How turn your losses into profit!

haha
You make it sound so pleasant with such elegant wording :stuck_out_tongue:

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 " :stuck_out_tongue:

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

hope this helps

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As a newbie, I still have a loooong way to go… Just thinking about losing a trade makes me crazy. :weary:

Thank you for sharing this! This is something that I will need to constantly remind myself. :+1:

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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

and … (cue the music) and it’s the circle of life :stuck_out_tongue:

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impossible…if you want restrore your money in short time.

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With a proper risk management strategies it takes time to recover the losses but surely you will get it back;…

Very true @anon81929759 …The circle of life keeps us motivating.

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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.

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Good points all of those!

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Thank you @CryptoRULES

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.

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Very true… thank you
Noted!!!

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Great list! However, I’d add one point to it:
7. Don’t trust your results on the demo account - it’s only a demo!

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and… i would RESPECTFULLY but, very very very strongly disagree

i started on Demo
i trusted my demo
when i moved from Demo to live, i felt almost no difference

Now. by contrast
i had a shonky broker in the past (Actually, i had a few hehe)
with the shonky broker

yes, it was nothing like live
it worked on Demo and when you get on live , you lose all your money

so i think it’s more of a question of , do you trust your broker to not mess with your tests and strategies while on demo

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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

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Very true lines @samantha81

Hi Evelyn, such true words! Could you perhaps elaborate on what exactly is meant by “Track every play”? Should you sit and watch your trade all day long?

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Track every play stands for “mark your mistakes in trade and never do it again”…

Any mistake and loss teach us something, the main thing is to make conclusions and not repeat such mistakes. So, any losses will turn to profit.

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You can relate to losses ironically. Together with financial losses, you’ll gain some experience.

@GLTrader

hell no
Track every play means monitor each trade

Monitor does not mean sit there and watch them, although it could mean that

What i do is… I VIDEO SCREEN RECORD THEM,
then you can go back and watch them as you see fit

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