Well in FX when i have a loss i just stop thinking in “Dam, stupid, stupid” and i start working inmediately into dealing with frustration. WHen i am in a losing satake i just simple don’t care, winnings are too overrated. I don’t need to be on winning trades all the time, i have the right to make mistakes and I don’t care what those show off’s who claim to have 90% of success have to say. My loses, my money, my problem. I dare to these high probaility winner to face a losing stake, more than 50 in a row, some say “oh you have to analize better”, well i say you have to deal with loses better because someday your luck will not smile at you, when that day comes you have to be willing to get over it. I’ve met a guy who was a excelent soccer player, he was an professional aspirant but one day i came in to play soccer and i’ve just tooke away the ball from him over and over until reaching the oponents field and passing it to the score guy (i suck at that part), he was so angry because we amateurs were playing much btter than him who was paying a fortune in a soccer academy, finally he ended up so angry that he was banned away from academy and the last thing I knew about this guy he was in jail.
So theanswer to the question: when i lose i inmediately deal with frustration and when i win i just deal with overconfidence.
Just a thought …
Place the Fibonacci on the chart of that 2000pip trade & check the levels for retracement.
I did this with the GBP/USD so it makes sense for this pair to retrace back to 78.6% - around 1.5380, I’m waiting for signals.
of course, it may just do a little bounce.
let me have your thoughts
I got immune to bad trades. They happen (almost) every day. It’s like being upset because someone, somewhere, doesn’t like me very much. I simply get on with my trading and wait for the end balance (day & month). My purpose in trading is not to have only good trades, but more good ones than bad ones. Or heck… even more bad ones, if the good ones top those (pip-wise).
I don’t smash my head on the desk over a few bad trades, or worse, call myself a loser, even if I’m on a many months bad streak. $hit happens… to all of us. There are a lot of wise men out there that keep telling us “You only lose when you give up”. And they’re right! I know in FX this saying is debatable, considering the large amounts of money one can lose, but consider this: stop losing money without giving up! Just go back to a free demo account, refine(analyze) your technique/method, wait for the bad streak to end, wait for the third moon of Saturn to go in retrograde, or whatever… and after it looks good on the demo account go back to live. It’s that simple. At least for me, this works.
It is bad if you allow a loss, and a gain for that matter, to impact you. Trading is emotionless and unless you master that you are doomed to fail long-term.
Happens to all of us sometimes especially when we get a bit stupid and ignore our own strategy like I did today and dropped $250ish. Oh well, next trade is on the horizon
First I laugh sarcastically at the looser, then I scream and swear at the screen, then blame the spread bet provider, then blame the market for being full of idiots who are buying when they should be selling and vice versa. Doesn’t everyone?
If you can’t handle losses in this game…you’re pretty much fncked. ‘Lossing trades’ hold as much information as ‘winning trades’.
If you don’t know why you got it wrong, you’ll never know why you got it right.
Losses are not always your fault as such, everyone is being taken advantage of, where the markets are concerned.
What we should do after the big loss to be honest just take lesson and did not takes the loss on the heart
Because if your mind remind you again and again you lost the money so what ever you have left in your account it can be vanish too , at the of the losses try to be calm mind.
Try to get focused for next trading …market will give you chance…
PAST: yell “argh!!”, grab my head, swear, and punch soft cushy furniture - oh, and berate myself for fooking up like a muppet
PRESENT: bail, check next few bars of market, and either get back in if i can (mostly a psychological issue, and i find reversing to be hardest to actually do as it confirms i was wrong at first - ego doesn’t like that), or congratulate myself on not hanging around for an even bigger loss. smile at keeping the last trade no worse than a scratch (true break-even), or just tell myself that it was worth a try but the market didn’t pan out even if i lost $XXX between entry and bail-out point.
After a losing trade, I analyze it, make note of anything interesting or peculiar, study and memorize and learn from it, and then move on to the next trade!
Wow, the voice of experience.
I’m still at the 'chuck my toys out of the cot" stages- but some losses are due to my arrogance! The markets dont give a fig about my big headedness!
The week is almost done, few more pips to harvest before popping the cork.
Have a good one
Yes, you need to know when to cut your loss and understand why you lost and learn from your mistake(s). Nobody likes to lose, but when you trade you will not be able to get it right 100% of the time.
Initially I panic.
Then stop trading.
Then continue my trading at perhaps a lower risk level.
I DONT change my core rules. That would be the equivalent of changing your settings to what would have won your recent losers, conveniently forgetting that would alter all your previous win/lose sequences. A sort of dynamic curve-fitting. Bad idea. I have a graveyard full of dead indicators.
I might add another instrument, to spread risk.
Assess whether I have been lax with entries or exits.
Assess whether I have become complacent and been taking “almost” trades.
Assess whether my losing run coincides with a reduction in recent good trades, and whether I have been “making up” trades.
Assess whether my recent losing run is within parameters for my set-ups.
Assess whether volatility has changed enough for me to reconsider my stops and targets.
Yes ‘FRUSTRATION’ - the exact word I was looking for.
Frustration is: Making a couple of small positive trades. Then your set up shows a possible big move, you see it coming and hesitate just long enough for it to be too late to get in, because you are afraid to give back your small gains. But, the the big move would have equaled all of them and then some. Make me feel like I always miss out on the big move I’m looking for even though I saw it in the first place…
Well put!! This is exactly my experience yesterday with the BOE inflation report AND last night when the BOJ monetary statement was happening, I had just dozed off at my workstation. Rotten luck or sheer exhaustion?
Ha Ha perhaps I will be better today.
