everything, although I don’t make much loss these days, when I do it’s not much and I trade with what I can risk.
We all evolve.
I always try not to blame the market for my mistakes too.
I can always do better
Taking consecutive losses in trading has led to a lot of blown accounts.
Losses affects us psychologically and doesn't make us think logically.
Just wanna know how you get yourself back in right state of mind after taking a loss or better still, how do you handle losses?
Share your experiences and techniques, this will be helpful.
Losses affects us psychologically and doesn't make us think logically.
Just wanna know how you get yourself back in right state of mind after taking a loss or better still, how do you handle losses?
Share your experiences and techniques, this will be helpful.
I wont deny that when i still starting up with trading and do experience losses initially or for some consecutive ones then i do mind
of on quitting directly but it do made me realize that i wont really be a better trader if i do just give up so easily.Therefore, i do
make up some searches and trying to read and read towards other trading experiences out there and reading up fundamentals and technicals
until i do gradually understand on how thing works and how things should be deal on.Your experience would be the best teacher which would
really improve you if you do know on how to utilize it well.
Quitting is never the best option! you will feel more pain when others that started after you quit becomes successful in it.
I'm happy you gathered the experience. It pays quite well.
