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Forex
Learning From Failures or Loses
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[QUOTE="Sleeknixon, post: 207672, member: 66970"] John just blew his trading account again. I used the word again because this is about the fifth time its happening. This time is just a thousand dollars that got burnt in less than a week. John as usual; because of he doggedness is trying to raise money to replenish his trading account once again. What could be wrong with him? When I asked him about this last loss, he said he was actually making profits before luck ran against him! Now can you tell what the problem is with our friend John? He is attributing his failures to luck! He is looking for money to fund his account again without figuring out the real problem. Your guess is as good as mine, the next money will go out in flames because 'luck' will soon run against him again. Does this story sounds familiar? Have you passed through the road before? How can you learn from your failures or loses? Success has many friends and family but failure is an orphan. So goes the saying. People are attracted to success but one secret that many people ignore in forex trading is your ability to befriend failure and learn from him! In the case of John, he confirmed that he was making profit in most of the trades he entered, so what made him lose? Check this out: you are watching the market and price is falling or moving down fast. You decided to jump in, within a few seconds you are already in profits! Wow! Great trade? Within five minutes, twelve pips profit is already showing. Then as the candle is closing, it starts reducing and gradually it becomes negative. Out of panic you decided to jump out when it was minus twenty pips. This is an example of a trader with no system in place. No rules for entry and exit, he is only chasing price. And because the broker is offering you a leverage of 1:400 that minus twenty pips was actually two hundred dollars. Low and behold, the market starts going to his direction again after that panic exit, John's normal reaction is to get in fast this time, the market starts stalling, John's thinking is: 'the broker is monitoring my trades and they are trading against me' How do you avoid this scenario in your trade? Find out in the concluding part of this post... [/QUOTE]
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Learning From Failures or Loses
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