Ever Been on a Losing Streak?

Every single trader, no matter your background, the markets you trade, or your experience level, has experienced a losing streak. It's just a part of the game that we are in.

But if you've ever been on one, you know how hard it can be to manage your emotions and essentially, to drag yourself from what at the time feels like the depths of hell.

If you're to overcome your mental demons and continue to trade your way out of the streak, then you're going to have to reconsider your approach to trading and take some responsibility for your own poor performance.

Remember, when you're a trader, there's nobody else to blame but yourself. Reality bites hard, doesn't it?

Unfortunetly for the lazy here, there is no single fix for your trading mistakes that will dig you out of the hole that you created, but there are some points that we can go over to get you at least digging up, rather than down.

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Take Responsibility for Yourself

Wanting to blame someone else for your problems is a normal human reaction. It's always someone elses fault, isn't it?

Well this mindset that you have, whether you'll admit it up front or not, is what makes humans inherently poor traders.

The first step you need to take is to admit this. Identify in your own self that this is a huge weakness, not just you as a trader, but you as a human being.

Conquor yourself and your own shortcomings. Only then will you be able to understand that taking the losses are part of the long term process. You have a trading plan and taking losses are a part of it.

You are right, in being wrong. Don't forget this.

Understand, so you can Embrace Pain

Do you know how much money you're willing to lose on any particular trade? You simply have to understand your pain threshhold before you reach it. Only then will you be able to embrace the pain and use it as a tool for increased concentration.

So as yourself the question of what is the dollar amount that tips you over the edge. What is the magic number that you can lose, but still sleep like a baby at night.

Having success in the trading world is all about proper risk management. It's really not about the perfect entires and exits or the magic strategies that new traders think exist. Just how you manage your account to minimise losers and maximise your winners.

Risk management however, certainly isn't the most exciting aspect of trading and as a result, it is often initially overlooked. Something that will always come back to haunt you as a trader.

Maybe not today. Maybe not tomorrow. But mark my words, if you don't manage your risk, then you will lose control and get proper burned.

Understand how much and how often you're willing to lose in the short term and you will be be able to stay profitable in the long term.

Step Away from your Trading Desk

When you admit that you're a flawed human being, then you will be able to admit that you need to step away in order to save yourself, from yourself.

It might sound like an obvious step, but human beings are not only stubborn, but they're also dumb. You'd be surprised how many people continue to take terrible trade after terrible trade until a margin call.

But stepping away from your screens can actually be a really difficult thing. Whether you step away completely, or head back to the demo, you're admitting that you have a problem and you need to regroup in order to fix it.

But until you remove yourself from your now toxic trading environment and the emotional downward spiral that you're in, you're going to just keep making the same bad decisions that have got you here in the first place.

Accept the reality of the situation, step away and get your shit together again.

Best of probabilities to you.

Peace 🏻.

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