How to Deal With Losing Money--And Making It

I recently wrote about the greatest weakness displayed by losing traders. Under conditions of drawdown, the winning trader becomes more grounded in his or her strengths. The losing trader veers from those strengths.

To successfully deal with a drawdown, you want to reacquaint yourself with your best trading: focus on the best trades, double down on your best practices for preparing for the day and keeping yourself in the right mindset. The great risk of drawdown is that the losses in trading create lost confidence and lead you to abandon what has worked.

Smart traders know that the same process needs to happen after winning periods in markets. A string of winning days can lead to overconfidence and sloppiness. It's when you're winning and feeling on top of the world that you once again want to double down on those best practices and best trades.

Losing money is not the only risk. The greatest psychological risk traders face is losing perspective. It's when you lose perspective that you want to rediscover the trader that you are.

Further Reading: Self-Regulation and Trading Performance
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