Dear friends
I have ranted and raved in the past about making losses in the past. But I went to a personal development course last weekend, and I made some key discoveries. They seem rather profound to me, but might appear very routine to you.
1. Making losses in forex trading was my fault. It wasn't the broker's fault or training faults. The fault was mine. Most importantly, poor risk management on my part.
2. Human emotions play such an important part. When I started, I had confidence. Yet, why I made losses in forex was also because I was so scared about making losses, that I made my losses real. I had great advice from my broker, was developing good knowledge and also heading down the right path for someone who only recently started in forex.
Also, for those who are interested, I've made my demo performance and my real account's performance public.
I actually had some issues connecting my demo via MT4 (again, I was really new) - so I only started trading on the demo on MT4 recently. But, it's amazing the difference between my demo's performance vs real account.
Demo - I've practically doubled my account. 10k is now almost 19.2k.
Real - I've lost 5k. Admittedly, it was one night of bad decision. Otherwise, I was just breaking even. But, too many bad nights like that, and most people end up on the street!
Happy to hear your views on what one can do to settle the mind and build confidence.
I have ranted and raved in the past about making losses in the past. But I went to a personal development course last weekend, and I made some key discoveries. They seem rather profound to me, but might appear very routine to you.
1. Making losses in forex trading was my fault. It wasn't the broker's fault or training faults. The fault was mine. Most importantly, poor risk management on my part.
2. Human emotions play such an important part. When I started, I had confidence. Yet, why I made losses in forex was also because I was so scared about making losses, that I made my losses real. I had great advice from my broker, was developing good knowledge and also heading down the right path for someone who only recently started in forex.
Also, for those who are interested, I've made my demo performance and my real account's performance public.
I actually had some issues connecting my demo via MT4 (again, I was really new) - so I only started trading on the demo on MT4 recently. But, it's amazing the difference between my demo's performance vs real account.
Demo - I've practically doubled my account. 10k is now almost 19.2k.
Real - I've lost 5k. Admittedly, it was one night of bad decision. Otherwise, I was just breaking even. But, too many bad nights like that, and most people end up on the street!
Happy to hear your views on what one can do to settle the mind and build confidence.