I handle losing streaks by trimming down my activity. I just wait it out. Trying to trade during a losing streak
is emotionally devastating. Trying to play "catch up" is lethal.
Since you are primarily a systems trader, wouldn't following a system imply no changes of trading
activity during losing periods?
I have incorporated some logic
into my computer programs, such as modulating
the trading activity
depending on market behavior. Still, important decisions need to be made outside the mechanical system boundaries
, such as how to maintain diversification for a growing account when some positions are at position limit or when
markets are too thin.
Psychologically, I tend to alter my activity depending on performance. I tend to be more aggressive after I
have been winning, and less so after losses. These tendencies seem OK. In contrast, a costly tendency is to get
emotional over a loss and then try to get even with an overly large position.
Are you a self-taught trader, or did another trader teach you worthwhile lessons?
I am a self-taught trader who is continually studying both myself and other traders.
Do you decide where you are getting out before you get in on a trade?
I set protective stops at the same time I enter a trade. I normally move these stops in to lock in a profit as
the trend continues. Sometimes, I take profits when a market gets wild. This usually doesn't get me out any better
than waiting for my stops to close in, but it does cut down on the volatility of the portfolio, which helps calm my
nerves. Losing a position is aggravating, whereas losing your nerve is devastating.
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