How To Get Over a Trading Slump

This is a short snippet from our weekly group coaching calls that we hold for traders enrolled in our Professional Training Program. If you’ve ever had a trading slump and wondered how you can get over it, this may really help you.

  • Richard

    I have been in a slump for awhile. It just happen that I have reduced my goal to $100 a day and stop trading for the day. Trying the compound effect to build my confidence. Thanks for the great advice.

    • You’re welcome Richard. One other piece of advice I’d offer is to not have monetary goals for the day. You can look to average $X a day over a month, but having a specific goal of $X per any given day forces you to trade incorrectly. Instead of focusing purely on process you’ll be “trying” to reach your goal each day and in doing so be likely to force trades and lose patience.

      On the other end of the scale, once you are up $100, you’re likely to become cautious for fear of losing it and not reaching your goal, even though the correct thing might be to press your edge because the market environment is great that day. The only way to average $100 a day (or whatever the number is) is to have some much bigger winning days to make up for the inevitable losing ones. Having the specific goal each day (instead of an average for the month) forces you to cut your winning days short and therefore fail to reach your average.

      I suspect that part of your slump may be attributed to setting these daily goals instead of focusing purely on process each day and letting that correct process allow you to reach an average daily profit for the month.

  • John

    You guys said you be sharing your trade records by now. Did you change your minds?
    Thanks

    • Hey John. No we haven’t changed our minds, but we’re going to hold off on it until after the summer. I moved to California a little while ago and Awais and I have been trading side by side and pushing each other to expand our skill sets and reach higher levels of expertise. Doing that naturally requires the willingness to experiment with advanced execution tactics. And since we’re pushing beyond our comfort zones and looking to attain higher levels of success in our personal trading, sharing public P&L now would be somewhat of a distraction. It would take our focus from higher levels of learning to pure P&L, which is counter-productive to our own evolution as traders.

      However, we’ve been making great strides in pushing ourselves to new levels of performance, and after the summer we’ll be looking to share brokerage statements publicly.

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