Have you ever had a bad run in trading and couldn’t figure out what went wrong?
You’ve probably had a few losing streaks here and there, but you got back on your feet by making the changes you needed to.
But if you can’t figure out what went wrong in the first place, it will be even harder to get back on your feet.
If you’re in this situation, it’s likely that the stress of trying to get back in the black is making it hard for you to figure out what’s wrong.
Instead of letting anxiety paralyze you, try asking yourself these questions:
- Am I bad at trading because I’m not sticking to my plan?
- Are my feelings making it hard for me to decide?
- Has the market changed, and what do I need to do to adapt?
Aside from not sticking to your forex trading plan, there could be other reasons for your trading slump, some of which are more common among new traders.
Here are three of the most common problems that new traders run into:
Not being trained
Blame their eagerness to make a lot of money on trading, but some new traders jump the gun and start trading with real money on a live account before they’ve even practiced on a demo account.
A trader who doesn’t know what they’re doing can wipe out their account faster than you can say “margin call.” That’s why we tell new traders to start with a demo account.
Demo trading, on the other hand, lets new traders get their feet wet without putting their own money at risk at first.
This lets them get a feel for the market, make changes to their trade plans as they see fit, and learn how to handle risks in the right way.
Without the right education and training, you might miss obvious signs from the market, like chart patterns, Japanese candlestick formations, or changes in market sentiment.
Trading on feelings
Even experienced forex traders sometimes trade based on how they feel. Emotional noise can show up as uncontrolled fear, hope, or greed.
In turn, these feelings lead to bad trading habits like overtrading, trading too big, cutting winning trades short and letting losing trades run.
Market conditions that are changing
Sometimes, the problem isn’t how you think about trading, but how the forex market is changing.
Even if you are very disciplined and do everything by the book, if your trading strategy doesn’t fit the market, you could still lose a lot of money.
There are many things that could be going wrong with your business. You may be trading badly because you don’t have enough training, because you’re trading based on how you feel, or because the market is changing.
Remember that figuring out what’s wrong with you is the first step to fixing it. The better we can figure out where the problem comes from, the better we can fix it.
“If you don't find a way to make money while you sleep, you will work until you die.”
- Warren Buffett
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