Getting frustrated during your trading career is very normal for every trader. But if you look at the professional traders in the UK then you will see that none of them gets frustrated during live trade execution or seeing the result of their trade. Losing or winning doesn’t actually matter as long as your trade the market with proper money management. Most of the novice traders in the online trading world are losing money due to their emotion.
They all think that this market is easy to trade thus they start trading without learning the basic details of this market. Just consider an engineer in this world who is thousands of dollar every month. Do you think that he has become a successful engineer without learning anything? Every engineer has to go through 4years study period in their university life. Nothing is free in this world. If you want to shine like sun then you need to work hard and love your profession.
Why traders get frustrated?
The most common reason behind the frustration of the Forex trader is losing trades. The novice doesn’t want to realize the fact that losing is just a part of the trader’s life. If you are involved in Forex trading for more than three months then you must know that even after doing all the things perfectly you want to be able to make a profit on a regular basis. In the eyes of the trained professional at Saxo, the best way to make money is to learn the art of losing. If you can learn to take managed loses in this industry then making money will be piece of cake for you. You should be more concern about investment rather than making a profit. The Forex market will be always there for you but if you blow up your entire trading account then you won’t be able to execute any trade. So the first thing that you need to learn is to deal with your losing trades to control your emotion and frustration.
Always look for high-quality trading signals
The novice traders have a tendency to execute all the possible trades in the market. They simply look for trading signals in the lower time frame. But if you analyze the chart in your trading platform then you will notice that most of the time the false signals are generated in the lower time frame. So this will cause you to face many losing trades which will ultimately make you frustrated in this industry. So being a currency trader it’s your duty to learn the proper technical analysis in the higher time frame. It’s true that the higher time frame will not give you too many trading signals but compared to the quality of the lower time frame trading signals you will have the best possible trading result.
Read books on psychology
Mental stability plays a great role in the performance of a professional Forex trader. If you think that you can beat the market then you are wrong. You need to learn to trade in favor of the market. Most of the time the novice traders tends to execute trades against the long term prevailing trend. On the contrary, the experienced traders always look for quality trading signals in favor of the market trend. At times you will have to deal with too many losing trades but if you trade with proper money management then it will not be a problem for you. In fact, a series of losing trades is a very common for the professional traders also. You need to love your profession and learn to embrace the losing trades just like you do to the winners. If you are more concerned about investment then you will see a radical change in your profit factor. Always try to save your investment from the wild swings of the market than making a profit on a regular basis will not be a tough task for you.