What To Do When You're In a Bad Trade

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Chances are you’ve found yourself in a bad trade at least a few times ... So what do you do? How should you react? I’m here with some of my top students — let’s see how they handle bad trades. Stay tuned!

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FULL DESCRIPTION

What do you think traders should do if they're in a bad trade?

Here’s what I think ... Immediately close the position. Turn your screens off and walk away. If you're in a crap trade or you know it's a mistake, get out of it!

You can learn to modulate trading. You don't have to buy a thousand shares every time. You can experiment. If it’s a new strategy, start with a few hundred.

With experience and knowledge, you can learn to use the market to your advantage. If you're cynical about fundamentals, that can make you a more aggressive short seller, which can increase your risk.

With short selling, you’re betting that stocks will fail. So you can start to develop a toxic mindset, wanting to hold onto junky stocks because you hope they’ll crash. Don’t fall into the dangerous trap of being the cynic. And don’t be overconfident.

I'm better at going long because I think that all stocks are really bad ... So when they start going against me and I'm long, I can immediately cut because I'm scared that they're gonna go to zero.

Being a cynic can help you when trading long because it gives you fear. But it can have the opposite effect when shorting.

Sometimes you need to let losses happen and take a break. Then come back with a fresh mind. Let the pain sink in, let it hit you emotionally — time will heal that wound.

For me, these losses aren’t about the money, they’re about the mental repercussions. No one trade matters enough to risk your entire account. There will always be another trade.

That’s what I think — but I want to know what YOU think. Leave a comment and tell me!

#TimothySykes #Pennystocks #Investing

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Hey, it’s Tim Sykes, millionaire mentor and trader. Thank you for watching my videos. I hope that they help you. I want to share everything that I've learned over the years. You can check out more videos right over there, and also click ‘subscribe’ so that you can watch all of these videos, get that knowledge and become my next millionaire student.*

* Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here