Trading psychology - How to recover loss?
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Newbies come to trading thinking its easy to make money. After they get some serious losses, they trade more to recover it. Does this mind set help a trader to grow? When I interact with my students, newbies , most of them tell that they want to recover loss. Where this mind set will lead a person?
Trading is a process. That means you cant become a profitable trade over night. It needs technical knowledge, money, right mind set and more practice. A person who want to become a profitable trader should concentrate on the process in trading. When they concentrate on recovering loss, they do over trade, revenge trade, impulsive trade and again they are in loss.
For example if you want to become a skillful driver, you will concentrate on developing your skill set in driving, rather than concentrating on what to do when some unexpected things happen in road. Recovering loss is simple, you have to develop your skill set as a trader. And it can be done by U, only U, not by others. Other can guide you, but you are the one who is responsible for your trades.
Note : You can go through my old posts here about trading psychology
Trading is a process. That means you cant become a profitable trade over night. It needs technical knowledge, money, right mind set and more practice. A person who want to become a profitable trader should concentrate on the process in trading. When they concentrate on recovering loss, they do over trade, revenge trade, impulsive trade and again they are in loss.
For example if you want to become a skillful driver, you will concentrate on developing your skill set in driving, rather than concentrating on what to do when some unexpected things happen in road. Recovering loss is simple, you have to develop your skill set as a trader. And it can be done by U, only U, not by others. Other can guide you, but you are the one who is responsible for your trades.
Note : You can go through my old posts here about trading psychology
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