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  • (01. January 2010., 10:27:49)











Author Topic: FOREX Trading Wisdom: Talk yourself out of Bad Trades  (Read 327 times)

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Samker

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If you're considering diving into the world of Forex trading or have just begun your journey, there are
certain key points you need to keep in mind. It is common to obsess over every trading opportunity in
the beginning. But as a trader, you must talk yourself out of bad trades.

It is important to know these points as they will help you and prevent you from making bad decisions.
Hence, today, we will cover the bad trade ideas that many traders think of, and by implementing them,
they face further complications. Continue reading on as this will surely be helpful.

How to Become a Successful Trader?
What is the criterion for success in Forex trading? The first thing that comes to mind is consistently
earning profits from the trades. However, another factor that makes a trader successful is passion. Of
course, this is something no one can teach you, and you certainly cannot learn passion from an article or
book. You either love trading, or you don't.

Besides, there are a few more things you need to keep in mind if you want to talk yourself out of bad
trades. Here we have mentioned a few tips that will lead you to success in Forex trading.

Don't Trade on a Bad Day
Many traders know that emotions are one of their biggest enemies. Therefore, if you're having a bad
day
, avoid getting ready for some trading instead take some time off. How you deal with your emotions
depends on you, but it’s never a good idea to let them influence your trading decisions. You can take
your losses and go back to demo trading to regroup.

Keep Learning
Once you step in the trading world, you must understand how to break a losing streak, especially if it’s
an emotionally-induced cycle of losing. It happens when your emotions take charge and dictate your
trading decisions; you end up making bad trades.

You can only come out of this if you keep learning and adapting to new changes and trends. Besides, you
need to have the willingness to learn, and you can always take advice from senior traders. You can also
visit FXTM review to learn some trading tricks and tips.

Be Patient
This doesn't just mean to be patient when you're feeling emotional. But even when you're winning or
losing, you always need to stay calm. Planning and patience will help you take precise price action
setups to prevent you from many low profitable trade setups.

Don't Lose Focus
You have to persuade yourself not to repeat the mistakes and come out of your comfort zone. Think of
trading as if you're holding a sniper, and you have your target in front of you. You cannot let any
distractions come in your way and most certainly cannot lose track of your target. With determination
and focus, you will be able to understand each market change, trend, and pattern.

Don't Let Others Pull You Down
You might come across a few traders or people you know in this field that will tell you how your trading
strategy isn't worth it. Remember one thing; trading isn't rocket science. All it takes is a clear vision,
passion, and determination. So, if you think your strategy will work, don't let others pull you out of the
game.

Remember it’s a Trial and Error Game
Many beginners have this belief that traders always get success. However, any trader that has been in
the business for a long time can tell you this isn't the case. Every trader loses some and wins some;
Forex trading is all about trials and errors. Sometimes the profit turns out to be lower than expected,
and sometimes you don't get anything when you expect the maximum ROI.

Set Realistic Goals
Some traders believe that they can take a big investment and come out with twice the profit. Of course,
there is always a possibility, but that isn't how trading works. Trading is a game of patience and
discipline. Besides, it is quite boring because everything takes time and you don't often see the results
too soon.

Conclusion
As you can see, talking yourself out of bad trades is possible. All you have to do is consider the factors
mentioned above, and have a clear vision before you decide to trade.

Samker's Computer Forum - SCforum.info


 

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