Whenever I feel that my trading hasn’t improved, I start tracking my past trades as well as my upcoming future trades. I deeply analyze my past trade mistakes and try not to repeat them in the future and come up with a better strategy.
When there is no progress in trading I change my strategy and start practicing my strategy on the demo account to see if it is giving fruitful returns or not.
The other thing you can do is wait and hold for some time or start trading the next day fresh.
I tend to analyse my own trading pattern and change my way of trading if necessary.
I review the trading strategies that I use and make the necessary adjustments. When I don’t see any progress, I realise it’s time to examine or revise them or come up with something new. As the market is volatile, so one should always keep a check on their trading strategies from time to time.
When times get tough I would recommend focusing on the winners.
This is something I learned in sales. Its much easier to get through a door to see someone who is already a customer than it is to find a new customer. Its always easier to up-sell than break new territory.
In trading, most of your efforts should be generating progress towards profit. I’m not talking about a trade win rate but I’m guessing 80% of what you do should be positive in some way. So you’re making money but not enough, or maybe inconsistently.
You could focus on completely revising the way you do the 20% of things you do which lead towards losses. This will be very difficult, you were already trying to avoid these anyway, and if you make a 10% positive impact on the negative practices or techniques or habits or time, you will have improved your successful practices to 82%.
On the other hand, there is much more scope to improve the positive things you do. If you improve them by just 10%, your success rate will move from 88%.
In military terms, reinforce your successes.
I take a break, get a cup of tea and reflect on my strategies and previous trades to see what is missing. If my execution is lacking then I revise it again and craft a better plan however if things that are out of control like economic situations are affecting my trade then i try.
With denial so deep with some people, this is actually quite a positive statement and the start of a new beginning
I prefer to take a break from trading because it can get frustrating. After my mind gets clear, I try to figure out where I went wrong. I critically analyse my trade because there could be multiple reasons why I didn’t make it.
I think it’s time you take a step back and get back to the learning curve. It doesn’t mean you’ve failed as a trader, no, it just means you need to upgrade your information, revise your strategies and get a move on towards success. It happens. Keep self motivated and carry on.
My belief is that one must strike a balance between their trading strategy and their desire to be flexible. However, there should always be a trading strategy in place.
Its depressing I took 1 year off of trading and then returned fresh.
For me, I always have an intention of changing my trading strategy, whenever I am not having any growth in my trading performance. I try to test my performance with the revised strategy in the demo account, before proceeding to the live account.
It’s very common scenario to the new traders; I think demo trading is the best solution this case! When you are not comfortable with your real money, then you should practice more and build your own trading skill! That’s the only one solution!
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You need to look at what you are doing wrong.
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You need to take a step back and evaluate whether you have been making any mistakes along the way.
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You need to identify what you want out of this experience.
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You need to make sure that you are not getting discouraged if you don’t see immediate results.
Without theoretical basics there’s nothing to do in the market, you’ll be assured of failure. It’s better to start with some self-study book, which has links to all the materials you need to fully understand the market.
For practical experience, I advise to choose “for yourself” one of the trading systems. This will allow you to understand the general principles of system trading, to get used to work on the market by the rules without deviating from them.
You’ll notice how your trading results will improve over time. I know that it is very encouraging, gives you even more strength and positively tunes you for further trading.
In addition, many companies provide free SMS signals. This is beneficial because clear recommendations will put your account in profit.
I know that my advice is quite trivial, but my results have significantly improved when I started doing what I wrote about…
Same here, just take a break to clear my head and re-plan. Because I realized that I loose more if I continue to trade under such instances.
As a trader, you must first identify your most common mistakes and problem areas, and then proceed only after you have resolved these issues. Don’t try to double your account in a matter of months. This is simply not the way trading works. Set reasonable goals for yourself.
IMO, one should always keep changing their strategies whenever they are not having any growth in their trading performance. They should work upon their strategies and on a demo account before going live.
Don’t be upset; if you are not happy on your live trading performances, then go to the demo once again! Actually, demo is the best way to improve trading performances!