Sometimes set up is a good idea, that I can agree with you. It also helps you to find out what went wrong and see what you can do in future course of action.
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I have made peace with the fact that no matter how hard I try, I wonât be able to make profits all the time. As I will always have to take losses, I am working on a risk management strategy so that it doesnât affect my future trades much.
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Good warning signals would include an outside reversal bar in a trend - for example an outside bar with a close below the preceding dayâs low in an otherwise intact uptrend, vice versa in a downtrend.
Another would be a close below a previous swing low in an otherwise intact uptrend.
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If I am consistently losing trades I prefer to quit trading for sometime. I relax and study my past trades from my trading journal, analyse them and make changes in my future trades accordingly.
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Good attitude
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In a situation like this, itâs best to take a short break to relax tension nerves and build rhythm to mundane tasks. Go for a run, read more about the market and analyse your previous trades, talk to other traders and grow your knowledge before you trade, again. It is important to have a clear mind in order to trade strategically.
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Yeah, quite spread problem, however I canât claim that itâs a real problem, itâs just an ordinary part of trading activity and no more. Before I started trading I got acquainted with all the situations which i might face during my path and actually i was ready to meet red figures in journal as you have stated.
In such times, I take a break. Corny? Probably. However, I wasnât successful at developing something more creative, perhaps, I will meet the better solution in future, but these days I can allege that itâs enough for me to take a couple of days off. At least, it helps me to reload and distract from trading for a while.
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When thereâs all red digits on my trading journal, I take a short break. I usually wait for the market to break from the downtrend and rise up. Sometimes this can take a couple of days, and sometimes just a few hours.
Honestly though, taking a break is really lively. Have some peaceful coffee and no bluelight, play with pets, listen to podcasts, and maybe do a little selfcare as well.
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I mostly take a break and put my mind elsewhere for a while. It is a bad idea to keep on trading after continuous losses in a row.
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Yup, I would definitely prefer to have patience and wait for the right time, than enter in a trade at the wrong time, and risk losing it all. Better to stay safe than be sorry. TMI, in this short break, Iâd like to catch up with my hobbies if there isnât some other important work.
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Thatâs what makes you a real trader I think - its all about timing the market.
I would suggest by taking a break, you can unwind and give yourself permission to feel refreshed, enabling you to approach the markets with newfound energy.
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Usually I take a break and start fresh after a few days.