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Reasons not to Quit Forex Trading
Written by: PaxForex analytics dept - Saturday, 25 August 2018 0 comments
Like many high-performance endeavors, success in forex trading takes time, patience, and a lot of practice. Many beginners don’t last very long in the forex market – not necessarily because they deduce losses that are impossible to recover from, but because they make a few losses in the beginning and give up. The fact is, quitters never win and winners never quit. It isn’t easy to become a successful, profitable forex trader, but anyone can become one by taking a professional approach to forex trading.
One of the primary reasons so many traders get burnt out and eventually want to give up trading or do actually give up is simply because they are trying to get rich quick. Obviously, trying to get rich quick in trading means you are probably doing almost everything wrong. It means you are probably trading too frequently and risking too much per trade, which are two things that quickly lead to a lot of lost money as well as frustration and mental anguish.
You have tried just about everything and nothing seems to work. Quitting seems like the only reasonable choice to make. However, more often than not, this is the exact period where you learn some of the most important lessons as a forex trader. Because of expensive losses, you are likely to re-access your trading approach with a more realistic goal in mind. When this happens, the sense of urgency to make quick bucks diminishes, and hence the ability to make more rational trading decisions increases, often along with a stronger
The determining factor in one’s success or failure in the market is always their own mind. Anyone will get burnt out and want to give up if they don’t have the right trading method, mindset and money management approach. When you feel frustrated and ready to give up on trading, just remember that it is not the ‘end of the world’. Take a big step back and remove yourself from live trading for a while to get back on track. Reassess your trading method and make sure you like the method and it is not overly-complicated and that it makes sense to you. All you need is a method that gives you an edge that provides slightly more than a 50/50 chance over series of trades.
There is not one person in this business who a one time or another, either wanted to quit or did so. The most common reason is a loss, or a string of losses, but also stress and lack of progress. Before you quit, ask yourself what went wrong? Was it the strategy, a lack of one, over-leveraging, over trading, not sticking to a trading plan, changing strategies too often? Perhaps it was a lack of education or simply unrealistic expectations? Trading is no different than any other endeavor in life – it takes time to become good at it. It can be very fulfilling, lucrative and satisfactory in more ways than one, providing that the trader put enough work into it.