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What to do when you are on a losing streak

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  • What to do when you are on a losing streak

    We've all had a streak of bad luck in the market that was mind-numbing and just plain annoying. Over the years I've developed some simple steps for dealing with a losing streak.

    Step 1: STOP trading. Depending on what kind of trader you are you will know what a streak looks like. A swing trader's losing streak could be 3 trades in a row whereas a day trader is having a string of bad days(3 or more)

    Step 2: Determine whether the streak is being aided by the market. Is the market choppy and too volatile?

    Step 3: WAIT. If you don't know what to do next just don't do anything. A sideline position is the best position for a trader on a losing streak.

    Step 4: Ease back in. Once you have followed the previous steps you can start to ease your way back into trading. Put on a trade 1/3 the size of your normal trades.

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    "Step into the arena and hold on to your hat. Don't get discouraged if you don't make 8 trillion dollars in your first month. Trading is not a get rich quick scheme. Realize that trading is a skill and just like any other skill it takes time to learn. Have convictions in your decisions in life and trading. Ignore the comments and "advice" of those that have never traded a day in their life."

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    Good KARMA and positive energy abound.

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  • #2
    Sound advice. Losing streaks suck but the worst thing you can do is keep trading


    • #3
      I usually just cut back position size. When I stop trading all together i just end up missing good trades.


      • #4
        In my experience, cutting back is great and its almost never a good idea to stop during drawdowns. That's usually when you miss the boat on a bunch of great trades.