Geeta of Loss :- • When The Market Is About To Hit Your Stop Loss, Take A Deep Breath, Switch Off Your Ego, And Let It Happen. Don't Fight The Market. • Most traders are ruined by losses. They get angry, they change system, they give up. Take a loss as fuel to improve, not as a reason to give up • Trading Losses Aren't Supposed To Break You. They're Meant To Help You Understand Yourself, The Market, And Your System. • Losses Are Part Of This Business. Do Not Allow Yourself To Become Bitter Because Of Them. Maintain That Spark In Your Eyes. Manage Your Risk, Keep Trading, Keep Learning, And Keep Growing. • Sometimes You Win, Sometimes You Lose. This Is Trading, But More Broadly, This Is Life. What Matters Isn't So Much How Often You Win, But How Much You Win When You Win And How Much You Lose When You Lose. • I have trained my mind not to take money on my MTM as real money, I don’t think I am down 20k , I could have paid rent with it , instead I think I am down 1%. I truly believe this mindset is what has helped me trade with such huge funds • You could do everything right and still lose money i. Trading is all about probability ii. The sooner you accept this, better • Train yourself to accept uncertainty and you’ll eliminate 99.9% trading errors. • You’ll be much happier when you realise that you’re going have losses & that they’ll come unexpectedly • Market will surprise you, no matter how hard you study, how adroitly you plan • Don’t fall in love with outcome, instead of process. • "You have to learn how to lose; it is more important than learning how to win." ~ Mark Weinstein • Losing traders are psychologically unprepared to take losses, they secretly crave for uncertainty & hope /pray they won’t lose , On other hand, profitable traders are open to all probabilities. • I don’t change my trading approach, because its not working for couple of days or weeks, instead I recognise quickly , that its time to move to the side lines & wait until its working again Avoid system hoping at all cost • The intolerance of uncertainty is the engine that drives most trading errors • Maturity is when you stop looking for new strategy after 4 to 5 consecutive losses. • Take your losses, Don’t recoil (nafarat peda krvi) Loss naa lidhe j person sikhe, ghamand naa kre, potani jaat ne supreme naa mane and risk ni respect kre and hmesha jagelo rhe • You will have to lose hundreds of trades before becoming good trader. • Take risk, seek failure, instead of desperately trying to avoid it. • Losses are proof that you are trying now, wait for signal and try again. • How to develop trading discipline, Trade your system even after a loss (ex, clg 9 streak loss, still trade) Every day, recalibrate your mindset towards patience & discipline • If you are going through a string of losses, no matter how bad it looks & painful it feels, it’s very important to remind yourself no storms last forever. o If you are trading a proven system, the numbers will eventually work themselves out o • Just stay consistent Sticking with my trading system is all that matters to me, and the only times a trading loss upset me is when I failed to uphold that principle. • one trade should not make you overly miserable or ecstatic, think of 100s and 1000s of trades. • Paul Tudor jones:Failure was a key element to my life’s journey • I Don't Think I Approach Trading As "Trying To Make Money." Maybe I Do Implicitly, But Consciously All I'm Doing Is Placing Positive Expectancy Bets. If They Work, They Work; If They Don't Work, They Don't Work. The Less Emotionally Involved You Are, The Better You Perform • Best traders stick to their approach that they fully understand and accept that they will have periods of underperformance, because no approach will work all the time. • Visualise what you expect to happen and how you will react, more importantly to see in your mind what can go wrong and how you will respond to every conceivable scenario. if you make this a routine exercise, you will be prepared & rarely get too far off track. • All that matters is that you followed your plan Winning trade. You followed you plan. Today was a success. Losing trade. You followed your plan. Today was a success. If you didn't follow you plan that is the only way the trading was a failure. • Losing trade is generally less painful than an opportunity loss, so when you get a signal, pull the trigger. Don’t work it up in your mind, • Consistency is not about making money trade after trade, it’s about making money in aggregate. • The great mistake is to anticipate and expect a certain trade outcome, You should not be thinking about win & loss Let the market do its thing and just focus on striking at the right moment Zerodha innerworth :We’ve interviewed over one hundred traders in our studies at Inner worth, and we’ve found that the traders at the top of the field have had some serious setbacks. They’ve lost thousands, even millions, of dollars before making it big. That doesn’t mean that you should plan on needing to make and lose thousands of dollars to master the market, but this observation illustrates the magnitude of the setbacks that a master trader must face before reaching the top. When you face a setback, you have two choices: You can find a new profession or you can pick yourself up by your bootstraps and work persistently to turn things around. A can-do attitude is essential for success, but it can be difficult to maintain optimism when faced with constant setbacks. It’s natural to get fed up. Your emotions take over. Your thoughts become consumed with frustration. You start thinking, “It’s not fair. I’ve tried so hard and I SHOULD get a big payoff for it.” It would be nice if the markets would behave in a manner consistent with our expectations, but we have to go where the markets take us. We have to accept whatever the markets want to give us and accept what we can take out of the markets. If you give in to pessimism and frustration, you’ll never take any profits out of the markets. Rather than allow your emotions to take over, it is vital to regaining your optimistic, mental edge. How do you do it? First, acknowledge that trading is a challenge. Don’t take a Pollyanna approach to trade. Don’t fool yourself into thinking it’s easy. You’ll just set yourself up for failure and be especially disappointed when you face a setback. “Hard” doesn’t mean “impossible.” If you acknowledge the challenges inherent in mastering the markets, you’ll develop a realistic, methodical plan to overcome obstacles. Second, admit your frustration. Trading expert Dr. Ari Kiev suggests that if you acknowledge your feelings, they will dissipate. If you admit your frustrations as they happen, they will pass, and you can then get ready to overcome the setback. Third, you must be ready to cultivate an optimistic attitude. Think positively. Trading is something that you can learn. If you put in the effort, you will eventually succeed. You may not be an overnight success. You may not be a natural-born trader, but you will succeed. Finally, always think strategically rather than emotionally. It’s important to focus on solving problems rather than reacting to setbacks emotionally. Don’t get fed up. When you face a setback, pick yourself up. You’ll find that with enough work, you’ll make the profits you want. Jack’s been trading for the past five years, and he has put in a heroic effort. He worked two jobs to build up enough capital to trade and have a realistic chance of success. He spent nights and weekends learning new, innovative trading methods. Has it paid off in terms of profits? No! Jack is starting to get fed up. He has sacrificed and he has put in a heroic effort, and can’t help but think his trading goals are merely pipedreams. Ever felt this way? If you’ve been trading the markets for the past few years, you know exactly what I mean. It’s at times like these, however, that you need to think strategically rather than emotionally. It’s times like these where you have to start working even harder to achieve financial success.
