I actually took a loss today - my only trade of the week. I can honestly say it didn't bother me in the slightest.
The main thing though is experience. If you want to do this, you just need to get used to taking losses, and that really only comes with experience. So the key is to get your experience as cheaply as possible.
Until you're reasonably proficient, you should be demoing, then trading very small, the building up in increments to allow you get acclimatised to each stage (although the process is the same, dropping £1000 on a trade is totally different to dropping £100).
Hey everyone, so we've all had losing trades, but how do you deal with a loss?
Got any tips to share?
Quit for a few months until you get your head in the right place. Get over the loss completely and come back with an edge. Test it out first, whether tiny amounts or demo. Test it out for at least 3 months or more depending on the number of trades. When you start trading with real money, stick to your plan always even if you lose. Make sure you have proper risk management. Even if you find yourself hitting your drawdown limit at least you will have stuck to your plan and if you can manage that then you ahead of 95% of the population including myself. Then keep searching for your edge and repeat the steps until your are profitable.
Hey everyone, so we've all had losing trades, but how do you deal with a loss?
Got any tips to share?
a better question would be how to deal with a loss such that it doesn't affect your subsequent trades. from loss of confidence in your system to revenge trading.
i play a lot of poker online and one of my tricks is to wind players up after I win a pot off them so they become more reckless and are easier to take money from.