It is not your habit. It is just that you need to practice for some more time. I also suggest backtesting your strategies so that you know if they are worth going live with or not.
It is normal to have a loss in trading, but that loss must be observed with a positive mindset. And the cause of the loss needs to be analyzed.
Do you have a sound trading plan or a strategy?
We must make a Trading Plan when we are trading in this business. This becomes important for traders as they have to Earn Profits on a consistent basis.
I agree. Using a trading plan keeps things much sorted and helps a trader achieve his goals well.
With the help of a Trading Plan we would be able to do such types of trades that can start giving us the Profits.
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You do make mistakes while trading and sometimes you repeat them. But it is always better to start focusing on yourself when you continuously repeat them. Give yourself a break, change your trading style and strategy, test them on demo first and go live with what suits you.
You need to have a strategy your happy with. Also read Mark Douglas- Trading in the Zone. Its a must
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That’s a good book, I’ve read it.
I have seen many of the Forex traders are doing their trades without having a Trading Strategy.
I can totally relate to it, since I was sailing the same boat in the starting. But I guess, the best thing to do it to close all the negative trades to minimise the losses. Than you can take the time to put a fresh trade that to make the best of prevailing market fluctautions.
Blowing accounts is all part of tradin in my opinion, but obviously also means you need to go back to learning and demoing what you learn first
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You should focus on learning at this stage. Work on demo accounts later. First get the hang of it. Good luck.
True, we have all kinda sailed in the same boat. But yes, somehow when you blow account, it gives you a reality check that things need quick attention mate. A re-view of strategies and your trading plan.
It does happen that the traders will continue to make the same kind of mistakes again and again. We need to have a control on this habit.
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Losses are part of everyone’s trading blowing their accounts is not.
If we will be able to control the losses in our trading then we can manage to become a successful Forex trader.
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Losses and profits both are part of trading but one must learn to take both the things in his/her stride.
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I think it’s quite common for new traders to blow up their accounts. But if you do that more frequently than you should have, you must go for demo trading. You will get an idea about what you have been doing and what things you must avoid. Gain some experience on your demo account and then go live.
It is very normal specially when you are a beginner so just learn and practice as much as you can because it will help you to understand the market