Welcome back! In the previous article, we raised the difficult topic of how to help yourself cope with the urge to leave Forex. Every trader faces this desire. Sometimes even more than once. Even if you are just starting to trade in Forex and are full of enthusiasm for your future in trading, this topic can become relevant to you at any time.
Last time we discussed the first two steps:
- Take a break from trading for at least a week
- Remember why you came to Forex to get your motivation back
It's time for the next two steps.
#3. Embrace Your Mistakes
It is human nature to shift the blame onto others. It's always easier to do. The overwhelming majority of traders, in case of failure, prefer to disclaim responsibility and find guilty:
- A broker that clearly did something with the charts in order to cheat
- A strategy that was supposed to make hundreds of thousands of dollars with minimal effort
- The person who sold a trading robot unable to earn the promised millions
- Other traders, the Internet, magnetic storms, the universe...
The problem should always be looked for inside yourself because it is you who are responsible for each of your decisions:
- It makes no sense for brokers to deceive you because losses in Forex are inevitable
- There is no strategy that will turn stones in gold
- You were the one to decide to buy an Expert Advisor with clearly exaggerated results
Why is it important to accept your mistakes? Because only in this case will you start making more conscious decisions and working on yourself:
- Lower your expectations. With moderate risks, the percentage of profit in Forex cannot reach 90%.
- Remember, the golden grail doesn’t exist. Any strategy or plan needs constant improvement and is not applicable to any market situation.
If your losses consistently exceed your profits, you are clearly doing something wrong. It's time for you to work on yourself.
#4. Working on Your Mistakes
I can confidently say that the reason for your constant losses doesn’t lie in your strategy. The trader stands behind most of his trading mistakes:
- Ignoring the plan due to low self-discipline
- Entering a trade too early because of lack of patience
- Skipping great trading opportunities due to self-doubt
- Ignoring risk management rules due to greed
- Thoughtless opening of trades and enlarging the trading volume due to the desire for revenge, etc.
Does any of this sound familiar? It is because of the psychological aspect, the lack of the right trading mindset, and the inability to cope with the inevitable losses, the trader begins to make wrong decisions one after another and blows the entire capital.
If you want to ever be successful in Forex, start working on yourself. You can't change everything at once. I want you to analyze all your actions over the past few months, highlight your three main mistakes, and set yourself the goal of getting rid of them in the near future.
Perhaps the steps in this article are the most difficult ones yet, most important. It depends on you what kind of future you’ll have in Forex. Even if you have not yet faced the desire to leave trading, make sure to follow these tips. This will make you a better trader and a better version of yourself.