I believe many traders believe that if they just have a string of winners, that will give them the confidence they need to forge ahead. Can there be confidence on the losing side of trading?- After many ups and downs with “confidence” I finally learned that my true confidence comes not with my winning trades but in my ability to control the losers and manage my trades.
- I noticed a consistent positive attitude that was associated and linked with how I was handling my losses! I started to feel good about how I would take a loss.
- There was an immediate down emotional feeling if I experienced a larger loss than necessary or exceeded a maximum daily loss. So that led me to change the behavior that led to that feeling that I didn’t like.
- I cannot control the markets, but I can sure control my trades, i.e. entries, exits, stops, how much I trade during the day, how many positions at one time, etc.
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I believe many traders believe that if they just have a string of winners, that will give them the confidence they need to forge ahead. Can there be confidence on the losing side of trading?