Accept Losses in Forex Trading - page 2
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Thanks for your post and am glad that you have like it. Well this is something we should always accept and learn from as losses is the way to our success. Indeed Forex is a risky market and we have to learn if we want really to succeed here. Surely we have to keep our head and not to despair
Yes thank you Samuel23
Most welcome Kurts. I am not an advisor but i like to share what about what we need to do to become a good trader. I am doing my best in this market and i want to see myself become a good Forex trader afterward!
Many traders hold on to losing positions telling themselves "it is going to turn" when every indicator says otherwise because they cannot bear the thought of a loss.
You have said the truth in this, sometimes traders deliberately hide behind the excuse of being optimistic when they turn a blind eye to a very clear and stark reality. The truth is the trader gravely holds on when he basically knows almost hopes (if not all) has been lost in the trade- and if there is a possibility it is going to turn around for good, such possibility is very slim to even consider a moment. Yet, the traders still get reluctant to close such trade- stubbornly (when well motivated by greed) even when their logic is soundly warning them it is not in their best interest to do so. This is very dangerous.
Agree with you. We all need to analyze our past trading history regularly to check what goes wrong and carefully identify the reasons behind that so that in future we can make better trading decision in forex.
Analyzing past history is very important it help in identifying where the problem is and make necessary changes. And it also state the fact that strictly following a trading plan is very important and not just planning it.
It is quite inevitable to lose in the foreign exchange market. This doesn’t imply that the forex is gambling. No just like an entrepreneurial venture is open to both possibilities of winning and losing, so is the forex itself. A lot as to winning or losing has to do with forex trader. Talking about the level of experience of currency trading at his disposal, how much of risk management does he have, how much could he control his emotions