Is it possible to achieve success as a trader even when experiencing significant losses on trades?
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It depends on how you manage your funds and strategies in portfolio, but it is possible.
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Every strategy will produce losing trades. Except a strategy which has a 100% win rate, but there is little possibility that any of us has found or developed one of these.
The need is therefore to make sure that if you have a losing trade, the loss from your trading capital will only be a small percentage. Most traders would recommend you do this by using a stop-loss and adjusting your position size so that your potential loss is less than 2% of your account capital.
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It’s probably a significant reason why traders fail ,that they have one or two ect big losers
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Absolutely, the key is to focus on self-improvement and making progress each day. It’s important to avoid getting distracted by what others are doing and instead concentrate on your own goals and aspirations. This approach applies not just to Forex but to life in general. Make it a priority to always strive for personal growth and improvement.
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Yes true results generally reflect or mirror the traders overall mental, physical and spiritual well being.
That would depend on whether you ask yourself the RIGHT question after experiencing significant losses on trades. Success as a trader depends on an individual’s ability to reflect on their experiences and learn from their mistakes. It is crucial to ask oneself what lessons have been learned and if you can identify the mistakes made, and use them to improve and evolve. Only then can a trader expect to achieve success in the long run.
Actually, suffering losses will give you experience, which is badly essential for earning success in Forex market. But it’s time-consuming.
I can be successful when the amount of my losses is lower than the amount of profit I have.
Definitely, in fact, most, if not all, traders have experienced loss at some point. But to be successful, I think you need the plan to limit your losses and protect your capital. This involves setting stop-loss orders, hedging, etc.
Keeping a good mentality when losing is important part of trading psychology.
Yes I can but recovery of the losses is needed. We shouldn’t go for revenge trading after suffering a loss because it causes another loss ultimately.
Of course, losses are a part of trading. Just the same as every sports team can’t win every game. The main skill here is to learn risk management so you don’t blow your account in one or two losing trades. I think the rule of thumb is to only risk 1% or 2% of your account balance on a single trade.