You’re not the only one by a long way. There are more than a few things which come into the picture when it’s about foreign exchange trading. Your losses are tantamount to some reason or the other. Leaving alone any mistakes from your part, there are quite a few losses which happen simply due to market movements beyond forecasts. Either way, you need to stop thinking ‘I lost all my money in Forex’ and start doing something about it. Here’re 4 steps to get over it!
1. Open a new Trading Account:
Forget the old one. This has nothing to do with superstition. It’s more than just about starting off some anew and fresh. There must be some pointer of incompatibility between your trading method and that account. So leave it aside and get a new one.
Something which helps you in the long run of things - start off with a lower leverage along with in-account risk-management. Lower leverages will mean that you’re winning less, but they also mean that you’re losing less. Matter of fact, this is a vital point to consider. It’s better to start from the safer side of things this time out.
2. Demo your First 5 Predictions:
You’re starting off again, but it will come back. Losing all your Forex investments is not easy to deal with and it will recur. Move on from your ‘lost all money Forex’ thoughts. You’re already starting off new and it’s going to work out.
Think of this from another traders’ point of view. Do you think it’s going to work out if that trader keeps thinking about the money lost in trading instead of concentrating on the trade at hand? Obviously, it won’t. Without a shadow of doubt, it won’t. Things will turn out just the same for you if you don’t think positive.
3. Add a Few More Technical Tools to your Project:
What you need to do is create a routine. Going for a trade has a lot of analysis going on before it. Proper analysis is the only thing which you can do to make sure your trade’s going to be profitable.
This time out though, do a bit more. Especially, if you’re going long with your trades, add a few more technical tools with your analytical itinerary. Get this done with then!
4. Get a Carry Trade Going?
Carry trading is the easiest way to keep generating profits no matter what you do. You know it’s simple, make it a guarantee this time out. There are more than a few things which come into the picture when you stick onto a carry trade for too long without it making a lot of sense in the first place. This does not, however, mean that you won’t go for carries while keeping that ‘lost all my money in Forex’ though nagging inside your head.
Just Go With It:
Nothing’s left to say now. Just grab the right broker, find a couple of good trades and go on with it. Turn that ‘I lost all my money in Forex’ frown upside down!
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.