Learn to take losses.

This sentence sounds similar to the previous one, but learning to take losses goes a little deeper and touches on other aspects of your trading.

Traders who can’t take losses get emotional, trade in revenge, and generally act impulsively. When you look at the historical win rates of the best traders, you’ll usually see win rates of around 45% to 60%. It’s rare to see professional traders with higher win rates.

This also means that about half of your trades will be losing.

Therefore, it’s very important to learn to take losses effectively because you will face them often in trading. Being good at taking losses means not getting emotional and being objective. It’s important to be honest with yourself.

For example, if you feel emotional after a loss, don’t sit in front of your trading charts, but stand up and walk away. This way, your trading account won’t have more losses, and when you return to the trading table the next day, the situation will usually be different.

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