I have lost quite a bit as a noob. My strategy is now getting better. I can now see good buy signals and sell signals.
Loosing is the key to winning. Soon the big pips will start.
When I loose I exit from my trade screen and start working! Don’t tell the boss though!
The same that I do when I win: Nothing
When I lose i take a serious look at the loss.
[B]The reason you lost is your perception wasn’t in line with reality. [/B]
It’s like the market is tell you. Hey wake up you aren’t on the same wave length as me. It’s a slap in the face for you to take a serious look at your thoughts.
If you thought the market was going up and it’s a good time to go long. Then the market goes down. And you exit with a loss. That means you where wrong. Your perception and timing wasn’t in line with the market.
I then try to figure out what was wrong with my perception. Was i completely wrong? Or was the timing off? Do i still have the bias right, but it was a false breakout? I ask questions like this.
[B]When you lose think about it as if you just paid for information.[/B]
Then I use the new information derived from the questions I have asked to set-up myself up for a better trade.
More often then not i take a wider stance on the currency. I may lift or lower my entry points at a point that is even more evident to go my way, than the trade i actually lost on. These new levels would be at a level where it’s a no brainer trade. Like you would feel stupid if you didn’t take the trade. That’s where the new level would be.
When you lose, evaluate why and how it happened, learn from it and do not make the same mistake again. (If possible).
OT: People really need to check spelling/grammar … i have never seen such poor use of the word lose.
I drop to my knees and demand an explanation from the skies.
There will always be losses in Trading. If you cant deal with them, you should not be trading. Period.
I am with jezzode I find a high bridge climb to the very top, curse the market and jump.
Loosen up a lot of people barley speak English on this site. The last time I checked grimmer skills had nothing to do with forex.
+1
No need to rub your face in it.
Many are non English speaking Europeans, Asians etc.
I break out the vintage champagne & start again: French vintages dont come cheap!!
Just want to share some thing…
- What I did, when I lost my Trades ?
It was in 2009-10
I was shoddily addicted to forex and was over trading. First trading in my forex life gave me a heavy hammering of 10 % deduction in account balance. After getting first trade lost, I become very emotional and straight away entered on another trade (a revenge trade) to grab back the losses. I faced consecutive losses and was trading like crazy to get back the losses. Finally, I found my 10K account drained, within one week of breathtaking trading.
I lost my confidence, got irritated with everybody, was not paying attention in food, fun, job …
- What I cultured from my serious losses ?
After few weeks, I reviewed my breakdown and came to the underneath winding up.
Never risk more than 2 % of account balance at a time.
Never ride the losses .
Always wait for a new signal to carry out another entry after a trade(Win or lose)
Keep emotions away and stick to the strategy.
- What I am doing now after losing a trade ?
I am visiting the babypips thread Playroom and playing games online presented by babypips under this thread for one hour before going again to charts to look for another entry.
Here is the link
http://forums.babypips.com/arcade.php
- What is the result ?
Became a full time trader and resigned from my day job.
Leading a happy life with wife and children and meeting the expenses from the income (not big, but consistent) from trading.
Happy Trading… and sorry for my bad English
Thanks for telling me of your experiences when you started. I have not been trading for long and am trying to set my emotions aside - but this is not easy - I have a huge ego.
So I will close out my positions over the next couple of days, take a break and start again on Monday (I think I am a compulsive scalper).
And dont worry about your english, I enjoy the encouragement (it is quite lonely trading).
Cheers
Win or lose, I always jump on treadmill when my emotions are getting in the way.
Lose and run for 3-5 miles before trading again.
I always feel better and more clear headed.
Happy Trades!
when I loss I feel very sad but at the same time I feel closer to achieving my goals of becoming a professional trader when you lose a trade you acquire something valuable EXPERIENCE and the more loses you get more experienced you become specially when you lose real money.
Smart move
I become so frustrated - so I will take a break and start fresh on Monday.
… And you swim back and trade again. And lose and jump and …
Right now I’am loosing 2000 over pips on EU pair and will hold on it. I always believe what comes down will go up
some day. But you need enough M power to hold. In forex you’ll never lose money if you trade within your money
power.
Ouch ouch ouch
It may be a looooonnngg wait!
Sometimes it is better to capitulate, vent a bit (or a whole lot), lick your wounds, catch your breath and start again.
I caught the pips - but only by default!!
Agree about trading within you money power.
thank the stars for digital, ha ha