10 Truths About Trading Losses
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1. Plan your trades; trade your plan. And always remember: systematic losses are inevitable; theyβre part and parcel of the process of trading. What you want to eliminate are losses that result from trading errors.
2. Losses you havenβt analyzed and donβt understand will keep happening. So, maintain detailed records of your trades, and review them regularly. At CMM, we help you do that simply and efficiently!
3. Maintain a positive attitude, no matter what happens. This is an invaluable edge when crypto is in turmoil and people are losing their shit. Those who brood over losses always miss the next opportunity.
4. Donβt take your losses home. Leave them in the market.
5. No one trade is important (as long as you follow your trading plan to a T)βitβs just useful data as part of a larger whole. So, donβt overthink things and allow yourself the luxury of time.
6. Losses make serious crypto traders studious β not depressed. They take full advantage of every loss to improve their knowledge of both themselves and the market.
7. The most difficult task in crypto is not prediction but self-control. You are the most important element in the success equation.
8. Remember that the market will take away all the gains it handed you if you allow it to. Never be complacent; protect what you have. Always.
9. Know yourself and your stress point, and donβt trade a position size that you canβt handle psychologically. This is key to successful trading.
10. "No trading" is part of trading. In fact, this game is 99% waiting and 1% action.
Happy and Safe Trading everyone! π«‘
Happy and Safe Trading everyone! π«‘
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