Get back on the horse?

[brimson25]

My worst day ever trading yesterday.

I felt unwell, and agitated before I started. But I started anyway. I read the markets ok, but my timing and execution was off. And I panicked alot and closed when the markets went in my favour and let losses run. And I lost £16. That's massive for me, because I've been picking up £3 and £4 a day etc.

The amounts are pathetic obviously, but this isn't my main business and I'm aware I'm still learning.

Flashback to when I was a child: I was made to horse ride. I bloody hated it. It struck me as an absurd and dangerous idea even at the age of nine. I worked out the number of hours in the week (168!) so that the moment a lesson was over I knew I was at peak distance from the next ordeal. Anyway, one day, I fell off the sodding horse. It hurt. And to my outrage, they immediately suggested I get back on (I had broken my hip). I refused, using words a 9 year old should not know.

Ok - back in the present day. Do I trade today or nurse my metaphorical broken hip/lost £16?

[Dallas]

If your dwelling on it (which you seem to be) probs not worth trading.

You should be starting each day/market with no emotional thought of the last

[brimson25]

Cheers. Do you really manage that - even if you had a good day yesterday, for example?

[Dallas]

Yes, you should be almost robotic when approaching each new market with no thought to the P/L achieved in the last, if you are on a high or a low then just walk away till it subsides and you have a clear and focused head again

Confidence is a good thing over-excitement is not and anger certainly is not

[mcgoo]

mushin
I lost $25 last night on tennis..same..that is a very big loss for me...bots ran overnight...recovered $17...maybe I should just automate lol. Anyway, point being I try take each day/night/moment at a time. Check back over a month /week and see how you have gone. Obviously I can't give advice compared to the other gurus on here but I think: if you love it chin up mate.Grit! Good luck

[Derek27]

In my opinion to trade or gamble effectively you have to be emotionally detached from the money side of it and just treat it as a numbers game. Whether or not a bet or trade is in your favour is purely mathematical. I know it's not always easy to do when things aren't going well but that's what I aim for and I would take a bit of time off if I'm struggling with that.

[Korattt]

sometimes I go a week without turning the PC on due to various reasons, (partly down to the arse of a next door neighbour), I know how I tick, if I get annoyed at something that I haven't any control over it sits with me.. sometimes for days, you need to be fully self aware of what you're doing etc, of the task in hand, if the attention is elsewhere then you're doomed

[Trader Pat]

The amounts are pathetic obviously, but this isn't my main business and I'm aware I'm still learning.

No such thing as a pathetic amount of money, we're all trading at different levels and with different expectancies. Try not to get caught up on the money side of things, its all about the process not the profit. Get the process right and the profits will come.

I've made plenty of trades for €10 that please me much more than a trade I made the other day for €54 because I was never in control of the €54 trade due to not sticking to the process.

[iambic_pentameter]

Some good posts in this thread and reinforces the point that trading is all about mindset and self-awareness.

Also takes real discipline and maturity to decide to NOT trade if your mind isn't in the right place, especially if you are new to the game.

It's worth remembering that although you won't make money, you won't lose money either and, most importantly, there will always be another market to trade.

Iambic

[spreadbetting]

There's always going to be a new worst day ever when you're starting out, it's inevitable and unavoidable. Now's the time to be testing your limits of how you handle losses when the amounts are small not later when they're big.

There's little to be gained by worrying about what's happened in the past and you won't make any profits sulking. From your post you seem to know why you made the losses , letting them run, panicking etc . If anything you've learnt a good lesson that letting markets go unclosed won't pay in the long run, usually takes people a long time to learn that. Just get back on that horse you're not a 9 year old with a broken hip anymore.

[Euler]

Cheers. Do you really manage that - even if you had a good day yesterday, for example?

I'm currently on one of my best runs in years, but today I'll approach the markets as though I'm on zero for the week again.

In individual races, I may get more or less aggressive depending on how the market is unfolding. But on a daily basis, the clock resets each day.

[ShaunWhite]

I felt unwell, and agitated before I started. But I started anyway. I read the markets ok, but my timing and execution was off. And I panicked alot and closed when the markets went in my favour and let losses run. And I lost £16. That's massive for me, because I've been picking up £3 and £4 a day etc.

Have you thought about using a bot that limits your losses, using greenup conditions, cancelling in-play trades etc? Not the long term solution but it sometimes just takes someone else (ie a bot) to tap you on the shoulder and bring you back to your senses.

I think Dallas posted one that limits your losses but allows you to reenter the market for another bite at the cherry with a 2nd stop level. If not I've got one somewhere I can let you have.

[Derek27]

There's always going to be a new worst day ever when you're starting out,

Thanks, I'll look forward to that.

I suppose it's not just when you're starting out but even for experienced traders if you're still got scaling up to do, but hopefully your best days keeps pace and in front of your worst days.

[ShaunWhite]

There's always going to be a new worst day ever

[spreadbetting]

I dropped a 4 figure sum earlier in the week on a race and I've been trading f/t for over 10 years. You're never immune from your own stupidity or mistakes