In this Entrepreneur Network video, Akil Stokes, chief currency analyst and head trading coach of Trade Empowered, admits that even he has bad days in the markets. However, a bad trading day does not mean that the trades themselves were bad.
Stokes defines a good trade as one in which you follow your own rules and don’t make mistakes. A good trade is not defined by its outcome — an outcome it is just an effect of the market.
So on losing days, he says, the most important thing to do is to get away from the markets. The worst thing you can do is make trades based on revenge or in an attempt to make money back, because you will not be following your personal rules step by step.
After taking some time away, come back and self-evaluate. Determine whether or not you made truly good or bad trades, and learn from whatever mistakes you may have made. Just keep in mind that trading can be out of one’s control, and you must accept the consequences, whether they are negative or positive.
Click play to hear Stokes talk about dealing with losing trading days and more.
Watch more videos from Trade Empowered on their YouTube channel here.
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