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STR 197: Getting Good at Being a Loser. Welcome Back Mark!

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STR 197: Getting Good at Being a Loser. Welcome Back Mark!

If you want to succeed, you must lose. While I realize that is a seemingly contradicting statement, it is a critical skill that must be mastered as a trader. Our guest, Mark (‘hyprsnpr’ in the chat room), walks us through his updated journey, particularly in regards to his relationship with losing. He is doing a great job currently with not only putting together some solid wins, but also when it comes to keeping losing trades under control. He shares a huge loss he took which brings up some interesting talking points that I believe will serve as a reminder to us all on just how tricky the human mind can be. We talk about this and a whole lot more, so let’s get to it!

Show Notes:

  • Today we speak again with Mark who goes by “hyprsnpr” in the community. Since he had a large life event on the horizon, he took another hiatus until he could have the proper amount of time to spend on practice again, which he knew he needed to spend more time on.
  • Even with a mistake by using a more macro/fundamental approach for a trade idea (which led to a large loss) he still finished the month profitable. He has also noticed that he has the ability to stop revenge trading since he has the confidence regarding overcoming controlled losses.
  • After paper trading for months, he went back to real money and has been green ever since. He has small daily targets but doesn’t get discouraged if he has a losing day. Many newer trades jump from one system to the next if they experience a loss but Mark realizes this is a numbers game.
  • Marks goal is a consistent green year only utilizing basic technical analysis and risk management. He has aspirations to grow his style but he believes having more tools for the toolbox is a benefit.

Quotes:

  • It was hard to sit out of the market but at the same time I got a new job which kept my mind off of it.
  • If I normally traded 10 contracts I would then go to 20-25 contracts in an attempt to revenge trade.
  • My ultimate goal was to be consistent by my wedding. Life started to normalize after that and I went back to real money.
  • I’m totally fine if I don’t take any trades on the day.

Links:

Thanks for Listening!

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