{"id":49837,"date":"2016-02-28T00:05:03","date_gmt":"2016-02-28T08:05:03","guid":{"rendered":"https:\/\/brookstradingcourse.com\/?p=49837"},"modified":"2016-02-28T00:05:03","modified_gmt":"2016-02-28T08:05:03","slug":"revenge-trading-beginner-trader-advice","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/ask-al\/revenge-trading-beginner-trader-advice\/","title":{"rendered":"Ask Al: Revenge trading"},"content":{"rendered":"

Revenge trading advice for beginner trader
\nBPA trading room Q&A: September 16, 2015<\/h2>\n

Al, what is your advice for a beginner trader for avoiding revenge trading and breaking our rules after we lose a few trades in a day?
\n Audio duration: 4min 43secs<\/em><\/p>\n

 <\/p>\n

Good advice for ALL traders<\/h3>\n

\"AdviceMy thought: It doesn\u2019t matter if you\u2019re a beginner or if you\u2019ve been doing this a long, long time. And it doesn\u2019t matter if you\u2019re consistently profitable. No matter how good you are, your edge is always going to be small, and if there\u2019s anything happening with you emotionally or physically — if you have a terrible headache — if there\u2019s anything that makes you less than your best, then whatever edge you have is less. And if your edge is small to start with, then your edge<\/a> may not even exist with whatever problem you\u2019re facing.<\/p>\n

You worry about your kids; you worry about who knows — refinancing your house. If there\u2019s anything going on that distracts you and makes you less than 100 percent objective, I think the best thing to do is not worry about it. So if you\u2019ve lost a few trades earlier in the day and you\u2019re thinking about those trades — you\u2019re trading in the rearview mirror and you\u2019re not paying enough attention to what\u2019s ahead. So my advice is you just keep working on trying to be objective and just accepting the fact that you\u2019re human, you have limitations — all of us have limitations.<\/p>\n

Everyone has different limitations. I have my own set of problems and they affect me in ways that other traders may say, \u201cAl, what are you — you\u2019re nuts. You\u2019re a crazy guy!\u201d I might say the same about somebody else. Doesn\u2019t matter. This is who I am. This is my package and these are the problems that I have. I\u2019m always trying to get better, but this is who I am and I\u2019m not going to worry about it. If I\u2019m not at my best when it comes to time to take a trade for any reason — if it\u2019s because I\u2019m thinking about some losses, or some mistake, or college tuition bill coming up; it doesn\u2019t matter — a sick aunt or uncle; it doesn\u2019t matter. If I\u2019m distracted, the best thing I can do is not trade and not feel bad that I miss trades. Not feel bad if I miss trades for two hours or if I miss trades for two days. It doesn\u2019t matter. This is me. This is my package and the best I can do is trade within my own limits.<\/p>\n

Sporting analogies<\/h3>\n

When I play tennis — I play tennis a lot — I\u2019m playing against a guy and I start to get ahead — I always play doubles. But if we start to break the other team, even if the other team is better than us, a lot of times you\u2019ll come across a guy who all of a sudden just starts hitting the ball as hard as he can. He tries to make every shot a winner, and what happens is he ends up losing faster. And the same thing is true with trading. You know what you have to do to win consistently and if you\u2019re winning consistently, you do that, and if you start trying to do things that you don\u2019t normally do, you will end up losing and losing faster. And like anything else in life, if you strike out — if you\u2019re a professional baseball player and you struck out the last four times up, and now you just start swinging harder and harder and harder to get home runs, well, guess what? You\u2019re going to strike out more and more.<\/p>\n

If you\u2019re a quarterback and you just threw an interception and your team is losing and you start getting desperate to win, you\u2019ll start taking really low probability passes. And low-probability passes, you\u2019re going to get intercepted more. Your receivers are going to receive — they\u2019re going to catch fewer. So whenever you try going outside of yourself beyond what you\u2019re really capable of doing consistently well, your probability of success is going to go way, way down. And your emotions will prevent you from managing those low-probability trades well enough to recover. So if you\u2019re not feeling well or not feeling your best, if you\u2019re not feeling happy, don\u2019t trade. Just wait until you feel back to your normal self<\/a>.<\/p>\n

Yes! This trade will claw back all my losses!<\/h3>\n

\"ES<\/a>And the worst thing to do is look at a trade and say, \u201cI know I lost three trades, but I know this is not a great setup, but I\u2019m going to sell below 61 because this may turn into one of those huge bear trend days that we had a few weeks ago. I know it\u2019s probably not going to happen, but if it does, I\u2019ll make back all of my losses.\u201d<\/p>\n

No, that\u2019s not what you do. If that\u2019s the kind of trade that you normally take and you have winning track record taking those trades, managing them well, then sure, you can take it. But if it\u2019s the kind of trade that you never take and you never would take if you\u2019re your normal self, don\u2019t take it, right?<\/p>\n

Al Brooks<\/em><\/p>\n

Information on Al’s Online day trading room<\/a><\/p>\n

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Revenge trading advice for beginner trader BPA trading room Q&A: September 16, 2015 Al, what is your advice for a beginner trader for avoiding revenge trading and breaking our rules after we lose a few trades in a day? Audio duration: 4min 43secs   Good advice for ALL traders My thought: It doesn\u2019t matter if […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[159],"tags":[],"class_list":{"0":"post-49837","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-ask-al","7":"entry","8":"has-post-thumbnail","9":"override"},"featured_image_src":null,"author_info":{"display_name":"BTC Admin","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/richardhk\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/49837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=49837"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/49837\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=49837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=49837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=49837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}