As a trader you have to learn how to take losses. Period. Dont be a crybaby. Learn how to take losses.
Learning how to take losses is one of the most important lessons you must learn if you want to survive as a trader. Nobody is 100% right all the time. Losses are inevitable. Even Michael Jordan and Tiger Woods lose sometimes and theyre considered the best in their field.
There will be trading streaks where youll have a number of successful consecutive trades, but that will eventually come to an end you will take a loss.
As that point its very important not to lose your head, you must remain in control of yourself. Dont have a cow man.
Take a break. Calm down and relax. Take a chill pill dude.
Until youve regained a clear mind and an ability to think logically again, stay out of the market.
Dont whine about your loss and never carry a prejudice against a loss.
The key to manage losses is to cut them quickly before a small loss becomes a large one.
I repeat. The key to manage losses is to cut them quickly before a small loss becomes a large one.
Never ever think that you will never lose. Thats just ludicrous. Losses are just like profits, its all part of the traders universe.
Losses are unavoidable. Get over the loss and move on to the next trade.