Don’t simply quit if you lose in Forex

One of the problems of the newbie Forex traders is that they are often very disappointed between themselves since most of the time they lose money in forex trading. Most of the time they forgot one essential fundamental rule of Forex trading. In Forex, everyone loses, even the masters you are following to trade often have consecutive losses in the market. Losing is okay if you follow your own rules. This is the process of trial and error and you will catch the market of Forex through this system. But if you are losing continuously, do not simply quit Forex trading. You may have a potential career for you that you don’t know it yet. Before you quit Forex and think it is not for you, cross check these points. If any of the points is related to you, you should reevaluate your decision about Forex trading.

Don’t place too many trade: If you are placing 50 trades a day with your demo account and losing half of them, which is 25, it is very natural. But quitting because of that is simply foolish. Trading all day will not give you an advantage over your opponents, nor you can achieve skill by trading much in a short span of time. Trade a few and win more. However if you follow proper risk management factors in forex trading then wining 50 percent of the time will ensure a decent profit in your portfolio.

Trade on longer timeframe: Do not trade in a shorter time frame. Many new traders who have entered the Forex market trade with a shorter timeframe and this result in a messy evaluation. If possible, trade with a longer time frame like days and weeks. If not possible, trade with a time frame of one hour. But do not trade with a short timeframe. The short timeframe cannot give you an overall idea of what is happening in the market.

Create a new demo account if it is messy: If your demo account is too much messy for you to trade, maybe you should open a new account. Demo account does not cost you extra to open another and yet they provide you the opportunity to trade the Forex with a live signal. Do not trade in a messy account. It is better to open a fresh account and give a new start. Try create a decent portfolio in your demo trading account.

Monitor your trading performance: Always monitor your trading performance. Log a chart how many trades you are winning and how many you have lost. It will help you to decide your trading future in Forex.

Conclusion: Do not quit Forex simply because you are not making money. Quit Forex if you can't catch the system even all after your hard tries and dedication. But before you quit this industry try to trade the market after learning the basics of the forex market very precisely. And make sure that you follow proper risk management factors in trading. Even after that if you feel like that you are not making any real progress then it’s time to move on.

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Tags: broker, forex, platform, trading

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