From losing almost 90 Million Naira ($101k) to bouncing back! (Steps i took).
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Easy, donāt panic!
Yes thatās a lot of money, especially in Nigeria as we all know, but i will save the story for another day and focus heavily on the right process i followed to getting back up.
We all face series of drawdowns and thereās no denying that. Thereās absolutelyā¦
Yes thatās a lot of money, especially in Nigeria as we all know, but i will save the story for another day and focus heavily on the right process i followed to getting back up.
We all face series of drawdowns and thereās no denying that. Thereās absolutelyā¦
In this industry filled with perjurers, con- artists and dodgers, itās requisite to take cautions at all times and filter out erroneous information!
I believe you understand that not every single information out there are genuineā¦. Most of it are fallacious and aimed at luringā¦
I believe you understand that not every single information out there are genuineā¦. Most of it are fallacious and aimed at luringā¦
Irregardless of a lapse in discipline, internet connectivity issue, or just a sustained bleed-out of trading capital, nearly every trader will face a big loss (or several) in their career.
How to bounce back after a big loss isn't complex; it can be done with a few simple steps.ā¦
How to bounce back after a big loss isn't complex; it can be done with a few simple steps.ā¦
After a losing streak or big loss, you may begin to question yourself, which leads to all of the typical problems that many new traders have, like getting out of trades too quickly, holding on to them too long, skipping trades with the fear of losing, or getting into more tradesā¦
The Losing Day
Every trader has bad days. As a rule, never let a bad day cost you more than you make on an average profitable day. If you average $500 on your winning days, don't lose much more than that on a bad day. Control the downside.
A big loss causes all sorts of innerā¦
Every trader has bad days. As a rule, never let a bad day cost you more than you make on an average profitable day. If you average $500 on your winning days, don't lose much more than that on a bad day. Control the downside.
A big loss causes all sorts of innerā¦
I Accepted Responsibility
Perhaps it was just a bad few days, perhaps it was your biggest single loss ever, or maybe it's a life-altering loss. In the case of facing financial ruin, there isn't much to do. Don't trade until the issue is resolved. I understood this.
Once it is,ā¦
Perhaps it was just a bad few days, perhaps it was your biggest single loss ever, or maybe it's a life-altering loss. In the case of facing financial ruin, there isn't much to do. Don't trade until the issue is resolved. I understood this.
Once it is,ā¦
It doesn't matter if a surprise news announcement caused the price to blow past yourĀ stop loss, or if you lose your internet connection, and the market moved against you. You should always accept responsibility. I didnāt fault anyone, I took full responsibility and began workingā¦
I accepted responsibility, and figured out what could have been done differently. That will help reduce the chance of it occurring again. It is also healthier than bottling up hostility and blaming others for my misfortunes.
Blaming others is admitting that i don't control myā¦
Blaming others is admitting that i don't control myā¦
There is always something that can be done. It may involveĀ changing markets, having backup internet connections, or having stop-losses and targets automatically sent out when a trade is entered.
The solution is there; you just need to find it. The best way to find it is toā¦
The solution is there; you just need to find it. The best way to find it is toā¦
I Reoriented My Focus
When I started, i was overconfident, but then the market put me in my place. I developed healthy confidence over time by building my trading system, testing and practicing it, and then ultimately utilizing it for successful real-money trading.
Confidenceā¦
When I started, i was overconfident, but then the market put me in my place. I developed healthy confidence over time by building my trading system, testing and practicing it, and then ultimately utilizing it for successful real-money trading.
Confidenceā¦
After a big loss, get back to basics.Ā Focus on the trading plan (with any adjustments made to it) and your implementation of it. Get back to what attracted you to trading in the first place: building or learning a strategy that made money consistently.
Trading is hard, so getā¦
Trading is hard, so getā¦
I Practiced and Rebuilt Confidence
After a big loss, confidence can be low, which means the mind might not be right for trading. Not having a clear mind can cause you to skip trades, panic out of trades (trading not to lose), or be overly aggressive in an attempt to get back toā¦
After a big loss, confidence can be low, which means the mind might not be right for trading. Not having a clear mind can cause you to skip trades, panic out of trades (trading not to lose), or be overly aggressive in an attempt to get back toā¦
I Started Small
A few winning days in the demo account raised my confidence levels and put me in a better mental space to take on the markets again with real money. After a losing streak, start small; don't jump right back to the same position size you were trading before.
Onā¦
A few winning days in the demo account raised my confidence levels and put me in a better mental space to take on the markets again with real money. After a losing streak, start small; don't jump right back to the same position size you were trading before.
Onā¦
Get back into live trading at a slow pace. If you're feeling really beaten up, spend at least two to five days in simulation(demo), and when you switch back to live trading, start small and increase position size when you have winning days.
Even if you win a few days in a row,ā¦
Even if you win a few days in a row,ā¦
After i had traded bigger position sizes, it was annoying to start back with a small position size, but it's for the best. Bouncing back from a losing streak is about getting back to basics and implementing aĀ strategy well, notĀ actually about making money. Money comesĀ fromā¦
Nitty-gritty
If you've just taken a big hit, stop trading for a couple of days. When you come back, look at your trading plan and your trading, and address issues as to what is causing the problem, and make any necessary trading plan changes.
Then trade in aĀ demo account for aā¦
If you've just taken a big hit, stop trading for a couple of days. When you come back, look at your trading plan and your trading, and address issues as to what is causing the problem, and make any necessary trading plan changes.
Then trade in aĀ demo account for aā¦
Ever since, i have been able to develop my confidence and trust of my plan/strategy which has guided me to where i am today and where iām heading to, which is the billion dollar dream.
I really hope you will implement all of these steps if you ever find yourself in thatā¦
I really hope you will implement all of these steps if you ever find yourself in thatā¦
Youāve come to the end of the thread! Congrats!
This means youāve gained great value and youāll pass it on to another person.
Calling on other Top creators to pass this vital information to their followers
@tradericch @Techriztm @traderkenneth_ @Temidire_right @goldukaegbā¦
This means youāve gained great value and youāll pass it on to another person.
Calling on other Top creators to pass this vital information to their followers
@tradericch @Techriztm @traderkenneth_ @Temidire_right @goldukaegbā¦
@tradericch @Techriztm @traderkenneth_ @Temidire_right @goldukaegb āFollow me @billionair_code
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