A losing streak is no reason to quit the market!
The vast majority of forex traders live for the day. All they are interested in today, now, at this moment - is the profitability of their opened deals. And if suddenly the market starts to go against their open positions, they not only do not close their deals, but continue to hope for a miracle, losing their equilibrium, and after receiving a margin call they fall into a psychological stupor and leave the market altogether. After all, stop-loss was not invented by cowards.
However, you should keep in mind that Forex trading is a slice of normal life. And in most cases, the losing streak is followed by the lucky streak - losses are replaced by gains. There is no luck without loss and the trader's experience includes not only the joy of victory, but also the disappointment of defeat. The main thing is to draw the right conclusions, to analyze a losing situation and remember that the main thing in Forex trading is psychology!
The trader's way starts with losses. It is no coincidence that experienced and highly respected investors prefer to invest in traders who have experienced a period of great losses and failures. They are not embarrassed by this, on the contrary, they are attracted and respected. They believe, and not without reason, that it is better to entrust money to a person, who was able to pick himself up after big financial losses. An experienced and knowledgeable investor will always have more confidence in a trader who believes in himself, in his knowledge and experience - bad and good, who skillfully takes advantage of his victories and defeats, taking advantage of both.
In short, a losing streak is no reason to leave the market forever. You just need to plan your Forex trading so that one single trade will not cause irreparable damage to your entire account. And that's where everything is already open and invented before us. Protection orders and proper money management are two true guardians of any deposit.
While rejoicing at profits, be mindful of losses Devote all your attention to losses, not to gains. You must always have a plan in case the market turns against you. Plan for everything - how much of your account to trade, how big to stop, etc. Just do not ask whether to place a stop or not. Try to structure your work in such a way that nothing can catch you off guard. When thinking about profit, plan for loss.
It is the observance of this simple rule that is the main difference between winners and losers. A winner always knows how to behave and what to do when they lose a trade. An unsuccessful participant, on the contrary, panics, makes a fuss, falls into a psychological stupor, loses faith in himself and in luck, and subconsciously sets up for another defeat. Naturally, it is just a matter of time before such trader leaves the market.
Success comes to those who believe in it and are not afraid of defeat! Success comes to those who do not give up after the first obstacles, who do not stop believing in themselves and in their luck. And, most importantly, you should remember that success rarely comes at once - in any activity. And Forex trading is no exception. So, a losing streak is not a reason to quit the market!