To be in control of bad trading days one has to have proper account protection. Down days are part of the whole and they will 100% surface even if there are long streaks of winning days. Predefined protection is needed for the account. The question is how to set up such a protection, that will actually work for the trader?
Account protection on a daily base should be defined before the trading day starts. The trader can set a limit of loss for the day, taking into consideration the account size and the trader's risk tolerance. To give an example 2-4% loss for the day of the account, if it hits the trader immediately stop trading because the predefined loss is reached, which the trader himself have agreed upon. Everybody has bad days and on those days the losses has to be limited.
Also a predefined profit target should be set, to lock in the profit and minimize the risk of drawdown from that point of the account, example 4-6% profit for the day and the traders stop trading. Several stop loss and target levels can be also be set so the trader knows exactly before the trading day starts, how his protection is.
To be in control of a setup like the above suggestion an RMM robot, EA, cBot or other algorithm needs to be running in the background. To handle this manually without a robot is nearly impossible because of the fast moving market, emotions and stress the trader is faced with. More information can be read how to protect the account and other risk management strategies on RMMRobot.com
" Lock in the profit and minimize the draw down "