How to control the rate of failure?

Question

Charles · Accepted Answer

Overconfidence in the outcome of trade often leads to over-leveraging. It's like trying to hit a home run with every swing. This approach is incredibly unsustainable.All traders should protect their funds by using stop-loss orders and minimizing the risk of loss.Every single unit of funding is crucial when starting out. To protect your capital, you should adhere to strict money management rules.New traders fail because of irresponsible and undisciplined practices. In order to break bad trading habits, traders should judge the success or failure of each trade by whether they stick to their trading plan-not by whether the trade was profitable or not. You must view undisciplined trades as failed trades if they are not dictated by your plan. Congratulating yourself won't reinforce poor discipline.You should still consider your trade a success if you followed your plan but still lost money. Losing trades are part of every good trading plan. The more you beat yourself up over a losing trade that was made according to plan, the less likely you will be to follow that plan in the future. This can lead to impulsive trading that eventually wipes out trading accounts.

Kenneth · Answer

Think about what went wrong and take a break. Review the events carefully to determine what happened. Consider your mistakes.Plan your future trades in detail. Your plan should include both what you are going to do differently (e.g., setting a stop) as well as what you are not going to do (e.g., holding a loser hoping it will return to break even).Learn from this loss and develop your skills to become a better trader. The best athletes become excited when they discover a weakness in their game. Their weakness motivates them to improve.

Dustin · Answer

Look for a reputable broker if you want to avoid losing money in foreign exchange. Be sure to use a practice account before going live, and keep analysis techniques to a minimum. To start small when you go live, it's important to use proper money management techniques. Keep a trading journal and control the amount of leverage. Treat your trading as a business and understand the tax implications.

How to control the rate of failure?

6 Answer

6 Answer

How to control the rate of failure?

6 Answer

6 Answer

Welcome back

Create Account

Reset password