The Option Trader Handbook – Strategies and Trade Adjustments : [PDF Download]

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“Treating your trading as a business means accepting the fact that it is just business and you should not take it personally. When you lose money on a trade, it is not a personal attack on your character or a conspiracy by the underlying security to ruin you.

Losses are a part of trading, and no matter how successful you become, you will always experience losses. That is why we focus so much attention on risk and trade management so that those inevitable losses will not hurt you.

Traders who take losses personally turn into emotional investors who resemble vigilantes. They have been wronged by the market and are out for justice. For example, assume an emotional investor purchases a loan call on XYZ and instead of XYZ moving higher, it drops in price.

The businesslike trader simply fires the underperforming employee and looks for another trade opportunity. Emotional investors wonder how they can make their money back on the position. XYZ has cost them money, and they feel they must make back their losses on that stock.

Emotional investors usually take on more risk to get revenge on XYZ and, more often than not, end up losing even more money on a trade that should have been closed out sooner under a predetermined exit strategy.”

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