Quote from: Silberman on Today at 07:13:04 PM

Quote from: Gooner0 on August 17, 2024, 07:37:22 PM

We all know how profitable trading can be and how frustrating it can too, but nevertheless never try to get back at the market.
Just because you've lost a lot doesn't mean you next strategy is getting back all your losses on one piece . No!
First of all you have to see to it that you are psychologically prepared to trade, you need to build confidence..
No matter how much you've lost you need to take a break, get your mind off do something that can help build confidence, restrategize
Trade risk free, trade like you haven't had any losses not like a gambler.
A friend of mine who lost hope in trading was advicing some one else , he said " if you wanna go into trading you need to have a family doctor close by"😂
I laughed my eyes out, but in order to avoid the same ordeal he went through I learnt to trade this way, I make sure I bear in mind that no matter the outcome I'm ready for it .
This is how you trade, it's all about composure, belief etc.

Besides all of this, money management is key, one of the reasons why people try to revenge trade the markets and get back all the money they have lost is because they have risked too much money on their trades and things did not go according to their plans, so now they are trying to recover all the money they have lost in a single trade, however if you keep a tight control over the money you use on each trade, then even if you were to lose several times in a row, the amount lost will be low and you will not feel any eagerness towards increasing the risk you take on your trades.

Yes, that's right, risk management is the key and that's why risk management is a mandatory plan for a trader, we must remember and understand that trading is not just about profit opportunities but the possibility of loss will always be a part that can never be separated.
And one of the reasons why traders often act impulsively, such as taking revenge on the market, is because most likely from the start they do not understand in detail that losses are part of trading, which may make them trade with amounts that they cannot afford to be responsible for.
So I think to avoid various impulsive actions and decisions, from the start you need to understand and be aware of the risks in trading, because of course no one will ever like losses, and when you understand this, I'm sure you won't dare to act too rashly.