Bear trouble

24 April 2008 (20:55) | Psychology | By: Colin McGinley

Rob Booker has an informative new free ebook that tackles what a trader can do when they experience a slump in performance. It has the catchy title Help! An angry bear is destroying my account!.

While short and sweet the advice is sound, as I know only all too well from recent experience:

1. Step back and find a quiet place to think
2. Realise what’s really going on
3. Deal with it

The three simple steps are worth keeping close to hand for when the inevitable happens. We all have losing streaks. I think how we deal with it and come out on the other side makes or breaks us as a trader.

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Comments

Comment from Snake86
Time 2008-04-26 at 19:03

Oh yes – and one more:

4. When trying to follow the above 3 points – be careful with that Leverage!

I wouldn’t be surprised if people actually destroy their accounts as a consequence of putting a highly leveraged trade to recoup previous losses. Lets be honest it has happened to all of us. No different in poker.

Make sure you lads and lasses out there are on top of your money management. It’s about the long term consistency.

Hope y’all have a good weekend.

Snake.

Comment from MarcoA
Time 2008-05-05 at 17:29

Colin,
Google is showing your site as potentially harmful for the last few days.

Comment from Colin McGinley
Time 2008-05-05 at 19:23

Thanks for the notice. There were some spam links inserted into some of my postings, I think as a result of the previous version of WordPress that I using.

Hopefully I got them all and I’ll be clean on the next checkup.

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