![]() Losing streaks are an unfortunate part of the game, but if you are a good disciplined trader who can shift into neutral, the losing will end and black ink will start to flow again. The most important thing is to protect your trading capital until you can regain your equilibrium and put all the shadows of the losing streak behind you. If for some reason this process doesn’t work initially, try it again by stopping longer and coming back trading even smaller. Use it to relax, clear your head, and regain your energies. Stopping lets your emotions calm down and lets you reestablish your momentum with your intellect. What happens is that as your fear of losing rises, your emotions start to short-circuit your intellect and you no longer have confidence in what you’re doing. YOU MUST CHANGE THE DIRECTION OF BAD TRADING BY FIRST SHIFTING TO NEUTRAL. You can never shift from reverse to first gear without first going through neutral. Take time off and let your intellect take charge of your emotions the market will be there when you return. The best way to stop a losing streak is to STOP! STOP THE LOSSES, STOP THE BLEEDING. This is a must-read for anyone either trading, or even just investing for their pension. It's fascinating to see where he won and where he lost - and it's his analysis of his losing days that provide some of the most valuable lessons. I think it's this ability to be absolutely honest with himself that was the cornerstone of his exceptional career as a trader. Schwartz is brutally honest about his experiences. He was a true pioneer in terms of his trading. ![]() The combination of a sharp mind, a strong work ethic and the discipline and ability to stay calm under fire combined to make him an extraordinary trader. He was also in the Marine Reserves as an officer for five years. He may have done a lot of 'street' things in his youth, but his academic record is excellent. His self-image is a little bit different from reality, in that his family did have a strong work ethic and an entrepreneurial streak. ![]() someone from an ordinary background, rather than a Wasp Ivy League family. Schwartz counts himself as a 'street kid' - i.e. This was recommended to me by a couple of master traders when I asked for a book on trading psychology.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |