Chasing losses.

I often read many an article about stories of doom from chasing losses.  It certainly is the worst strategy I’ve ever heard of.  I thought initially it only happened in sports trading?  But it appears financial trading is rife with it also.  Luckily I learnt my lesson through my partner that lost all his bank chasing losses, he never chased losses again but it dented his ability to trade for ages and he said it totally deflated his ego and made him scared in case he lost any more.  Another thing he said about chasing losses was that it was mainly because he wanted to become a millionaire over night, obviously not literally but you get my meaning?  The problem was he didn’t have a goal so couldn’t reach it and therefore failed.  Since he started again he has set a much longer term goal and really relaxes with his trading as there is no pressure to make it all in one day.  So that’s exactly what I have done, I’m in no rush to be Jesse Livermore over night and I have a plan of attack and have never felt the need to chase any losses.  When you think about it Vince Stanzione didn’t start off rich did he? And obviously had a goal.