Thank you for your reply. If a new trader starts trading what he should do to avoid loss in the start of their career?
It is not necessary to ignore losses, but it is not necessary either, they are very afraid, because fear will not give you further development.
Losses are part of a trader's life. But rather than ignoring those losses, you must analyze them and find out where and what went wrong. Try to learn from those mistakes and refrain from repeating them.
- Completely ignoring losses. - Understanding why a loss was incurred and trying to avoid similar mistakes in future. These are two different approaches, and I think one should go for the second one to have more success in this market.
No you should not ignore the losses, try to accept whatever happened in your trade as that was only by your own mistake. Try not to hide and take aside. Be confident and try to look for the mistakes that you did and put yourself in the loss bracket. This will help you to improvise the trade and knowledge in forex which help is in making better plans.
I would say that it is hard to avoid the losses in future, but surely they can find the way to minimize those losses by putting into the work of money management.
You should have a stop-loss order for every forex day trade you make. ... When you have a stop-loss order on your trades, you have taken a large portion of the risk out that investment. If you start taking losses on a trade, the stop-loss prevents you from losing more than you can handle.
Yes i completely agree with this. I went through a stage of trying martingale to recovery losses and although 90% of the time it works its the 10% when it doesn't work that really hurts the account!