Learning how to lose money
I decided to open this thread / journal to learn how to lose money.
I know - you think I should actually learn how to make money, because surely that's what it's all about - hmm .. actually it's not quite true (or at least not in my case).
Like most of us that invest in FX i have my favourite system, thanks to which i can do 30% -50% per month sometimes more, have established rules for the SL and TP etc. everything works well .... hmmm ... but ... in this whole strategy is one weak element >> ME <<
i always know where is my SL,TP, when to move to BE before opening position, but once in a while when i am in a losing trade, price is closing to my SL I think that I know better, I ignore my strategy and I delete / move SL, and then i always lose big one, monthly profits and even I blow my account.
Once i touch SL i am losing control of my trade. Have no idea when and how to close this losing position and losing badly.
So this is why i want to learn how to lose money and know how to explain myself that closing it was the best think i could do and thanks to that equity in my account is increasing steady .
I found a few reasons which stop me to execute what my strategy indicate in such days, but still need to learn more.
i hope This Journal will help me to learn how to shut the lossy transactions so final effect will be maintaining constant increase in my account.
I will try post here my mental approach to every loosing trade i am closing so if i need i can always comeback to it and build my confidence.
I would be grateful for all yours comments, ideas ,tricks how you deal in such situations.
FlyRAmboo
I decided to open this thread / journal to learn how to lose money.
I know - you think I should actually learn how to make money, because surely that's what it's all about - hmm .. actually it's not quite true (or at least not in my case).
Like most of us that invest in FX i have my favourite system, thanks to which i can do 30% -50% per month sometimes more, have established rules for the SL and TP etc. everything works well .... hmmm ... but ... in this whole strategy is one weak element >> ME <<
i always know where is my SL,TP, when to move to BE before opening position, but once in a while when i am in a losing trade, price is closing to my SL I think that I know better, I ignore my strategy and I delete / move SL, and then i always lose big one, monthly profits and even I blow my account.
Once i touch SL i am losing control of my trade. Have no idea when and how to close this losing position and losing badly.
So this is why i want to learn how to lose money and know how to explain myself that closing it was the best think i could do and thanks to that equity in my account is increasing steady .
I found a few reasons which stop me to execute what my strategy indicate in such days, but still need to learn more.
i hope This Journal will help me to learn how to shut the lossy transactions so final effect will be maintaining constant increase in my account.
I will try post here my mental approach to every loosing trade i am closing so if i need i can always comeback to it and build my confidence.
I would be grateful for all yours comments, ideas ,tricks how you deal in such situations.
FlyRAmboo