Date: 3/10/2023
Author: Chris Hood
All traders will have bad days.
Sometimes that can mean you don’t meet your daily profit goals. Other times you may end the day with a loss.
It’s discouraging no matter how long you’ve been at this, but it can be devastating for beginners.
Let’s assume you have a robust technical system. One that’s proven by backtesting and has a winning track record.
It’s critical to understand that sometimes you’ll hit a losing streak.
Trading is a game of probabilities, and there’s no way around taking losses. But cultivating the mindset to handle those losses is the only way to regain momentum.
I want to share a comment from one of the Trade Command room subscribers that really hit home.
Hopefully, it will help you get your mind right.
Corey Synder recently went live with Emmy Award-winning journalist Seth Allen for American Oil Fortunes to demonstrate precisely
how this one surprising stock could hand you a 1,000% return – or greater – over the next 12 months…
All you have to do is click this link to watch the replay of American Oil Fortunes.
Tuesday was difficult trading.
Powell’s congressional testimony led to another sell-off, and several of my trades went wrong. I spent the rest of the day trading out of a hole.
One of the subscribers commented in the chat something worth sharing.
“I’ve decided it’s important to trade to win, not just trade to avoid losing.”
That’s been on my mind ever since.
A guy utterly new to trading but, as it turns out, a competitive athlete.
Someone who understands that success comes from listening to his coach, training hard, and putting his heart and soul into each match.
I enjoy my student’s success at least as much as my own.
So how can you apply this wisdom to your trading?
First, you have to approach the market with confidence.
Confidence comes from trusting your coach or your system. You can have the most powerful trading strategy in the world but never use it.
I see this all the time.
The only way to gain confidence is to step onto the court and get some skin in the game.
Second, it’s critical that you listen to your coach.
I’m not the sort of military drill instructor type that yells. Instead, I analyze the situation and make suggestions.
There’s no need for me to tell people they’re wrong.
The market will let you know if you’re screwing things up by robbing them blind. And usually, all that’s needed is a minor adjustment on entries, management, or exits.
Finally, trading to win means being willing to look at your performance and ask, “why?”
Why am I winning specific trades and not others?
Why am I inconsistent?
Why do I deviate from my plan?
If you look for problems, you’ll be able to fix them. If you don’t, then you’ll never improve.
Decide right now that you will trade to win and make it happen.
Cheers,
Chris Hood
PS – My colleague Corey Snyder recently went live to talk about the future of oil and revealed over a DOZEN critical stock plays to make right now if you want the best possible chance of harnessing the $15 Trillion market shift…
Including the one stock that’s perfectly positioned to deliver a potential return of 1,000% or more over the next year.
This broadcast will only be available for replay for a limited time, so watch now.
