The common trait of traders who can keep winning is only one.
After watching the market and traders for 9 years, I realized that the many people who get eliminated are simply self-destructing on their own (lol).
The common point of traders who can keep winning is only one thing.
That is to "cut losses."
It’s a familiar phrase, but
there are four reasons why only this one action can prevent a fatal blow.
① It can drastically reduce the possibility of being eliminated
⇒ It’s a game with limited risk, so leaving the possibility of total loss on a single trade is nonsensical. (If you diversify the capital in smaller accounts, OK)
② You won’t have funds eaten by a bad position.
⇒ This is actually quite harsh, since funds aren’t infinite, and loss plus opportunity cost becomes hell.
It’s most painful when you can’t act on the next opportunity.
③ There is no mental wear from being stuck in a position.
⇒ The key is here. If your mental state is worn down, everything about life looks dull, and you’ll start wondering, "Why am I trading?" It’s a triple combo of loss, opportunity loss, and a sick mind.
④ Once you survive once, your brain learns that you don’t need to cut losses.
⇒ When a losing position becomes profitable, the brain gets a burst of dopamine and tends to become addicted, but with that method you will eventually incur a total loss.
In short, there is a big loss at the end of accumulations ①–④.
Cut losses without hesitation.
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