EVERY trader…even the greatest…experiences loss and it’s important to learn from your losses and turn your losses into profits! If you haven’t lost, you haven’t learned. The hardest part of trading is learning to deal and cope with the losses, learning from them, and turning those lessons into the foundation that can help you achieve major wins.
Key points for a successful trader:
#1. Learn to accept failure #2.Manage your risk #3. Track every play #4.Find your edge #5. Be patient #6.Never stop learning
There is always a new scope for a trader in the forex market. Even in the face of lose, a trader can get a great experience that he won’t be able to gather in an winning situation. Traders just require a great deal of patience, perseverance and hard work to survive in the forex market. And they have to deal with losses and risks very calmly and efficiently if they want to be a winning player here.
Thanks for such motivating words @Evelyn_lee! As a beginner, I ventured into forex knowing that it won’t be easy. But I am very much determined to work my way towards being a successful trader!
I always founds opportunity even in my any losing trades. Because I am positive minded. Trader should always be positive and motivate themselves. Sometimes it makes me upset but I try to learn from the loss and also try to not to do that particular mistake again. Every trader should keep in mind at the end of the day forex is a business. So, someone will win and some will fail. But try to keep learning is a good and helpful attitude.
haha
You make it sound so pleasant with such elegant wording
IF I MAY… for the benefit of the newbies
i’d like to offer a more REAL and BLUNT approach to the reality of this
“The hardest part is when YOUR FRIENDS CONTINUE TO TELL YOU YOU’RE A BLOODY IDIOT FOR CONTINUING TO DO SOMETHING THAT IS LOSING”
Now. in your heart and logically you know it’s going to work
You just haven’t made it work yet
but then you say that line that always sounds like BS and it is … "No… Trust me it’s going to work, i have a new system now "
getting past this stage is the hardest part, both Mathematically and Psychologically
and even though i’m putting it in a comical light, there is a serious side to it
so learn from this.
And dont’ get stuck in the rut of creating systems that don’t work while you are empty inside and know you are losing.
as evelyn said ACCPET FAILURE
Managing risk - this is tricky. because YOU FIRST NEED TO UNDERSTAND WHAT RISK IS
Yes… but you have NOOOOO IDEA how long you have to go hehe
but keep at it nonetheless
and a few years from now , you’ll be back here telling some newbie who has said "I have a long way to go"
that THEY HAVE NO IDEA hehe
Yes. You are absolutely right. The 1st mistake people make is with their mindset. With other business it is ok but when it comes to forex they get an unrealistic expectation. That unrealistic expectation destroy them. To me most important thing is the mind set. You have to learn to differentiate between realistic and unrealistic expectation.
Unrealistic expectations and risky trading is a one cause of loss for traders. They only want profit in each trade not do management for it before trading. Once loss is occur then it is hard to convert it into profit . In next trading he need much care because his risk is double now. with new and effective plan , skill and risk management he can get his loss back.
Hi Evelyn,
What you are saying is very true and on point. If you want to trade Forex you must be disciplined, and most of all stay focused. Sometimes it’s hard to accept failure and blame someone else. But if you learn from your mistakes you can be a profitable trader, that is something I had to learn. Stick to your trading plan, track every trade you do, learn and keep going. Great post!
Samantha
As a beginner, I ventured into forex knowing that it won’t be easy. But I am very much determined to work my way towards being a successful trader!
