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Recovery Strategy--Psychology

 
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FriendlyBee3333

Recovery Strategy--Psychology

Dear Fellow Bees,

Greetings. If you don't mind please, I'm asking for advice. Also I'm doing this as part of my beeline tasks. The topic might be best classified as trading psychology. What do you do to recover your morale and mindset after a huge loss? How do you prevent yourself from placing foolish trades after a big win? What tempts you from disobeying your trade plan?

Tue, 07/05/2016 - 10:59pm
 
gladwyn3000

1. Wait for a couple of weeks and observe. Analyse what went wrong and try to get myself back nnwith new zeal. But I must admit it is very very difficult to pull the trigger (take a trade) after that loss.

2. I take less trades after big win.

3. Overall both global and Indian mkts sentiments tempts me from disobeying my plan.

 
darren196696

think like the best predator on earth. The crocidile, he dosent waste energy getting little fish he waits and waits for the perfect opportunity to pounce. Learn from the croc you may be simply over trading. wait and wait and wait for the opportunity, i trade on daily chart only when there is an opportunity. I have no emotion I dont look at charts all day once i have placed a trade thats it. i have only been doing this for 6 weeks and if there is one thing i have learnt it is to be patient. Never try and chase your losses thats gambling.

 
darren196696

would be interesting to know what time frames your are using and how many trades a day on average are you doing

 
darren196696

after loosing money hand over fist a week ago i completely changed what i was doing, im averaging around 100 pips a day no emotional ups and downs set and forget that is even if i find a set up at all. just a thought it helped my head

 
Valerie

It helps if you know why you lost. Analyse your trades and if you can't see what the problem was have someone at Apiary look at your trades. Don't over trade. Have a plan and stick to it. Usually when I have a few losing trades in a row I stop trading and analyse the trades. Usually I did something dumb like traded against the trend or became impatient and entered the trade too early.Trade 0.01 lot size until you get your confidence back.

 
FriendlyBee3333

Thank you all: Valerie, darren196696, gladwyn3000. Your feedback helps a lot. I am following your advice. I will let you and the hive know how it goes. In the meantime, happy trading!