Learn from your Forex Trading Mistakes, or Else Go Broke!
“A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.” John C. Maxwell.
Maybe that’s why women are looking for men and not for boys J I remember having problems dating girls when I was a teenager because I didn’t know what to do…or better…how to do it J. More or less the same problems I had when I first start to trade Forex. Now I ask myself why I got married so early.
I am sure many of you had a crush on a classmate or even on one of your teachers and wanted to spend some time together but never had the gut to ask her. Was it because you were not enough cocky? Or just because you did not know how to do it?
How Can you Go Broke from NOT Learning from Mistakes?
When I first started “dating” the Forex market, I was acting as a teenager: I was on an unexplored field for me with so many unknown things – things seen only in magazines and on the internet. Something like knowing a woman from the Playboy magazine. Still I thrown myself into it thinking that if I know to read the magazine I also understand it. And this is how, after only a few weeks of trading I was sadly looking at my empty account. At that point I said I only have two options: either I quit and forget that the world if full of opportunities that could make my life much better either I invest more time and more energy to try even to understand what I read. So I started to pay attention to the details, to collect more information before I place a trade and mostly to have patience. There is a saying between traders: “being right but being early simply means that you are wrong”. Trading in the Forex Market is not only about being right but also to admit when you are wrong and to correct this. Let’s get back to the women analogy so you can understand me better: how many girls you lost because of some stupid teenager typical mistakes? Are you repeating the same mistakes now when you are trying to conquer a woman? If you are - you are still a boy despite your age and remember that women are looking for men. Even if I consider myself a Casanova of the Forex Market J I am still making mistakes only that this time I am making them only once, and the second time I face the same scenario, I profit from them.
Conclusion: Think of Forex Trading in Terms of Risk Reward!
If you want to profit from Forex Trading you should think in terms of risk reward. What is the reward of trading? Money, wealthy, independence, not having a boss, not having a schedule to respect or taking your holidays whenever you want. What is the risk of looking for all this without owning the “know how”? Getting broke. Once you will minimize the risk you will obtain the reward.