Posted In: Stock Markets
When people start to lose money in Forex, many of them are exhausted and many of the traders give up in Forex. What we want to tell these traders are losing money is not the need of your career. Traders in Forex always lose money. It is a problem if you are losing your money quite often but you should not underestimate yourself as a Forex trader. Many traders who are now legends and teach the other traders have a very and start in their trading careers. But it did not stop them. Instead, they try more to overcome these failures and earn their places in history. This article is for those traders who think losing one month in a row is the end of your career. It is only the beginning of making money in Forex. If you are wanting to change your lives, you will know that life is in your own hands.
The starting of something new is always very difficult. When it comes to currency trading, you have to prepare yourself with the perfect sets of trading knowledge. If you act like the 95% of the losing traders then you are going to blow your trading account within a short period of time. Learn about the technical analysis and based on your analytical result execute your trade to save your investment. Never take too much risk in any single trade rather focus on proper money management.
If you do not lose, you really did not trade in Forex
If you have not lost trades in Forex, we are sure that you have not traded in Forex. There cannot be a single trader who has not lost in their trading life. If you think you are going to save your money by not trading, this is not how you make money. A child does not start walking in first steps. He fell off many times. He also gets pain in his hands. Sometimes he cuts himself and again he stood up only to walk again. If you think you are going to give up in Forex, look at yourself. You have come a long way and this is not how your legacy should end.
If you are losing in Forex, make a very short position trade. Make your lot size very small. Instead of making it .1 make it point .01, you are not going to collapse if you have lost money in Forex but you can lower your amount of losing. If you never have a loss in Forex, then we will say you have never really tried in Forex. Trading CFDs can be very intimidating as you will have a deal with the dynamic loss. Never get frustrated with a few losing trades since it’s very normal. Try to find high risk-reward trades so that even after losing few trades you don’t face huge drawdown of your trading account.
Failure is the first step of success
Have you ever seen a plane a start staring to fly immediately after it has taken off the runway? Every plane needs a surface to run for some time for momentum. When you are losing trades and losing money, you are gaining that momentum to fly in your next trades. Do not lose hopes. You should read the autobiographies of successful people if you think you are emotionally down. It will reignite your spirit of trading and you will again make money. Whatever you do, do not lose hope in Forex.
Discipline has always been the key to success in the Forex market. If you completely new to this market then open a demo account with Saxo and learn the art of trading first. There is no need to do any sort experiment with real money since it will increase your risk exposure. Always focus on minimizing your risk in trading to save your investment.
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