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Forex trading psychology 4 steps to restore confidence after a blowout

Blowout? Many people are rebateforexbroker destined to escape th rebateforex doomed destiny blowout is certainly very painful, the loss of funds, confidence is also a big blow, you ForexRapidRebate underst rebateforexfee if you find a corner where no one knows and cry a I definitely not alone, you may cashback forex heard that 90% of foreign exchange traders in the first year of their Forex Rapid Rebate career are losses may not know the exact data, but I personally believe that this figure is only an underestimate No overestimation I personally just traded in the early days also exploded a few accounts, experienced almost any trader has experienced the pain of lack of discipline, no trading plan to trade at will, the lack of proper risk management and greed is the main reason for the burst of pain are because of the burst, but the reasons for the burst may be a variety of even the best traders also low tide, sustained losses or burst positions they also Can not avoid, so you do not have to feel sorry for yourself that you are the worlds most unlucky people blowout on the traders biggest blow is not the loss of funds, a sign of a complete collapse is a collapse of confidence, funds you can raise in a variety of ways to get, but once the complete loss of confidence, many people leave the industry completely if you plan to stop playing this, it is also an option, go do something else if You still want to continue, according to my personal experience, I think the following four steps to restore your confidence in trading, back on track Step 1: openly accept and face the reality of the blowout after the positive approach is to accept and face, can not escape many people can not face the reality of the blowout to delete the trading software, vowing never to trade again, and every person will say that forex trading is gambling, traders are scammers some People are immediately self-denial because of the blowout, that they are not smart enough to trade foreign exchange has been said above, those who are the best traders will fall into a downturn, anyone can blowout for a variety of reasons frankly face and accept the reality of the blowout, the blowout as an opportunity, an opportunity to learn, grow and self-improvement someone is crushed by the pain, someone because of the pain and become more powerful steps Second: review since you have accepted their own failure, it is now time to review and review their own trading time to ask themselves the most important question: where I went wrong? The answer may be multiple and varied If you insist on writing a trading journal to record the details of your transactions, this time will be very useful, from the trading journal you will find a lot of problems that you did not realize at the time If you do not write a trading journal, to review their own transactions can check the account history on the trading software, and then analyze your mistakes against the charts one by one may be the most common of the following You may have taken too much risk, i.e. traded heavily, or had a stop loss that was too large; sometimes the stop loss may have been too small; you may have been short at an important support level or long at an important resistance level; you may have traded before the release of important economic data; in addition, you may have lost money simply because of unforeseen contingencies, which can be ignored if you are unlucky enough to make a list of your past mistakes, and to remind yourself of them before the next trade. Remind yourself before the next trade, this time I want to avoid these mistakes if you keep doing this, after continuous reinforcement, and finally form a habit, until the formation of instinctive response Step 3: Resume trading from the smallest amount of trading in real life, many people from the life of the rich and powerful suddenly lowered to live the life of the common people is very difficult to adapt to either in the quality of life or self-esteem are difficult to accept, just like However, in trading, you do not need to be ashamed of this after the blow, self-confidence suffered, the capital also suffered losses, so reduce the volume of transactions is very necessary, of course, if you have more money to care about how many times the blowout, then you can ignore this step never remember that the market at any point in time can hurt you again, hurt anyone involved in it if you If you are trading with your hard-earned money, I strongly suggest that you must reduce your trading volume when you resume trading after a blowout I recommend that traders who have blown a position to regain confidence trade cents accounts with less money, some platforms offer cents accounts that allow trading very small volumes, such as trading 0.001 lots or even 0.0001 lots, for just a few dollars you can trade the purpose of trading cents accounts is After trading on a cents account for a while, you can take stock of your trading. If you have been making steady profits on your cents account and feel that you have regained your confidence, then you can resume your normal trading volume. If you intend to take trading as a long-term career, then do not give up easily, if you do not believe in yourself, want to make money in the market will become a very difficult thing more learn forex - forex basics, how to speculate on forex questions and answers, please visit: forex learning section 

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