Disaster Recovery How To Get Back Into Global Forex trading After A Bad Trade
By Ultimate Trading
If Your Global Forex Trading Is Taking A Turn For The Worse, Take Time To Reflect On Your Experiences
Everyone makes mistakes global forex trading. There's really no such
thing as a perfect trader, and dont believe anyone who says theyve
never had a loss. They have, and if they are any good, theyve
learned from their mistakes, and then put the mistakes behind them.
The good news is that the more you involve yourself in global forex
trading and the more experienced you become, the fewer mistakes
you'll make. If you use stops on all your trades, even a few large
mistakes wont wipe you out. Instead of being perfect, you should
aim to improve continually, while using proper
forex trading techniques and money management skills. But while
it's in your power to prevent avoidable mistakes, some market events
can't be planned for. The market cannot be made into a completely
If you are alert and nimble in your global forex trading, and have
stops in place, quick market changes shouldn't hurt you badly. But
it's always possible to be completely surprised, to have a
disastrous computer crash or other equipment failure at the wrong
time, or to simply be unable to exit a large position quickly
enough. Occasionally, you may be wrong about global forex trading
you felt very confident about. Events can sometimes conspire against
you, causing you to sustain a large loss. And though losses like
these are devastating, you can recover from them, with a bit of
Often the best thing to do after a big loss is to take some time off
from global forex trading. I recommend doing something else for a
week or two. It will put the loss in perspective, and give you time
to recuperate from the emotional shock.
When youre ready for it, take some time to analyze the global forex
trading experience. Setbacks can be great learning opportunities, if
you have presence of mind to take advantage of them. Spend some time
figuring out the best way to keep the same thing from happening
again. Then add these ideas to your global forex trading strategy.
Consider if it was a weakness in your money management skills or
your global forex trading strategy that contributed to the problem.
Decide what you need to do to keep the problem from happening again,
and then do it.
Once youve made your changes to your global forex trading system,
trade on paper or in a simulated account for a while. This will help
you to feel comfortable and in control before you start global forex
trading again. You will need to get your confidence back before you
start actually global forex trading. Also, your time off will have
left you a little out of touch with the market, and this is a good
way to get up to speed without risking capital.
When you return to global forex trading, treat it as a new start,
free of pressure to regain lost capital. Whatever you do, don't keep
punishing and distracting yourself by trying to "make up for the
loss." Don't affect your thinking by putting that kind of pressure
on yourself. Consider the mistake a thing of the past. The only way
to trade successfully is to trade with confidence. If you're feeling
guilty or are scared of a repeat disaster, you won't be able to take
part in global forex trading with a winning attitude.
Once you have that winning attitude back, make only trades that you
have confidence in. With your
forex trading strategy fine-tuned and your confidence back, you
will soon be completely emotionally and mentally recovered from your
loss. It will become one of many points on the road that youve
passed on your way to becoming a successful trader.
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