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Number One Loser

You wake not firing on all cylinders and jump into the market. The plan is to wait for the perfect setup that plays to your edge and then you see it. You see something that just has to work. All the stars are aligning and you pull the trigger. You go long, full size, all in, it catches a bid and your up! Then you’re smacked back down to the novice you are.

Here’s the good news you hit out immediately and only took a minimal hit to the P&L. Nice work you tell yourself, time to make the money back! Now you are on tilt, not only does the market owe you your daily goal now it owes you back for this loss.

We have all been here and we will all face this challenge again. What can we do to reset? What can we tell ourselves to pause and remove this mental block we have created. Try this little trick. Remember that your first loss is going to be your best loss. The next one is going to be worse. Even if it was the exact same hit to the P&L the fact that you repeated the loss makes it worse. When a loss happens grab a pen a write out these words…. “My First Loser is My Best Loser” Sometimes being a loser in trading is better then trying to be a hero.

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