If your main setups lose 1, 2, 3 times in a row...is it time to abandon it?
NO!
Don't be emotional - be a pro
Losing is part of the game
Every loss means you're closer to a win
Some days trading won't work out
You'll lose money
Nothing will go your way
That's part of it
Don't start over or throw out good strategies
Accept it as the price to pay for long-term gains
- If you're afraid of losing money, reduce your risk.
- If you're afraid of risk, think in probabilities.
- If you're afraid of missing out, backtest your system more.
Fear is just an illusion.
No matter who you are – long-term, sustainable trading success requires a paradigm shift.
Instead of rejecting loss, risk, and uncertainty, you have to embrace them (with structure and discipline, of course) if you want the potential rewards they can provide.
You can be the best TA analyst in the world,
You can have the best trading strategy,
You can have the best risk control rules,
But if your mindset is not calibrated to fit the realities of the market, you're going to struggle.
Psychology matters a lot more than people think.
There is a tight connection between fear and ego.
Our ego lives with the fear of losing its identity and it will do everything to prove itself over and over again.