So you’ve taken a loss. Well, let’s say you’ve suffered a shocking loss. Now what? It’s not the end of the world. Now is the part where you move beyond the huge mistake you made in forex trading.
Be brave enough to admit your mistake.
Know that you made a mistake and that’s a fact. Stop blaming anything or anyone else. Admitting a mistake is a start. The sooner you realize that mistakes can and will be made, then the sooner you will get back in the game.
Learn from it.
Now, what went wrong? Got it? Very well. Every mistake is a learning experience. Even if the reason you realize is your own arrogance, greed, or some flaw in your calculations or strategy, there is still something to learn. At least you know what not to do next time. The Forex market is not as unforgiving as you might think. It is a place of opportunity and chance.
Try a new path.
Now that you know the flaws in your strategy, re-evaluate whether you would change that part alone, or try a new path altogether. Failure gives us the opportunity to look at our plans from a distance, giving us a larger perspective. If the problem seems to be your fear of failure, or a system that doesn’t work for you, once you’re open to them, you can easily see a new and better way.
Assess the impact of mistakes.
What has changed from your previous situation? You may find that your situation is not so bad after all. You may be acting a little too much about the situation. But if the mistake really had far-reaching effects, then it’s best to list them. That way, you can assess which impacts are remediable and which you can’t do anything about. For example, you may have lost some of your investment, but if you can see the opportunity to recover it, you will find out if this is feasible by listing the pros and cons.
Be more systematic.
Maybe you lacked discipline before. Then now is the perfect opportunity to wake you up and build a solid system on which you will base all your decisions. Learn the signs of the mistakes you’ve made so you can avoid them. A systematic approach will not only give you more confidence in making trades, but it will reduce the amount of work you normally have to do.
I know it’s easier said than done, but the really best thing is to be tenacious and get back in the game. It’s not for nothing that they call forex trading the perfect market. If there is a currency down somewhere, then there must be a rise somewhere too. There is always a chance to take profits. Think about it, if you step on the right balance of risk and conservatism at the right time, then success is not too far away.
As a final thought, think about the fact that you are not alone. Someone somewhere made a mistake earlier than you did. In fact, those who tripped and fell may be the same people who are now enjoying success. They’ve learned from their failures. They have gotten over the stigma of losing based on just one fatal mistake. Forex trading is difficult and challenging, but you are always welcome to try again and again.