As a forex trader, you must learn how to make a loss. Point. Don’t be a crybaby. Learn how to take losses.
Learning how to take losses is one of the most important lessons you need to learn if you want to survive as a trader. No one is right 100% of the time.
Losses are inevitable. Even Michael Jordan and Tiger Woods lose sometimes and are considered the best in their field.
There will be trading streaks where you will have a series of successful consecutive trades, but this will eventually come to an end where you will take a loss.
At this point you mustn’t lose your mind, you have to keep yourself in check. Don’t be a nerd.
Take a break. Calm down and relax. Take a tranquilizer pill, man.
Stay out of the market until you regain a clear mind and the ability to think rationally.
Don’t whine about your loss and never prejudge a loss.
The key to managing losses is to cut them quickly before a small loss turns into a big loss.
I repeat, the key to managing losses is to cut them quickly before a small loss turns into a big loss.
Never, ever think that you will never, ever lose. This is simply ridiculous. Losses are just like profits, they are all part of the trader’s universe.
Losses are inevitable. Overcome the loss and move on to the next trade.