MANAGING DRAWDOWNJEDI MINDTRICKS

“There is something to be learned from a rainstorm. When meeting with a sudden shower, you try not to get wet and run quickly along the road. But doing such things as passing under the eaves of houses, you still get wet. When you are resolved from the beginning, you will not be perplexed, though you will still get the same soaking. This understanding extends to everything.” ― Yamamoto Tsunetomo, The Hagakure: A code to the way of samurai

Once you put on your trade(s) in the PRZ only three things can happen:

- Price action will make an immediate reversal

- Prce action will go side-ways

- Price action will blow through the PRZ and/or structure support/resistance

If price action clearly shows you a break of structure support or resistance and the drawdown is still within the acceptable limits as stated in your trading plan, then close the trade for break-even if the market gives you this opportunity

If price action has broken structure support, as in the trading example, it is more likely to continue downward.

The market will tempt you not to follow your rules as you clearly saw in the trade example.

It will only take one moment of undisciplined trading to whipe out all you earned in trading or even more.

The fear of loss is the reflection of greed.

If you are resolved from the beginning to follow your trading plan you will still get wet, but you will not be perplexed.

If you are not perplexed by the fear of loss then you retain the flexible mindset to flow with the market.

There are more than 400 harmonic patterns on a daily basis across all financial markets world-wide.

With a 70% probability of success do you really care about the outcome of 1?

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