Forex Trading: With its promising returns, Forex trading has always been an inviting pursuit for those who are looking into and planning to try trading. As the most extensive financial market in the globe, the Forex market has tons of rewards, coming from its accessibility, liquidity, flexibility and more, which make people begin and continue trading. Nonetheless, it’s important to remember that there are two possible outcomes for every trade: gain or loss.
It’s true that in Forex trading, you have to be positive about reaping its tremendous benefits, however, you must not set aside the fact that some traders succeed while some don’t. Of course, there’s nothing better than winning, and if you experience losing in one or more trades, it’s never a pleasant feeling. The latter is definitely one of the major reasons why some traders think of quitting Forex trading and why some actually exit from it.
Put yourself in the shoes of a trader who’s been trading for months or years, hoping to win and profit, yet the result has always been against his/her favor. Well, you don’t have to imagine if you’ve been there and done that. At first, you feel it’s fine and highly acceptable since beginners commonly fail because there’s still a lot to know about Forex trading. But as time goes by and as the same failed trades happen, it surely becomes exhausting and disheartening. This is when the feeling of wanting to give up and leave Forex trading comes in.
Truth be told, the feeling or thought of forsaking Forex trading is commonly experienced by most traders, specifically when it seems like they can’t see the light at the end of the tunnel. If you encounter the same line of thinking or if you’re currently in a broken-hearted situation in Forex trading, cheer up! Maybe you haven’t done everything yet or maybe you’ve done them the wrong way. To help you with this matter, here are 4 things you must do when you feel like giving up Forex trading.
1 – Forget the ‘Instant Millionaire’ Agenda!
Forex trading is enticing in every way for serious traders, yet there are Forex trading misconceptions to watch out for. One of them is quickly getting rich! A lot of people think that entering the Forex market is a sure ticket to instant wealth, but while every trader hopes that it is, it’s really not!
Regardless of whether you hold onto this myth or you just straightforwardly aim to get rich fast in Forex trading, it’s not a helpful belief to carry. If this is the same viewpoint and goal you have, no doubt, trading losses can easily drive you mad and sad. No wonder, they can make you want to give up Forex trading.
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Bear in mind that it’s alright to dream and envision yourself bagging home astounding profits from Forex trading, but you have to be realistic. Forget the ‘instant millionaire’ agenda of yours. Because of that notion, you easily become impatient and fail to formulate the right and complete trading tactics. Moving fast is aidful, but in Forex trading, it’s advisable to move slowly as long as you do it surely.
Trading Forex comes with a process or a number of it. There are several factors making up Forex trading and more components involved. Gaining knowledge and experience is also vital. All these don’t happen overnight. Abandon your objective of getting rich in an instant. Instead, look forward to succeeding through your precious hardwork and priceless time.
2 – Be Inspired By Successful Forex Traders
When you catch the feeling of giving up, know that successful traders today have also thought twice about continuing, probably once or multiple times in their trading journey. They contemplated wanting to wave the white flag, but because they kept going, they’ve accomplished their Forex trading goals. This is also what you should keep in mind when you feel dispirited by trading losses. Be inspired by these successful Forex traders. Listen and/or watch interviews with them. Listen to their testimonials. Read Forex trading books they wrote or that are written about them. You will discover how they started, faced difficulties, pressed on despite those, and yielded their sought-after results.
When you get dismayed and feel defeated in Forex trading, remember that you want to see yourself in their place one day! You will absolutely gain golden pieces of advice from their stories, which will be a great driving force for you to persist.
3 – Review, Rethink and Redo Your Forex Trading Plan
Your wrong decisions as a trader can mess up your trading quest. You may feel like giving up because of the losses they bring about, but before biting into the blues, check over your trading plan first. One of the possible causes of trading failures is creating and using an inefficient Forex trading plan.
Review your trading plan. It did not work well for you. Rethink of the strategies composing it. They did not give you the best or at least your expected end. Once you find out the areas that need improvement or removal from your trading plan, redo the whole thing. Modify it according to the solutions you’ve given much thought to.
Here are some ways how to be a successful forex trader:
Listen and/or watch interviews with them. Listen to their testimonials. Read Forex trading books they wrote or that are written about them. You will discover how they started, faced difficulties, pressed on despite those, and yielded their sought-after results.
Speculation through analysis is key in Forex trading. With this, you need a trading plan. Basically, this contains your logical assessments, trading methods, risk management measures and more necessary preparations for your trading actions. The role of a trading plan is crucial, so it must be well-thought from all angles! Most importantly, stick to it, and be disciplined as you observe your trading plan.
4 – Take a Break from Trading to Evaluate Yourself
In life, it’s common to feel like giving up on things that terribly disappoint or tire you out. You say, “I can’t take this any longer,” “I don’t want to do this anymore,” and “I want to give up,” in such situations. Everyone can relate to that. And just like in these real-life circumstances, taking a break is a must when you’re disheartened by trading losses.
Finalizing decisions in a sad or angry state isn’t right because later on, when those impactful emotions have subsided, you might regret those decisions. Pause trading for a certain period of time, as much as you need to. In that way, you can clear your head, see things better and make choices that are best for all.
In this breather, you can rest and relax yourself, especially if you’re filled with only negative emotions due to trading losses. It’s the perfect time for you to ponder on what happened to your trade, including your mistakes and shortcomings as a Forex trader. Reflect on them, and accept them because that is the only way you can move on, come up with a new plan, and trade again and better!
Likewise, evaluate your strengths. This will enable you to keep and nurture them. Knowing these gives you confidence in your trading capabilities as well.
Spend some time away from trading, and you will come back feeling more motivated and ready to trade Forex more wisely.
Forex trading is well-loved and utilized because of its advantageous characteristics and wowing privileges. It is captivating to traders and investors from all across the world because Forex trading is definitely a cut above the rest!
Still and all, know that victory isn’t an easy target.
As a Forex trader, you must be dedicated, teachable, wise and consistent. Time and effort, which are both expensive, are required. From the basics to the most complex aspects, learning them all is essential; mastering them will give you an edge. Possessing the qualities and skills of a good Forex trader is a must.
Even so, no trader is exempted from the feeling of frustration and disappointment when faced with losses. In the middle of dejection, you may think of giving up Forex trading. It’s nothing weird because emotions affect traders, and such losses are hurtful.
When you feel like giving up Forex trading, keep in mind that there are still some things you can and must do. Before you conclude that you’re quitting, scrutinize the trading situation and yourself as a trader. If you clearly see no hope at all, then it’s surely time to quit.
On the other hand, if you realize that your emotions are just overpowering your will to trade again, you will know that you’re still willing and able to trade. Furthermore, if you realize that there are still big opportunities for you in Forex trading and that you shouldn’t let past losses knock you down, then you will keep going but with better trading techniques and management now.
Many Forex Trading feel like giving up when they run against difficulties, but nonetheless, they push through and eventually succeed! You can be like them too, so cheer up, be determined and be a good Forex trader!