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Learning From Failures or Loses
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[QUOTE="Sleeknixon, post: 208002, member: 66970"] [B]What Professionals Do[/B] In the first part of this post, I narrated the story of John who continue to burn his account and how he thinks that the brokers are trading against his position. To some extent he's actually right because for the forex market to work, somebody have to absorb your orders in the opposite direction by trading against you. But please be assured that your account is too insignificant to be the target of your broker. Professional traders do experience bad trades. When this happens they carry out a post mortem or an inquest to know why. They learn from their failures so as not to repeat such mistakes again, that is the difference between a professional trader and an armature. Engineers do it. Doctors do it Aircraft investigators do it. I love watching that program of discovery channel: air crash investigation. The army do it. How can you make this work? Get a trading journal or spreadsheet and record all your trades. Something like this: Date Time Pair order B/S Entry Price stop loss Profit target How long Out come Lesson 24/` 7am G/J Sell 154.36 154.79 153.38 4hrs Success I waited for the activation.... When you do this on a daily basis, by the weekend, you review all the trades you entered during the week and learn from them. [/QUOTE]
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