Trading is a tough game, as we all know. The most important attribute of a successful trader is 'trade what you see, not what you think'. This is absolutely crucial but we are all human and are susceptible to getting things wrong. In trading this could result in a losing streak and the emotion turmoil that goes with it. The key is how to bounce back from it. As with anything in life, nothing is going to be easy but it is how you react to a setback or failure that truly defines you.
The markets haven't doing anything significantly in recent weeks, as we start the new quarter. Being down on my account this month is purely down to me trying to be a smart after a relatively decent winning streak. I also had strong opinions about what I though should happen and I held on to these when I should have cut them. After all it's better to lose nothing, than something.
Even after years of trading, you have to keep yourself at peak performance. As one slip up could result in many slip ups which could wipe out several months worth of profit. After all, there are more ways to lose money in this market than there are to make money, which is why it is so challenging and yet so fruitful.
No one likes to start the month losing as the rest of the month is tough trying to get back to break even. However, this is part of the job!
What is my game plan now? To wait for a theme to present itself and then to capitalise on that. I will keep you posted in the next few days on some analysis I am currently doing.
Happy trading!
Nice blog in general and nice post in particular, Jitan. I'm 1% down on July, this post helped keep me on point, so thank you very much.
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