Yes, I also have a trading journal to keep track of everything.
Sounds great to know someone with the same mindset for trading . What makes you agree with my post? I would like to know your experiences in trading.
I know forex is a highly volatile market, this is why I am always ready for losses. I trade with the money I can afford to lose. To minimise losses I have strict money management and risk management rules in place. Also, I make use of stop loss and take profits while trading. I am a constant learner and I am always focused on developing new skills. Forex for me is a real business and I take it seriously. No matter how small or big you trade, you have to be risk tolerant.
I see failures as a part of the learning process. We surely get to learn something from our mistakes if we reflect back on our decisions. It is all good as long as we are making some progress and getting better as a trader.
Market fluctuations are common. Since currency is so volatile, you should trade with extreme caution. The practice of forex trading requires a large commitment of time, patience, and self-control.
I believe, following the own trading rule so sincerely is the biggest challenge here! During the volatile moves most of the traders loss their commitments!
I want to say that by understanding the common causes of failure, we can decide what to change in our trading habits and what to prevent.
We can learn a lot from our successes and failures. You can also base your strategy on the success and failure of your trades in the market.
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Yes! Focus on your mistakes and learn from them.
Sure, I am. Because the market is constantly shifting, it is crucial to be psychologically ready for various circumstances. Losses are also the best teachers in history. They point out to you your shortcomings that you might have missed. You can never get better if you keep winning.
Many traders lack basic understanding about the market and jump into complex technical analysis which leads to losing. That is why one should work on understanding the market first.
Yes, having an understanding of the market is really important because it helps to enhance one’s knowledge and automatically the skills will show upgrade with time, only mindful decisions help to escape the losses.
You must realise that it is a game of cycles in which you win and lose. Losing is perfectly acceptable, and it only serves to teach you new lessons. Trading with money you can afford to lose is always advised. Of course, if you find it difficult to divert your focus, you can stop trading for a while and resume it later on, once you have recovered and have a more positive outlook.
It is true that a large percentage of traders fail in the market; however, if one can learn everything there is to know about it, one can secure a spot among the top traders who are successful. So you don’t need to be concerned about stats, but you do need to fully understand the market and devote yourself to trading.
Yes, it is the true market statistics. Only 1 in 4 traders successfully make money in the market and the rest of these get struggles or get failures in the market.