Hubert Senters here.
Got a question from Michael.
How do you best recover losing 75k in last 3 months in your trading acct? Trading psychology is the most important thing that you can learn how to be good and it’s the hardest thing to learn. Nobody wants to buy or pay for it because it’s not the nice shiny object. Traders are kind of like fishermen. You never met a fisherman that’s got one lure and one fishing pole.
He’s got different four five different fishing poles and tackle boxes full of lures. That’s kind of like traders. We all like buying stuff that’s going to give us some edge myself included. So you’re not giving me a ton of work there Michael. I mean the first thing that I would say is most people that trade lose money. You could just stop and you would stop the blood less. That would help if you just slowed your row when your burn rate just stopped trading for a while
And figure out go back and look out why you lost the $75,000 in three months. Because I didn’t place the trades so I don’t know how you did it. But I bet if you go through and analyze every single trade you’ll learn some really good nuggets of what not going to do forward in your career. How do you pick the right stocks that won’t continue your losing streak? Michael.
So it’s you-ish because it’s your money, you’re the one trading it. One thing I would do and I would recommend everybody do it. The market is not out to get you. It’s diagnostic. It doesn’t care about you. It doesn’t care if you live for 200 years. It doesn’t care if you die tomorrow. The market is going to be the market. It’s going to do its thing.
Now, it’s not designed to make it really easy for you to extract money from it. So what you have to do is you have to focus on how you can best extract money from the market without getting hurt too bad. And none of us traders get out on escape. We all lose money on something no matter what we do. It’s impossible to not lose money when you’re risking money when you’re trying to make money.
But really what I would do is I’d take next month at least and go trade by trade and figure out what you did, why you did it and how not to do it again. It may not be the answer you’re looking for but I really think that if you are my son and you lost $75,000 or my brother or my uncle I’d tell you the same thing like hey, genius, number one stop trading.
You’ll slow down the blood loss that way. And number two go back to your trading or your statements to figure out exactly why you place all those trades. You chase. Don’t chase anymore. You make money Monday through Thursday but you lose it on Friday. Genius, quit trading on Friday.
Like you’ll see very blatant patterns. Like I only buy, I like to chase them. Pursue things. I’m a dog chasing cars. All dogs that chase cars will eventually be run over so you don’t want to do that. That would be my advice. It’s not a technical one but that’s exactly how I would handle it.
I’m going to be speaking at the Wealth 365 event this Friday on how to filter out for the best trades for you to trade. I know we just had a question there and we were talking about Michael losing $75,000 in three months and how to recover from that.
Better trades will help and find them will help really trading psychology is more important than actually finding really great trades because I know you guys are probably just like me. You’ve been in a good trading and got out too early. Or you’ve been in a good trading and got out too late.
A lot of these battle is the six inches between your ears. But anyway I’m going to teach how to find those things this Friday.
I’m going to HYPERLINK you to the registration page.
Good luck. Hope it helps. See you on the next video.
Hubert.
