Episode Details

Podcast:

How do you react when you lose a series of trades?

In this video:
00:26 – The downside to trading and how do you react?
00:50 – The good and the bad
01:44 – Are you your own biggest problem?
03:31 – The market is unpredictable
04:15 – Back to basics
05:04 – Benefit from our 10+ years of helping traders like you

How do you react when you have a series of losing trades? It’s critical you get this right to your trading success. So, let’s get into it right now.

Hey, traders, Andrew Mitchem here, the owner of the Forex Trading Coach, with video and podcast number 323.

The downside to trading and how do you react?

Now, everybody tells you the good side of trading. I want to tell you about the bad side of trading, and more importantly, how do you react when that happens? Now it’s all about losing trades. Now, we will have winning trades and losing trades as part of trading. But, what happens when you have a series of losing trades, maybe losing days, losing weeks, even losing months. What happens?

The good and the bad

Let’s bring that back to a story that everybody can relate to. It’s called life. In life, we have good times and we have bad times, and everybody goes through the same thing. And what often defines you as a person, as a parent, as a boss, as an employee, as a sportsperson, whatever it might be, what defines you quite often is how you react to those bad times. How do you get through it? What do you do to ensure that those become less and less?

You see, the problem is today that with everything being we want the quick fix all the time, a lot of people struggle when things don’t go right. And you know, they blame someone else, they get depressed, they sulk, they give up, you know, everybody else’s fault. It’s the same in trading.

Are you your own biggest problem?

You see, people blame the market, they blame the broker, they blame everything. But very often, it’s the person themselves that is the biggest problem. And it’s how you react to that. So, you have a system, a strategy in place, and if you weren’t happy with it, you wouldn’t be trading it.

So, you’re trading it, and you have a series of losing trades. What happens? Do you go back and analyse those trades? And in reality, you should be analysing all of your trades. But, do you go back and analyse those trades and go, “Do these losing trades fit my criteria? Do they fit my rules, my trading strategy? Yes or no?”

If they do, then great. That’s part of trading, and you may be just going through a tough patch right now, because if they do meet your criteria