I just read and I have been reading and hearing most traders say “don’t take your losses personally” but some people have their end money to make trading as a means of an additional income please how?
you can’t win every single trade, that’s not possible. But you can learn to minimize your losses, and maximize your wins,
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Which is why it’s important you trade with money you can afford to lose. Otherwise, if you take your losses personally, you’re prone to revenge trading or just having your emotions all over the place controlling your traders.
Hi
in FX we have to learn how to lose for win …
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I will say it as well.
Do not trade with money you can not afford to lose.
Losing trades are an inevitable part of trading. Taking it personally doesn’t help you and it wont change anything either. You might be able to learn something from them though.
But,
Losing trades will still be an inevitable part of your trading.
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As @ProfitPotential said its just part of the big picture… you might look at it this way:
If you entered a trade because YOU felt it was going to make you money and you end up losing, you’ll likely feel bad for making a wrong decision, it’s human nature, we feel bad (take the loss personally) when we fail, the emotion is there so that the next time we face the same situation we attempt to perform better (attempt to make money this time), but ofcourse that becomes difficult as well,
Now you’re not only trying to perform better this time around, you’re also afraid of failing two times in a row (it’s your brain’s way of warning you you’re going to feel even worse if you fail this time). Usually when people are in this state of greed and fear we make very poor judgements and then the losses inevitably continue.
That’s why you have the age long advice of not taking losses personal.
Now, imagine if you had a trading system (a set of rules) that tells you how and when to enter and exit your trades. Now things start to get a little different, because when you take a trade and lose, it’s NO LONGER YOUR FAULT, it’s YOUR STRATEGY’s fault, which leaves you rational enough to analyze the loss and decide if it was the market taking it’s share of the spoils or something you need to improve on with your strategy…
A good strategy can help you trade 200 times and make money 60% of the time while losing 10times in a row in the process.
Humans handle long strings of losses poorly but a well developed trading system can.
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this makes alot of sense, i really do appreciate your input.
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Its true that traders hope for success in forex, but its also true that losses are part and parcel of trading. Whatever decisions you make as a trader, you should have it in mind that forex is a risky business, and any wrong move can sweep your account dry. So just be cautious
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Losses are an inevitable part of every trader’s success journey. You must learn to use your lossess to your advantage, as you purpose not to repeat your mistakes. Never risk more than you can afford to lose and never risk a large percentage of your capital in a single trade
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While this is a cool thing to have, attaching this goal to your trading will make it harder for you to stay unemotional or even focused when trading. If you’re just starting out, your focus should be on building your skills and learning how to maneuver the market. Too much focus on making money isn’t good for you.
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I think that the best start for you would be trading course and demo account for practicing. You can take your time and start learning from your mistakes. Only in this way you will be able to develop very good strategy that could provide some additional income for you
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This is really key!
It sounds simple but folks off and don’t think about this.
you must have heard, "there is no rainbow without rain"
exactly like that, you cannot win without losing. loss is a part of the game, the more you focus on it the more you will fall, so focus on good, even if its small profit and you will feel positive and motivated.