Learning from mistakes make big changes to our work and strategy. It depends on us how we take this loss, if we take it as lesson then it will help us in future.
Why you should not give up forex trading?
- Thread starter Rambo35
- Start date
- Watchers 165
What I have seen in my experience, many traders jump into Forex live trading too early than they should. They start losing money and all of a sudden they are no where. Most of them quit and some of them invest even more money to recover the loss, eventually they quit as well. This is how it never should be. Traders should take Forex trading as a marathon not as a 100 meter sprint.
I guess isn't it a good idea to learn without loosing money.. What if we start practicing a demo account while we learn or follow some senior trader's journal rather than making mistakes at our own and learning at the cost of that lost money.
Never get emotion involved. Its easy to give up, but if you keep to a good strategy and risk management you will be a successful forex trader. Also remember that trading forex is 80% fundamental and 20% technical. You must have a good knowledge of markets, keep reading, the more you read the more you will understand. Listen to others, interact and discuss. Lots of personal development involved in being a forex trader, its great if you ask me 🙂
Giving up easily is uncalled for in Forex. To successfully trade Forex, a trader should be able to grasp the big picture, to connect events and to identify trading opportunities. He should be able to use logic and analysis to base trading decisions on. Finally, he is orderly, decisive and able to operate sequentially.
Sometimes we just need to accept the fact that we made mistakes, I feel that is where it starts from. If you can't accept the fact that the wrong came from you then you will never learn.
Accepting mistakes is the positive way to start new learning. Many traders do not accept their own mistakes and follow the same procedure which makes them fall again. Forex is always about learning, if you can not accept the fact then how you can accept positive rewards from market.
A popular quote says; the wise one sees the danger and conceal himself, but the foolish goes right on and suffer the consequences! We should have that as a food for thought!
Thanks, I see that many of neglect this a lot in the market. We just act rashly with foreknowledge.
If traders neglect the true fact about trading market then soon he is going to face the reality of market which can make then realize how few concepts are important in Forex.
Losses might move a trader, especially newbies to want to give up. That is understandable. However, when it comes to trading, patience is a virtue. Success does not happen overnight. It's the result of consistent work and planning.
This why we have to be mentally and realistically ready for the market, I said realistically because some fell things will be easy all through when they started. But to find out in the long run that things aren't always rosy in forex.
Living in reality with Forex, if you are not able to make any profit and facing loss more then you can afford better you move on to something good which can earn you good. Wasting time here is not going to help.
here is an old mans wisdom, success is not a one hit wonder, success is simply a path filled with tons of failures. now by quitting u simply cut that path and get a one way ticket to failure, thats the reason forex has a 5% success rate since many quit easily. I have my share of blown account with hotforex and loses, it took me years to finlly stabilize my trading and get some decent profit out of it.
Right, to achieve success, we have to face so many difficulties with Forex. All days are not going to be same for big profits only. We have to accept that surviving in this business not easy and if you are not ready for it then do not work with Forex.
Similar threads
