Quote from: BD Crypto on July 19, 2023, 07:14:33 PM

Quote from: Hardkoin on July 19, 2023, 06:46:55 PM

Hello Folks,

Have you ever had a series of losing trades? In the sense that you go in one direction and the market turns in the other direction. You try to quit the trade and enter again only for the market to revise in your previous position or you have had a series of losing trades that you start doubting your confidence in analyzing trade.

Can you share your experience of how you were able to put up courage and come back to trading? I will also want to inquire what action should somebody take if he/she finds himself in that position.

Almost every trader faced this problem for at least single time when they are losing trades In a series. So I am not also out of them. Even I still now face this problem when market behavior isn't predictable. In that time I try to focus mainly to minimize my loses because if I have funds I can recover it when market is predicable.

Some of my own experiences when I feel this situation about how to overcome:

1. Take a Break and never go for revenge trading: it's important to take a little break from the market to avoid emotional trading or to have a predicable market condition. Sometimes market seems too much volatile and totally unpredictable. That's why we face several losing of trades. So we should wait for the suitable time to start again.

2. Learn from your mistakes: When you face this crucial time you have to gather some experiences and learn from own mistakes. You should change your investment startegy because everytime "Buy Low, Sell High" will not work properly in short term.

3. Choose best trading pairs: Sometimes our targeted trading pairs may not be suitable for us. So we can go for most potential coins or tokens. We should avoid highly manipulated Cryptocurrencies and should trade with top ranked Cryptocurrencies.

4. Set Stop Loss and Take Profit: Soemtimes we can't control our greed and wait for more profit. So we should have a target when we want to grab our profits and when we want to minimize our loses by adding stop loss. Because minimizing loses is one the most appreciated job in trading.

5. Build your confidence and don't be depressed: Several losing may cause you depressed. So that time it's hard to take a proper decision. So we have to build our confidence and trust on our analysis. So be prepared for a solid analysis to enter the market again without any emotional decisions.

One of the outstanding points for me is to take a break and avoid revenge trading. Revenge trading calls for a whole lot of emotions it would be as if you want to reclaim everything back immediately only for you to enter into the market and make further errors.
At least we should stay calm and always trade from the position of rest.