As traders it’s normal for our performance to fluctuate.
Sometimes we’re kicking it out of the park.
Other times we’re on the receiving end of an arse kick by the market.
It’s a tough thing to go through…
We start to lose motivation, trade with insecurity and deviate from our trading plan.
It’s the name of the game we play.
But luckily for you, I’ve been in this game for 10 plus years.
So I’ve gotten my fair share of arse kicks from the market. Which means I know precisely what to do when things are going south.
There are 5 things you should be doing when this happens to you.
Let’s get into them:
#1. Don’t deviate from your trading plan
Your trading plan is designed to be your compass when navigating the markets.
And the destination is profits.
When you’re going through a rough patch stick diligently to your trading plan.
If you stay true and disciplined to your plan, you should at least remain profitable.
#2. Don’t trade out of revenge
When we suffer a big loss, it’s normal to try to make that money back fast.
This typically leads to “revenge trading”.
We start relying on hope instead of our plan, we take risky chances, and we take too long to cut losses.
If you feel like a feeling of revenge is taking over your trading…
Reset and get back to it the next day.
#3. Chip it out
Start again slowly.
Do small trades with some profit.
As time passes, you will regain your confidence and work your way back to your normal volume.
#4. What to do if things go south again
If you get hit again, consider taking a day or two off and do something totally unrelated to trading.
Do not look at the markets or second guess yourself.
Trust the process.
#5. Talk to someone who understands what you’re going through
Trading is 90% emotional – yes, I always say this… because it’s true!
When we’re in a bad place emotionally with regards to trading, the best thing you could do is talk to a more experienced trader who’s been through the same you’re going through.
They’ll help you organize your thoughts, pinpoint your weak spots, get the fire back, and overall, see the light at the end of the tunnel.
Don’t have someone like that in your life right now?
At Hawkeye Traders I personally host weekly Q&A calls where you can ask me ANYTHING you need help with.
Whether you need help with mindset, your trading plan, or picking a niche…
I’ll be there to give you a hand.