Topic tuesday 8/10/21
Bad habits:
-Revenge trading: A trader runs into revenge aka “trading on tilt”-from poker. Trying to Recapture your losses from that particular market. y
Who has gambled before? Ever lose money? What goes through your mind after losing? Do you let your emotions get the best of you?
It is responsible for traders losing tons of money.
You convince yourself that the setup is still there.
You create your own mini reality to see what you want to see.
Almost trading blind. Ignoring the facts and price and what the market is telling you.
How do you mitigate revenge trading?
Create boundaries/rules for you to abide by during the trading day. Almost like an emergency plan. Escape route. Refer to prop fund account, daily loss limit before full liquidation.
-You will learn more about yourself as you experience this
-Step away from your trading desk. Go out and exercise, do a hobby, have fun and separate yourself from the trading world to refill your mental capital.
-Do something creative
-It’s just money
You can counter revenge trading by focusing on remaining calm, focus on your trading plan and have discipline to carry out your rules.
-Pause and take a few to review what happened. Is that loss apart of your trading probability? Or was it an emotional decision?
-Go back to your setup. Was it a valid entry?
Aloha! We are Glenn & Reid, founders of Hawai'i Trading Academy.
Our mission: Cultivate profitable (and ultimately funded) traders.
Our ethos: Be honest and transparent as we build our content off of what we consider three pillars of successful trading: Psychology, Risk Management, and Strategy refinement.
We hope to provide you a solid foundation, continuing education, and a resilient community of like-minded individuals after becoming profitable or funded.
Links below for more information about Trading Education in Hawai'i.
Network: https://hawai-i-trading-academy.mn.co
Website: https://bit.ly/HawaiiTrading
IG: https://bit.ly/HTAig
Twitter: https://twitter.com/hawaiitrading
Mahalo for listening.
Safe Trading & Stay Blessed!