Forex Kahuna

Learn from mistakes.
Hi, let’s talk about mistakes which accompany every trader on his way to success and glory. In fact an average trader rarely does only one mistake. If he makes one, he usually makes a second. This second one can appear to be destructive.

There is an old saying that only those guys can’t make mistakes who simply do nothing. And this is true. Errors are quite typical for the process of implementing something and of course they are considered to be the essential part of studying the performance of this curious trading process. Have you learned to walk without falling? Is it possible to ride a bicycle for the first time without any faults and sudden fallings? Of course that is impossible. Also, you can not learn to trade effectively, without making mistakes.

It is important to learn from your mistakes in trading, when they occur. You make a mistake and then you make adjustments. Perhaps you have already done wrong precisely to make adjustments and re-adjustments.

As for me I take my mistakes as a sort of feedback. Every action produces certain results. Since the trade is a series of perceptions, thoughts and actions, we get a continuous feedback in this case. Our results speak to us after some time from my point of view. By the way many people think exactly the same. We need to keep on making mistakes in order to sharpen our skills.

But the problem is that some traders are so afraid of making mistakes, that they often avoid numerous even profitable scenarios. They feel a supernatural fear to lose their money. To my great regret this is one of the worst mistakes that many beginners often make.

Many newcomers are so ashamed of making mistakes that they can not recognize them. If you can not admit a mistake or you do not take responsibility for a failed operation, it means that you can not learn from this mistake. This leaves you defenseless. So if you repeat the same error you won’t get a useful experience being frightened.

Ultimately, there’s one thing which distinguishes winners from losers. Certainly it’s the ability to learn from personal mistakes and the availability of discipline to stop repeating them. In fact professionals just make fewer mistakes to compare with beginners. But anyway they do them though they don’t afraid of doing them.

We recognize and acknowledge mistakes when they occur. We practice, go forward, without repeating the same mistake again. In such a way professional do. I’d like to point out that you should avoid making the first error. But if you have done it, do your best to avoid making the second exactly the same error. The first can teach you. But the second is going to kill you.

As in every other sphere of life foreign exchange market needs some knowledge.

Of course, you can start forex trading and get quite successful in it. But sooner or later the losses will come. It is precisely when you might think “Why didn’t I start with a good forex book?”

That does not mean that after reading even the greatest forex book you will start closing trading positions with huge income, but this knowledge will save you from
lots of traps.