RE: Learning to manage losses (Risk control)
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Woah!!! This is quite a read, I truly enjoyed it completely.
I, myself haven't branched in Forex Trading, but my friend is trading. And I learn from him not like learn the trading per say, but the mentality towards trading. I must say you have a better mentality towards trading, although he is gradually getting it. Trading is more about your mental strength than your actual knowledge of the market. Your ability to control yourself when you lose, so you don't completely wipe your account is very necessary. I truly like the way you about trading, and it is always good to have such mentality. You ain't always going to win all the time, you lose too but ensure your gains are more than your losses and you are good. My friend gets over excited whenever he is having a winning streak and he actually forgets that he can lose, and whenever he starts to lose, he lose huge because he doesn't have to control to stop and accept he has lost for that day.
Great content, thanks for sharing with us @josevas217. Will definitely share it to my friend.
Resteemed.
Hi @menoski
Yes, one cannot get excited and lose your head when you are winning, because you simply have the opportunity to lose control and lose everything.
I believe more in working by goals, a daily amount based on your capital, let's say between 3-5% is a safe number. Looking beyond that is not crazy, but it can lead you to greed, even, if you already earned that, stop trading, don't continue. You have already met your goal for the day, it is not about being conformist but organized, respecting a scheme.
And also an amount of loss, if you reach this amount in one day, do not continue trading. It is a matter of being organized, creating a strategy and respecting it.
Thank you very much for your support.