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Losing is as much part of trading as winning. After all, forex trading is usually a zero-sum game. It is only a matter of time before someone is on the other side of your trade and before taking the wrong side.
However, it is a normal part of the overall trading process, but there is something lost that many traders have - newcomers and problems with professionals.
Forex extinction believes that the main reason behind the difficulty of dealing with the losses is the lack of understanding of nature and the effect of trading psychology rather than the actual mental problems.
By knowing these 4 stages, hopefully, you will be more able to manage the losses that come with trading.
Stage 1: Deny
The first stage of the loss enables you to deal with losing trade. At this stage, you deny yourself and others that your trading concept was wrong and the loss was not your fault. There is nothing inconvenient this way, especially if you are new. This is a way to reduce your ego, survive loss and move on.
Stage 2: Logic
After the denial phase, you move to rationalize your trade setup. This is a point where you point out the exact idea of your trade and you do not even think of what you did wrong.
You quote your trading plan, profit target, stop loss and the accuracy of the entry points, but completely ignored that you actually lose the trade and made a mistake.
Stage 3: Depression
At this point, you have already looked at the potential external cause for your damages. Then you go inward and consider the idea that the loss is entirely due to its own work.
Even though it is reasonable to take responsibility for your losses, it may be harmful to your own forex carrier if you suspect yourself consistently.
You can ask yourself, "Is forex trading really for me?" And "Why go on at all?" If you do not find enough reason to push, you can withdraw yourself from your trade. Premium Forex course of ForexTradingForYou is the Perfect solutions for the forex traders. You can get the latest technical analysis and best trading signal hereabouts to improve yourself.
Stage 4: Acceptability
At this stage, you have started to realize that it is unhealthy to blame yourself for what's wrong. Although you acknowledge that the loss was partly your fault, you are also aware that the Forex market is a wildly unhealthy animal and there are many reasons for the market beyond your control.
Make me clear that the recognition does not seem just right about the loss. Verily, acceptance is to leverage reality with ourselves and assume that the damage can not be undone.
When you reach this stage, you acknowledge that you have made some mistakes in your part, but there are some things that you can not control.
At the end of the day, it is important to remind yourself that you can not completely reverse what you've lost, but you can make it for it. You can determine how to manage your trading strategy, improve risk management, or manage your losses better. Instead of simply denying the loss, you have to go ahead, adjust and increase.
Technical parameters| (14th – 18th January) 2019
Possible entry point with critical support and resistance level. But when you trade at this level make sure that you are using price action confirmation signal. We have prepared these key support and resistance level based on the Fibonacci retracement levels, 100&200 SMA, key swings point and chart patterns formed in the higher time frame. Focus on AUDUSD technical analysis
Look for selling opportunity near the critical resistance
First critical Resistance: Click here
Second critical Resistance: 1.18071
First critical Support: Click here
Second Critical Support: 1.09100
Overall Sentiment: Bearish
For GBPUSD, AUDUSD, USDCAD and USDJPY analysis
All the technical parameters are applicable from 14th January to 18th January 2019. The overall sentiment indicates the prevailing trend of the market. We highly recommend you to trade in favor of the market sentiment (overall sentiment) to reduce the risk of exposure in trading. Trade the critical support and resistance level with price action confirmation signal. If you want to get the technical chart analysis along with logical explanations, feel free to contact us.
We provide high-quality Forex trading signals, trading consultancy, and price action trading course. Please feel free to contact us for any query. A simple 5-minute conversation with our expert will change your trading career.
We publish regular technical analysis on all the major pairs every Monday. Please visit our site www.forextradingforyou.com to get details about our technical analysis.
There are a lot of systems that work..in the beginning. the problem is the technology has gotten to the point where computers can run a billion scans a second and would pick up on a winning system. and if you could find a winning system you could build a system that specifically takes money from the people using the winning system in the processes making it a losing system.
now if you had a trading robot and keep it quiet and didn't trade in such huge size that you could keep it on the downlow, i suppose it could make you money for years before someone programmed the system to front run your system.
with the recent popularity of systems there are tons of free ones that you can modify one little parameter here or there, so in essence everyone would be using different systems. this does hold some intrigue to me.
there are trading robots that can make big cash in the futures markets, so there is some hope for a forex bot. but forex is an unregulated scammers paradise. if it were me, i'd go old school and tweak the old richard dennis and bill eckhardt turtle trader system (10 period breakout system) and i'd try and avoid forex if you could.
but for doubters, once a month in Barrons, in the back they give results from the largest 300 hedges funds right after that list they give result for the largest 200 managed futures funds. about a quarter of these (managed futures) are traded purely on a trading system, no human input needed.
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