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Information site about the best binary options brokers › Forums › Risk management in binary trading › Losing streaks
Do you have specific rules for exiting the market during losing streaks? How do you keep emotions in check and avoid completely wiping out your deposit?
When I hit a losing streak, I have a couple of tricks to avoid wiping out my account. First off, I set a limit on the max loss for the day or week. As soon as I hit that limit, I stop trading and take a break to avoid making things worse.
Second, I try not to let emotions take over. It’s important to stick to the plan and follow pre-set rules for entering and exiting trades. If I feel like I’m starting to revenge trade or chase losses, I immediately shut down my platform and switch to something else to cool off.
It also helps to keep a trade journal. That way, I can analyze where I messed up and learn from my mistakes instead of panicking.
Yes, I have a rule to stop trading after three consecutive losses and take a break to reset. I also limit my risk per trade to avoid emotional decisions and protect my deposit. It’s all about sticking to the plan and not letting emotions take over.
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