This is the fourth and final article in a series for those who struggle with a strong urge to leave Forex for any reason. For optimal effect, I encourage you to follow the steps in turn, one by one.
Let's walk through the previous steps again:
- Stop trading Forex for a week. This will allow you to recover from the emotional turmoil that initially prompted you to leave and will give you time to complete the rest of the steps.
- Write down the top 10 reasons that brought you to Forex and read them to yourself every day to get your motivation back.
- Start taking responsibility for your mistakes.
- Highlight your main three mistakes and work on them.
- Build a new one or improve your old risk management system.
#6. Return to Forex with Renewed Vigor
Once you've completed the first five steps, you're ready to return to the game. But it doesn’t mean that now everything will go like clockwork with you. The most difficult work begins right now. Start with a trading plan.
In any kind of activity, in order to achieve success, it is necessary to build a business plan. This will be required of you in any serious companies and even when trying to take a loan from a bank. Without a clear plan, you don't know how to act in a given situation.
Have you already made one? And I don't mean some abstract list in your head. The plan must be clearly written out and kept in front of your eyes until your trading becomes automatic.
When a clear plan is drawn up, move on to choosing a trading strategy. It might seem like these are steps for a beginner. And you’re right! But you took a break from trading and now you are returning as a new player:
- If you have chosen a completely new strategy, then start trading on a demo account. Don't risk real money until you master the new system.
- If you use your old strategy, go back to your live account. Start trading with micro lots. Increase the volume of transactions when you start making a stable profit for at least 3 months.
- Stick to your system for the next 6 months. In half a year, you will be able to evaluate your results and make the necessary adjustments to your plan.
To Summarize
The best things in our life are pretty difficult to achieve. You need to work hard and put in all your energy, whatever your goal is. The same with Forex. It’s not enough just to say that you want to be successful. You must be willing to work and do whatever it takes to achieve your goal.
Keep in mind that learning to trade is a long process. If you expect results in the first month, leave immediately. For some traders, it might take up to two years to start generating stable profits. However, the result is worth it.
One last thing: don't try to speed up the process. Move at a measured pace. Learn 1 new thing at a time - 1 strategy, 1 trading instrument, 1 indicator. And don’t rush to increase the transaction volume. Don’t enlarge your risks until you start making a stable profit, first on a demo account, and then when trading micro lots.
Now you have everything you need to return to Forex successfully. Good luck!