One of the things that you must learn in forex trading is your attitude in receiving losses. Although this theory seems easy, but still the loss is something that is difficult to accept by both novice traders and experts.
For that we need to learn whose name is attitude to accept defeat. Our attitude in accepting defeat is very important for our trading success. Our mentality is one of the most important factors to be successful in this field. Forex trading is not a struggle to be the best trader, but successful to be able to profit consistently every end of the month.
To be successful in trading, we need to forge and galvanize our mental, emotional, mind, and self-discipline.
In his book Mr lee, there is a very important paragraph on page 19 which states that success in forex is not just for the profit you want to achieve, but also your attitude toward the trading results obtained, whether it is profit or risk loss.
Now think about it. Losing in a sport game or in game without any material loss is sometimes difficult to accept, especially when we lose in a game where there is money lost in it. Of course our emotions at that time will be jumbled and will greatly affect our trading. We need to realize that defeat is unavoidable in trading, however great our analysis, or our trading system. The thing that makes us not develop in forex is our attitude that disappointed at the time of loss and want to avoid loss as much as possible every time we put the position. This is what sometimes makes us often do sabotage in trading. I am personally quite long in this phase when learning to trade. I personally often sabotage when I get a little profit. What happened next turned out to be a bigger profit if I just let it. Vice versa, when I floating loss, I often hard to accept defeat, so I even let the loss becomes big.
For that galvanize mental and self-discipline this becomes one of the most important thing in trading. People often underestimate this, and always look for what system is best and can not loss (holygrail). Though that is not the most important in forex trading. To be able to have the right attitude when receiving this loss would take time and hours to fly. To train this, I personally use the way by trading using a real account. I always open an account with big funds (more than $ 1000) but only trading with 1 microlot (0.01). Trading with real money is different from trading using a demo account. Train your self-discipline until you no longer make decisions because of emotions in trading. If you still violate the rules of your system, install lots more than 0.01 lots, have revenge desire (with double positioning), or start positioning without analysis after just losing, that means you still need more practice and galvanize yourself, because you are not fully ready to jump in the forex market.
Another way that proves to be more effective to overcome this is to look for a semi automatic trading system where we do not have to be in front of the screen every time. Being in front of the screen at any time will usually make us psychologically affected and sabotage our trading.