I know its cross as a bear when we go on losing in our trades and don’t get a way out. It feels as if we have got permanently stuck and can never win over it. Traders, trust me, there’s a way out! Someone has well said, “Be strong because things will get better. It may be stormy now, but it never rains forever.” Moreover, don’t think as if trading in Forex is like dodging a bullet, or as if it is like grasping at straws. You need to cover each and every step that you require if you want to cut the mustard.
I can understand how it feels when everyone around you and you yourself are losing. Now, no matter how big your problem is, or how much you are enduring, heels over head for winning, the first thing you need to do is to build a proper strategy.
After that, you need to maintain your trading discipline. Yes, trading is something which needs commitment, and if you really want to succeed, then you need to do this. However, you might not be aware of the root cause of this problem, i.e., your emotions. This is a very common aspect of a trader’s life. This is when the trader’s emotions start to rule over his decisions and everything.
What I’m trying to say is that the trader gets emotionally connected with his money and forgets about the fact that there are no such traders who have never lost in any of his trades. Moreover, trading as well as money, both are analogous to survival and one more thing about which most of us weren’t aware of earlier is that this all indirectly affects a part of our brain.
That’s the reason why when a trader wins in a trade, he experiences euphoria and dreams about winning the other traders as well. On the contrary, if he loses, if experiences a state of regression and leads to the development of the feeling of revenge in the trader’s mind. Also, he starts blaming himself for that.
Traders, this is not the solution. Instead of focusing on how far you are from the market, or, how near you are to the market, focus on your current position and that how you can go further and reach your goal. Also, you have to become “emotionless” and “fearless”. In order to survive in the market, you really need to goal-oriented. It’s because we never know your emotions start to rule over your decisions.
Trading is another name for risk. At every other, you have to fight the risks. Go through the previous line carefully. I have used the word “fight”. What I mean is that you don’t need to avoid the situation. You need to take a stand and fight the risks that are in front of you at that point in time.
Well, other than being practical and mentally strong, you need to be well aware of yourself. You should know well about your strengths and weaknesses, how much risk you can stand and so on and so forth. Moreover, you need to build an effective strategy and further manage your money well.
In order to control your emotions, you will have to convince your mind that this will continue to happen and if you want to reach your goal then you have to get over it! So, before starting with your next trade, you need to focus on those few things which I have stated above- strategy, money management, and self-discipline and keep faith in yourself.