Hello traders.
I read many newbies’ introduction and want to tell you one thing.
Everyone who starts forex/stocks trading journey suffers loss and experiences failures.
I think this is very good to new traders.
There are 3 reasons.
After experiencing each losses, you will find the problem of your trading plan. Indicators, false signals, poor risk management rules and so on. So failures provide great opportunity for improving your trading strategy.
When you experience failures, especially when you deviated from your trading plan, you got to know that following plan is the only way to be successful in the long run. So please fail until you really recognize the importance of your trading plan. When I started my trading journey first, I also knew trading plan and sticking to it is very important, but it took me years to have the strict habit of following my rules. So my tip is FAIL UNTIL YOU BECOME TO KNOW THE IMPROTANCE OF YOUR PLAN.
When you fail, you will get to know the personal limitations of yourself and its influence to your trading account. Then you will try to overcome it.
So why we worry fail? We should like it. And learn from it. By doing so, you will eventually make progress in your trading.
Never fear losses, face it, and learn from it.
Fail until you find all your problems and you stick to productive rules and habits.
Losses in trading is inevitable so everyone will eventually experience them. Learning from your losses is arguably an important part of becoming a better trader. It also teaches you how to deal with the psychological aspect of trading as anxiety and greed are your worst enemies.
Completely agree, the thing is failure is a part of experienced traders too. It is probabilities and as long as you have an edge you will have more wins than losses and be profitable
Losing is a part of the process, better to be aware and accept that so you can learn from mistakes and be prepared for them than to beat yourself up over it.
loss is an inevitable part of trading , no way to deny it inn spite of having good knowledge and experience. so traders should take losses easily when trading.
You learn the most from failure. There is no better teacher than them. After a loss, even in trading, you realise your mistakes and are motivated to improve. One must lose in order to win the next time around.
They say that failure is the stepping stone to success, and it is true for forex too. Failure is just an indication to stretch a little more and move out of the comfort zone. It teaches us the lessons that we can learn and improve our trading. A person who learns from mistakes and failures will never commit the mistakes of the past. This will surely lead to success in forex one day.
Unfortunately failing is something the education system in many countries doesn’t prepare us for. We are taught to fear failure by being told of the sort of life we can expect if we fail our exams when in reality it just isn’t true. Many successful business people failed countless times before they got to where they are now.
Failure teaches you valuable lessons about yourself and the world around you. Trading losses are unavoidable, and everyone will have them at some point.
Trade losses are a great opportunity to learn from your mistakes. Anxiety and greed are your worst enemies when it comes to the psychological aspect of trading.
Losing is a part of the process. it’s better to be aware of and accept that so you can learn from mistakes and be prepared for them.
Failing is a natural part of life the importance is to learn from it and make changes .
Anybody who’s a high performance individual will tell you it’s the overcoming the failures that gets them to the peak of their profession
No-one likes losing money, that’s for sure. It get’s easier with time though. I let my trades run with very wide stops cos I prefer the few very big losses to the constant little ones.
I completely agree, but the fact is, even experienced traders fail occasionally. It is a matter of probability, and if you have an advantage, you will win more games than you lose, making you money.
Make sure your losing strategies are always in demo accounts. The only strategy that should be promoted to use in your real money account should be a winner: it will not have a 100% win rate but it must make money over the long haul.
There is no excuse for using a strategy with real money if you don’t know whether its a winner or not.
Yes. Losing is one part of forex game. Losing smart, this is a key determinant of forex success. How to lose, this is a very important skill. When, and how much and how to control emotion after losing… All is very important.
Especially for consecutive losses of 5 to 6.
Newbies need to learn to trust their plan when they are in the periodic losses which shakes our emotion and ego.
