Hi all,
Anyone has any ideas how we can train ourselves to take losses and to follow our stoploss?
1 idea I have would be to set aside a portion of our profits everymonth say 20% or so, and do not even think of that amount as profit.
Say we made $1000 last month, we will assume and think that we only made $800 and the $200 is as a buffer for taking losses.
I personally find it very hard to take losses and admit that I am wrong which I know will lead to my downfall in the near future.
Please suggest ways we can train ourself to be more relax in taking losses - All ideas are welcomed -
Paper trading is not a way as when real money comes into the picture, the whole story changes.
Starting small may also not be the solution as when we scale up and see the absolute amount of the loss increasing, it will also affect our feelings.
Thank you in advance.
Anyone has any ideas how we can train ourselves to take losses and to follow our stoploss?
1 idea I have would be to set aside a portion of our profits everymonth say 20% or so, and do not even think of that amount as profit.
Say we made $1000 last month, we will assume and think that we only made $800 and the $200 is as a buffer for taking losses.
I personally find it very hard to take losses and admit that I am wrong which I know will lead to my downfall in the near future.
Please suggest ways we can train ourself to be more relax in taking losses - All ideas are welcomed -
Paper trading is not a way as when real money comes into the picture, the whole story changes.
Starting small may also not be the solution as when we scale up and see the absolute amount of the loss increasing, it will also affect our feelings.
Thank you in advance.