Last Updated on Apr 7, 2020 by James W
After spending a few months in the training sessions, rookies in Singapore think they are ready to trade with real money. They start daydreaming and invest a big amount of money in a leverage trading account. Soon they blow up the trading account. This process continues for several years and traders often become frustrated. Some traders often stop trading the real market because it brings them financial loss.
If you are in such a state, this is the perfect article to change your life. Giving up is not an option in life. If you start something, you must see through to the end. After reading this article, those who have quit trading might start to trade with a great level of enthusiasm.
Get back to the past
Before you stop trading Forex, you need to recollect your past memories. Find the key fact that drives you nuts when learning to trade. Try to reignite yourself with the profit factors. Once you recollect those memories, find the mistakes that are causing trouble in your career. Forget about the worldly matter and try to find the key reason for which you are losing money. Soon you will realize that you are not following your rules. You may have years of trading experience but no one has told that you can earn money by breaking the rules. It’s more like driving a car at a speed of 100 KM/hr on the wrong side of the road. Certain rules need to be followed very precisely to ensure the success of your trading business.
Read stories on the successful traders
If you feel demotivated, you should start reading about the successful traders. The successful traders have managed to make consistent profit using basic rules. If you find it hard to find such a broker, you can explore the best brokers for Forex trading and look for their top traders or analyst. Search with their name in Google and you might find interesting stories about them. If you are failing in doing this, you can directly contact with the top traders at Saxo and let them know about your condition. They will give you unique advice that will definitely stop you from trading. You don’t have to stop trading if you learn to make a profit with low risk. The only reason why people stop trading is because of desperation and aggression.
Stop living on a false dream
Living on a false dream is a very big mistake. If you want to make a big profit you are not actually thinking like the professionals. Your concern should be precision and quality trade execution. Investing $1000 dollars and expecting $1000 profit per month is insane. Saucing 10% + profit is termed as an excellent return in the trading business. The only way by which you can stop daydreaming is by using a demo account. As soon as you start demo trading, you will realize the importance of money management policy. Forget about the random trade placement and try to come up with a very basic structure.
Write a new trading plan
Before you quit trading, you should create a trading plan. Follow the trading plan and see how things work. Losing more than 5 trades in a row should not bother you since your trading plan should have the ability to deal with the losses. For the recovery factor, you can rely on the RR ratio. Choosing a negative risk to reward ratio in each trade is a very big mistake. In fact, it can ruin your trading career in less than a year. Improve your win rate and focus on a 1:2+ risk to reward ratio.
Ignoring this rule and placing your trade will ruin your career. Educate yourself about the importance of advance money management technique and you will slowly realize its importance. This will make you a successful Forex trader.