Continue reading...Three Trading Psychology Tips to Better Handle Losses
Recently, I was asked by a trader if there was a medication available to help to keep the trader?s mood up after a loss. This trader takes losses hard; he was looking for a way to not feel so bad when the inevitable losses occurred.
This is not the first time I?ve been asked this. As both a psychologist and a trader, I hear it more than others might. Often, the trader says it as a joke, Hey, if only there was a pill ?. Yeah, if only there was a pill. I know that behind the supposed levity there is a serious request there, How can I feel good in the face of a loss? or, maybe more to the point, how can I not feel so terrible when I lose money in trading?
Medication is not a Solution
First of all, recognize that medication isn?t the answer. Although I do not prescribe medications (psychiatrists prescribe meds; psychologists do not), I am generally familiar with most of the classes of psychotropic drugs...
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