Even cowboys get the blues … StocksToTrade and Small Cap Recap’s resident western-wear-loving trader Bryce Tuohey gets real. Need help to overcome red months and avoid the FOMO trap in trading? Don’t miss this!
Bryce has something in common with SteadyTrade podcast co-host Stephen Johnson…
At the time of recording, they were both having a red month. Whomp whomp.
In today’s episode, Bryce and Stephen compare notes on navigating losses and overcoming red months. Their goal? In their words, to transition from losing traders to “two fat little hedgehogs sitting on piles of cash.”
What’s Going on With Bryce?
Until recently, Bryce hadn’t had a red month since 2019 or so. Red weeks, yes — but not an entire month.
Facing a big red month in September of 2021 hurt — it was hard to keep things in perspective.
It also presented a challenge: how to fix it? Here’s how he got started…
What Needs Fixing?
According to Bryce, if you’re a trader and either:
- A) In a drawdown
- B) Not profitable
Then you probably need to adjust something in your trading to get on the right path. At times like these, traders must ask themselves the hard questions: How can I do better? How can I reverse the drawdown I’m going through?
He had to face these questions himself. He and Stephen share tips for how to get real and face your own shortcomings…
When Bryce was honest with himself, he realized that in attempting to transition from day trading to swing trading, he’d made some mistakes.
He found it wasn’t possible to use day trading size on swing trades and expect to make money. So he quickly found himself in the red and struggling to recover.
When he dug deeper into his personal stats, he also realized that the specific pattern that had been working for him wasn’t working anymore. What to do?
The Dangers of Relying on One Setup
Unfortunately, Bryce’s go-to setup wasn’t working as well as it used to.
He and Stephen discuss their go-to setups and how they’ve had to adapt to changing market conditions.
Also, Bryce realized that relying on one setup can be dangerous when the market shifts.
Now, he’s familiarizing himself with short setups and expanding his repertoire so he has a few different strategies for different market moods.
Trading When You’re in a Slump
Simple fact: the deeper the hole of your trading slump, the harder it is to dig yourself out.
Both Bryce and Stephen have found this to be true. But they’ve done it before! In the episode, they offer their personal tips for:
- Traveling while trading
- The FOMO trap and when to avoid trading
- How to get in the zone and avoid distractions
- The dangers of social media during a trading slump
Wanna saddle up for more Bryce action? Check out Episode 201: Trading the Ultimate Breakout With Bryce Tuohey!
Remember: nothing lasts forever. Every trader has a red month every now and again. We hope these tips will help you the next time you find yourself in that situation!
How do you keep on keeping on when you’re having a red month?
We love to hear what you think, so drop a comment below or on YouTube!
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