Yeah, if you’re self-aware, you can figure out what’s your mistake. That’s why goal setting is crucial. Also helps to get some outer perspective sometimes. I guess this forum is a good place for that.
Trading is not an easy job to do as the failure rate is quite high on the money markets. You have to set up your mind for staying as long as possible on the market by gaining small profits in order to make a larger impact. You have to trust in the natural facts like all the huge structures are made of tiny particles. I hope younhave got the point!
So many traders after getting lose they try to recover it as soon as possible but they lose again in this hurry. They must have to sit on the forex market and wait for the right time. Read the market well before starting the new trade.
Most traders fail to make a profit so its best to avoid doing what most traders do. Its implicit in this that more new traders will fail than experienced, and that at any one time the majority of traders are also new.
So, to avoid a large part of the risk, avoid doing what most new traders do. Avoid -
- scalping or day-trading
- buying bearish reversals, shorting bullish reversals
Of course, the usual cautions apply - have sufficient capital, use a rational system, avoid over-trading, control your risk, etc.
You must have to change your strategy if you get loss after loss. Because this old strategy didn’t works. You also have to make some plan about what to do to recover this loss. Never give up. If you do so than you can’t be able to recover your loss. Difficulties comes at every stage of life the only thing you have to do is to do some hard work.
It is really hard to achieve success on the Forex market. You need to build the habits of the successful traders in order to get success. You need to know the facts about the factors affecting the market movements. Knowledge is the pillar to success here! Thanks!
Out of all the traders who are actively trading only a very tiny fraction of them are actually able to build successful trading careers for themselves. Many people forget that success in trading is a combination of numerous factors both personal, as in your psychology and temperament, and external like market forces, economic dynamics, sentiments prevailing in the markets, upcoming trends and technology. It is obvious that not everyone can grasp and correlate such happenings while also being able to maintain a consistently profitable portfolio over the years.
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The root cause behind so many failures is that they don’t change their strategy. You must have to do some research on your past trading and try to know on which stage you are making mistake. When you find it try to overcome it. It will helps you to keep yourself away from failure in the future.
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Thank you. As I begin this trading journey I realize the skills needed to be successful will benefit me in many areas of my life
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It is best to keep patience and focus on risk management
But I think we can take expert advice as well
It is easy if you trade cautiously
Well now we know. Amazing.
Great stuff…thank you
Fully agree with you, hope to become a kinda expert soon:grinning:
Good stuff. Thanks for sharing. Will keep in mind while trading next time.
Exactly you should see what you did last week last month or see history of trading. Then finding mistakes and improving trading will be easy for a trader. No one knows instantly what he did wrong. Regular rechecking of your past trading will say many things you do not know before it then trader will certainly make a good plan .
Demo trading is a only good for trying something new and becomes counterproductive very quickly.
IT’S LIKE LEARNING TO SWIM IN THE BATHTUB. It’s just not the same.
Instead of spending 6 months in a demo, where you make and lose demo dollars. Go live with a small amount. There is more to learn from losing $5 in a real account (lot size 0.01) then you will ever learn losing $50,000 in a demo (lot size 0.5).
Atleast that way you will take it seriously and actually learn how to handle emotional challenges in a controlled way and not stay in a demo account looking for the perfect strategy that doesn’t exist with unbelievable accuracy and no risk.
Rule #1 learning to take a loss
A few losing trades, doesn’t make a losing trader!
The biggest mistake trader make is never learning to take a loss. And I know any trader who hasn’t taken a loss has a big one coming!
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wow thank you so much , full of energy . i hope we all get what we work for
For sure, trading with small amounts is the perfect way of studing. It gives more emotions, than demo,but isn`t so emotionally hard as full-sized account, especialy with overweighted positions.