Some Risk Management Questions:
- Was the loss of money worth all the emotional pain and financial heartache?
- If you had the opportunity to do that trade or investment again, what would you do differently.
Tales of Losses
- What is the biggest loss you have personally taken in the market?
- What was your emotional experience during this event?
- What went through your head and heart during this event?
- Were you in emotional control or was your destructive ego in control?
- Was it worth it my dude?
- What did you learn from this experience? If nothing, Then this loss will probably repeat again in the future.
- What new disciplines have you now implemented when you invest or trade to protect yourself against losses
- In hindsight it definitely was not worth the emotional pain and heartache. sometimes I still think about where my account would be if I just managed my risk better.
- Yes, much differently. I would definitely decrease my risk/exposure by reducing the size of my positions.
tales of losses
- Well overall I am looking at ~ -6K to date… That is just the cost of learning to trade I guess. The biggest lose in a single day would be $1,300 and then a few times $1,000 in a week.
- & 3. Emotionally once my account balance got to a certain point I stopped caring whether I lost or won my trade. I felt my account was at a point of no recovery so self destruction didn’t matter. In hindsight again this doesn’t make sense, as I lost trades I increase my position size to try and make up for what I lost. Eventually that lose gets to -100% and now I cant take advantage of other trade opportunities.
4. I was not in emotional control at all.
5. Of course not, now when I think about all the times I’ve blown up I don’t think it was ever worth it.
6. I learned what puts me over the edge and in that not give a f*%k state of mind. I know I am a good trader but I have to consistently and continuously be a good trader 100% of the time. I plan to practise proper Risk Management and self discipline.
Comment you loss story below 🙂