Identify your mistakes and learn from it if you really want to get success in forex trading. As a forex trader we’ve to go through a long way to reach our ultimate goal i.e. to find success. It may not be possible for a newbie to earn consistently from the very beginning. So forget about making money from the very first day. The first thing is to learn and understand the basics about forex trading. If you have no patience then it is not your business to do forex trading. Honestly forex trading is only for those who are ready to learn and practice before entering into real forex trading. Once a trader understand how forex trading works he/she can definitely open real account to start earning. Try to avoid mistakes and concentrate in good trading. It may be due to lack of knowledge, experience of proper guidance we often failed to survive in forex trading profession. Sometimes we can’t control emotions due to human nature. We do mistakes despite of learning a lot. But the main problem is that we do similar mistakes all the time in other words we do same mistake again and again. If we really want to improve our trading system or if we really want some success in this profession then we must try to find our own mistakes. And try to take a note on those mistakes. No matter whether a mistake is small or big. We should consider every mistake as big. We should try to avoid any types of mistakes because it costs us with heavy losses. Many a times traders do worst thing just to earn few pips. We do not give time to analyze the market. We want to open orders as soon as possible because it is in human nature that we want to earn a lot in a small span of time. But this type of thinking would definitely effect us negatively and in many ways. A trader would easily lost his/her patience if he/she can’t get profit for many days. So here we need to keep our patience all the time. Due to high expectations from the market a trader would go for unnecessary risk. Those who want big profit in small time by taking huge risk is actually a gambler. And, there is no space for a gambler in forex trading. So to become a real trader Or to be a professional trader every person should adopt some strict rules into his/her trading system.
Mistakes are real lessons for a learner
If you want to be a good forex trader than don’t be shy away to accept your mistakes. If you really do not want to review your mistakes then you’ll never able to improve your trades. It is compulsory for a trader to know his/her own mistakes so that in future he/she will avoid them. So better to look at your own performances if you’ve lost a lot then try to find your mistakes. It is a difficult task to find our own mistakes. But you must need to find at least a single mistake from your previous bad performances.
Don’t think that finding own mistakes is of no worth. It may take a lot of time to review your own mistakes. Or you may not able to find a single mistake in your previous trades. We often hear from traders that they have lost because market went against their positions. The funny thing is that they never see their own mistakes. We can find solutions for every uneven. Forex market cannot see who is doing what. So only we’ve to manage everything including the risks involved with our trading. So called risk management is very important to look upon. If market is going against us then we can simply put stop loss at appropriate level. Isn’t is a good solutions? We can consider it as a mistake if we do not put stop loss into our trades.
Think positive all the time
It is obvious that when we face losses we find it difficult to concentrate in our trading. We feel guilty in such situation. Don’t think that you’re only one who is losing a lot. Always think positive and try to control your emotions. Many traders leave trading after losing a lot. The best solution is to practice a lot before entering into the market. Remember that a good strategy only works if you’re ready to face worst situation. Even good traders do mistakes but they always try to get over from bad positions. Use stop loss and try to trade with minimal lot size. This will probably save you from any heavy losses. Confidence is very important so try to build self-confidence.
If you keep trying then one day you’ll able to see success. And, without good motivation you can’t continue your trading. To get good motivation try to join any forex community where you can easily find good traders. Try to participate in active discussions in forex forum. Try to learn good strategies from expert traders. More you learn more you get good motivation. Join only good community who can motivate you.
Conclusion: It is not easy for a trader to continue his/her traders after losing a lot in forex trading. We do small mistakes but at the end it proves as big. As a retail trader most of us start trading with little deposits. So taking it into consideration we must try to trade with minimal lot size. We know that if we open big lot orders then in no time we’ll be kicked out from the market. Due to greed and frustration on looking at small profits we go for big risks. If we really want to earn regularly from forex market then we must try to avoid any types of mistakes. Knowingly or unknowingly we do mistakes. Still we’ve time to review our mistakes. Only then we’ll find success in forex trading.