Losses and losing runs happen to all traders no matter how good they are – they are a feature of trading the markets, a part of the game. However, some traders are better at taking and dealing with their losses than others, and how you deal with your losses can have a big impact on your trading results both in the short-term, in that trade, and over time. In this episode we look at the psychology of losing, and I share some practical strategies that can help you to manage your losses more effectively.
Key themes covered include…
Loss aversion, ego and other reasons why we don't like losing
The importance of being able to manage losses effectively to survive the markets
Why all losing trades are not equal, and how to distinguish a losing trade from a bad trade
Bad breaks,and how one client took a difficult loss
The power of perception – the response you get to a loss is function of your mindset
Black box thinking – how mistakes, failure and setbacks are key in creating success
Dealing with the emotions that show up when you lose
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