Ways Your Mind Tricks You Into Being a Losing Trader! 🙄
Losing Traders
- I don't need stops. Don't take me wrong, there are some experienced traders out there who trade with stops; they've devised other ways to manage risk. But these guys are disciplined enough to pull the trade when they know its not working.
- Pinning your self-worth on your last trade. It doesn't matter how good or bad your last trade was..
- I've had a good run, time to increase size. I've talked about this before and when it might be appropriate to increase size. Increasing size needs careful planning
- I always lose money in that market. This creates negative connotations.
- I've backtested the system, it won't lose.
- I need to be sure that my next trade is a winner.
- I've been losing but I'll increase my position size anyway.
- Why did I hesitate? If you believe in your trading system you would not hesitate; you would simply pull the trigger.
