Trader's Queries & Newbie's corner - Can everybody trade? Part 3
Today I am writing about one of the most asked questions. Most traders face this situation. Only very few take necessary steps to rectify it.
Query : After making huge losses, I am putting my money again in trading. It is painful to get loss, Every time I get loss, I panic, still I am adding money to capital and trade. It affects my peace of mind. What to do? A
Answer : A trader should know the difference between trading & gambling.
Trading : The trader has back tested strategy and trade with proper risk, money & trade management. Not impulsive in trading.
Gambling : No strategy or trade set ups. Trades will be placed on impulsive thoughts. Dont know the reason for taking a trade.
So now how to take control of your actions?
Step 1 : Take a break from trading for few days. Think about the mistakes you have done.
Step 2 : Believe you have the power to change your bad trading habits.
Step 3 : I will give you an example. If you take a bus to delhi, you will reach delhi only, not Mumbai. To go to Mumbai, you have to take Mumbai bus not a bus to delhi. Similarly doing the same thing which gave you loss wont make you profitable in the present. This is important for you understand it. Then only you will look for ways to rectify your trading mistakes.
(To be continued...)
Query : After making huge losses, I am putting my money again in trading. It is painful to get loss, Every time I get loss, I panic, still I am adding money to capital and trade. It affects my peace of mind. What to do? A
Answer : A trader should know the difference between trading & gambling.
Trading : The trader has back tested strategy and trade with proper risk, money & trade management. Not impulsive in trading.
Gambling : No strategy or trade set ups. Trades will be placed on impulsive thoughts. Dont know the reason for taking a trade.
So now how to take control of your actions?
Step 1 : Take a break from trading for few days. Think about the mistakes you have done.
Step 2 : Believe you have the power to change your bad trading habits.
Step 3 : I will give you an example. If you take a bus to delhi, you will reach delhi only, not Mumbai. To go to Mumbai, you have to take Mumbai bus not a bus to delhi. Similarly doing the same thing which gave you loss wont make you profitable in the present. This is important for you understand it. Then only you will look for ways to rectify your trading mistakes.
(To be continued...)
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