Accepting Your Trade Losses

21:40 @Buffy2: hi av

21:41 AV: Today was a difficult day for me buffy -- I made a losing trade first thing in the morning and subsequently I could not pull the trigger

21:42 @Buffy2: Was it too early?

21:42 AV: Let me mark it

21:42 @Buffy2: Yep, need to figure out why a loser. Hard to fight what you don't understand

(discussion on trade & setup)

22:01 @Buffy2: I do not feel at your level it is wrong to take this trade BUT it is wrong for you to feel you did wrong. Does that make sense? We are not always going to have winners. After the small loss on this trade it is clearer that patience is needed imho.

22:02 AV: Subsequently, I could never get myself to pull the trigger (…on other setups today…). Should of had wider stop.

22:03 @Buffy2: Not if ithe stop would be outside your comfort zone.

22:03 @Buffy2: Do not take a loss personally or you will run into fear of pulling trigger. Accept as part of doing business...period. Keep losses small and you will be fine
(discussion on trade & setup)

22:10 @Buffy2: Learning one aspect of the template at a time is a good way to go -- rest can come later
(discussion on trade & setup)

22:18 @Buffy2: One setup doesn't not compare to the other. Keep setups separate in your mind. If one type of setup is a loser and you don't understand it, don't do that one the rest of day but that doesn't mean you don't understand all the others. Fear of one should not be fear of all
(discussion on trade & setup)

22:25 AV: The loss from the previous trade was weighing me down

22:25 @Buffy2: Losses are part of the game, av. They will never go away. So please learn to accept them. Each trade should be like the first of the day.

22:26 AV: Yes buffy, after reading "Trading in the Zone", I have better understood it. But my mind has not accepted the fact yet. I am working on it.

22:27 @Buffy2: Anticipate the market. Come up with all the scenerios you can think of.

22:28 @Buffy2: Getting stopped out is our friend- it preserves our capital for another day. So what if loss - just keep small and learn from them.

22:29 @Buffy2: c u all tomorrow
22:29 AV: gn buffy

Last updated 07/22/2007