If you ask a question: Forex trading must lose in order to be profitable later. It seems that this is not a very “happy” question at all!
You’re not entirely alone in this, but honestly, that’s “Correct” in my opinion. I think not just in any field, mistakes are about compensating you by looking for accumulated experience in those mistakes which is fine, but perhaps with a little thought.
“Ok”, fail to succeed
If you fail and learn, that’s a good thing, but do not lose but gain. Success is more about personal effort, it’s hard to see where people don’t want to take 100% responsibility for their actions.
95% of traders fail because a large portion of them give up, some after just a few trades and I don’t recommend beating market. But that doesn’t mean a novice has to go through great losses to learn about trading methods or capital management techniques to make better entry decisions.
There are basic things that all traders can do to become “successful”. It’s just a matter of how you define success. Hope everyone agrees that losing a lot of money is success.
Learn from mistakes
Perhaps you are focusing on your mistakes, learning from your mistakes. If you’re always looking to learn from your mistakes, all you have to do is make mistakes and learn something, rethink… However, that’s not a move that will help you. successful trade. It will make you successful in learning from your mistakes.
Don’t lose too much in a single trade
Type of trading is enough, is no different from a gambler with blood. itigtrader thinks that first thing you should become successful is not to lose large amounts of money in a single trade. This is probably easiest thing to overcome for those who are just starting out in forex trading, as well as investing online. Focus on making a small amount of money with trades, then think about making big money with subsequent trades. Finally, is making money in a day without losing money, time can be 3 months, 6 months, 1 year, …
You will probably find that as your goals stretch over time, your trades will decrease and you will reduce your risk… but most important thing to ignore if loss is really bad to keep making mistakes, but only if you have a plan to succeed.
Read a book by an experienced trader
Read any book by an experienced or famous trader and you will see again and again stories of inflated accounts and how they learned important lessons. most important from them. If you can find me one of top 2% of traders with no similar stories, let me know or send me their phone number. The good thing is to learn from those who have experienced and what failed them.
Thus, mistakes of their predecessors (experienced traders with a reputation), and if you have learned from them seriously, you will not repeat them again. Perhaps lies in fact that you are actually learning from your mistakes or accepting failure.
Trader is like an Olympic athlete
For better fitness and proficiency- Minimum, best.
That’s how they train and that’s why you always hear an Olympic Athlete going so strongly about the need for proper training. When you want to be best at something, you need an edge, which is why their training is like no other on earth. Trader like in Olympic athlete example above, it’s way you trade, instructor, that can make all difference.
Some mistakes that traders often make
- Low start-up capital: Most of beginning investors want huge profits of 50% month or more than 100%. Forex allows you to use leverage, but don’t overuse it, if you’re not sure what leverage is for. It will be more tragic if a person has an easy money mindset (no knowledge) or someone who is looking for a way out of debt.
- No capital management: risk management is key to survival.
- Greed: you want to enter a trade at any time market is active to get rid of every pip, knowing that time is not to your advantage.
- Hesitant trading: Sometimes you may regret trading.
- Do not accept false: with some trades stop loss (stop loss).
- Lack of experience, lack of discipline, …