It’s all about responsibility! If you make an error or fall guilty of bad analysis, it happens. Even TOP traders or experts in their field make mistakes. Sport, betting, politics, business… errors are simply part of the game. However, trading, like in betting, errors result in a net financial loss.
For some traders, accepting that a deal or even a trading method is not working and making a change is easy, but for others, it is very difficult. They must look at their limits and admit that they have made a mistake, which is tricky as it dents their ego.
Psychologically, it is often easy to fool ourselves into making the same mistake over and over, living in a state of denial until your account is consumed. If you recognize any of these attributes in yourself, you must stop trading straight away.
Take this loss as a gift, reverse your mindset, use it as an opportunity, a chance to get better and learn something. Refine your tactics, understand why your trade ended in a loss. Learn, learn, learn! Tune your brain like AI to not make this mistake again.
Most importantly, loss is a part of the trading business. NOBODY, even expert trading systems, enters a trade and never lose. If you cannot accept that, withdraw your money and save it.
Nobody is GOD or king/queen of the market. Many people make the mistake of thinking they can control the markets. Nobody can control them. You must learn to accept anything that comes your way and to trade accordingly.
Adopt the attitude that trading is a battle and accept what the markets take from your pocket as a loss, a part of the process.
Make sure that you are not trading under stress. When stressed out, you cannot see clearly, you become stubborn and unable to see alternative views. Manage your risks and don’t live your life in denial. Accept your boundaries, work against them, push them and become a winning trader!