Yes, this happened to me when I was a beginner. But the knowledge with time and learning from mistakes helped me to sustain in this business.
Losses are uncertain in Forex, one should take it as an advantage and should figure out the areas to be improved to avoid them further.
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Yes thatâs the important part. Losses are something that cannot be avoided and are a part of every traderâs routine, but the difference between a winner and loser here, is that a winner will always analyse and go through his mistakes to avoid them in future and do better, while the latter would just crib on them.
Exactly, learning and risk and money management are some of the best ways to minimize the losses. Losses are a part of trading, in fact they help in improving our trading, if analysed well.
I completely agree to the importance of risk management and surely I have faced the brunt on my own before learning it, lol.
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Losses are an indispensable part of forex trading. You canât move ahead without making losses at all. If you think that your forex trading journey will be easy and you will only be making profits, take some more time to think and study. You will know better.
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Yes profit and loss is a part of trading, if you are in loss then revise your trading strategy once again, test it and then trade. I have also blown my account but I am learning from my mistakes and improving my trading strategy.
Hi. This is a very common psychological emotion - the fear of losing. Humans will do most anything to avoid the pain, even if it means hoping that the trade will turn around. Also, people do not want to admit to themselves they got it wrong, and so keep on hoping.
What I do is to ensure my trade is a âgoodâ trade each and every time I take an entry. Follow my system to the letter, identical process time and time again. Then you can pat yourself on your back even if the trade turns against you, which is one cross we all have to bear, as it is the norm for everybody.
If my losing trade hits the 75% mark towards the S/L, I cut it quickly, forget about it, and use the saving to fund another âgoodâ trade. Thereâs always a better one awaiting. And do not forget, you can always re-enter the âlosingâ trade at a better point down the line.
Hope that helps.
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I donât think there is any trader who has never faced a loss. We all have to go through losses to build our trading career. But it doesnât mean that you should trade even when you can clearly see that there are no chances of you making money. Just donât take unnecessary risks.
Thatâs right, emotional trading is very harmful. This can reduce the profit percentage. Never trade extra. Discipline and planning should be managed and traded.