When you take a hit, you have got to think your way through it logically.
Questions to ask yourself when you have taken a hit.
What is the lesson here???
What did I learn????
How can I avoid this next time????
What is my strategy the next time I encounter this situation????
Did I remember to pat myself on the back for the good trades this month?????
Did I remind myself that I have had many more successes this month??????
Did I remind myself that this is just an opportunity to do it better next time?????
Did I use proper discipline????????
Did I wait for a proper trade set-up??????
Did I follow my trading rules????????
How long am I going to wallow here???????
Did I remind myself that the market is very generous and will always give me plenty of opportunities for profit???????
Do I have more money now than I did at the beginning of the month????
If YES, you are ok.
You are out to win the war, though you may lose a few battles.
If you have gained 90 dollars for the month and you lose $8,
then you are ahead of the game by $82.
If the answer is NO and you are consistently taking hits,
then STOP and RETHINK your strategy, There is something WRONG!
No one can tell you how to trade; all they can do is share their experience and you will have to tweak it to fit your trading style. Thinking through your losses logically will give you the best advantage over reacting emotionally .
NEVER EVER USE A LOSS AS AN OPPORTUNITY TO BEAT YOURSELF UP. IT IS AN OPPORTUNITY TO GAIN AND INCREASE YOUR KNOWLEDGE
YOU CAN DO THIS (^_^)
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