How to Cope with Your First Failure on the Market?

kevinberry

Junior member
40 6
‌When a trader starts their trading journey, they must be prepared for the ups and downs the market will get in the form of profits and losses. You have to mentally prepare yourself that your beginning would be full of losses and if you really want to keep trading, you must start trading with a small amount.
 

sebking1986

Member
88 27
If your first loss I wouldn't say necessarily change anything if you followed your plan precisely. Sometimes a good trade can still lose and a bad one win. You need a greater sample size to know if the trading plan itself is at fault.
 

sharabela

Junior member
23 6
Thanks for this excellent motivational post. You have made some good points. I like the last one most, which says success needs time. We must give us enough time to be successful in the Forex market.
 

dutchy1986

Junior member
15 2
If you’ve suffered your first loss trading, you may feel like giving up. But, remember, this is a turning point for you and your trading journey. Stop now, and you will never feel the rush of victory! So here are some tips on how to get up if the market knocked you down.
1. Embrace your feelings
You might be feeling disappointed in yourself, in the market, and even in the whole world, which is completely understandable. Don’t be afraid to embrace these feelings. Let yourself be disappointed or sad, but then address your feelings. Why are you feeling this way? Don’t judge yourself for not being a successful trading millionaire from the moment you stepped onto the trading platform. Baby-steps!
2. Manage your expectations
Do not expect to become the next most successful trader right away. So instead, lower your expectations a bit, especially if you are a beginner and still figuring out the market. Your first failure is the perfect time to evaluate your expectations for this new activity and adjust them. Try researching risk-management strategies as a start.
3. Take your time to learn from mistakes
Research is what you need at the moment. To avoid repeating mistakes, you need to know what went wrong. Maybe you entered the market without managing your risk or learning about your instruments. Did you receive the news about the specific instrument way too late? Well, here’s your chance to learn and not make it again. Do your homework to avoid repeating mistakes!
4. Start again — but use a different approach
It is the perfect time to try again — but without errors. You could start by using a trading strategy if you didn’t have one before or pick a new one if the previous one failed. Choose from hundreds of trading strategies we’ve already written about, or create your own based on the research you’ve done. Good for you!
5. Stop comparing yourself to other — more successful — people
Comparing yourself you others can only stop you stop from succeeding because there’s always going to be someone bigger, better, faster, and stronger. That applies to all of your activities in life, but trading especially. So, instead, compare yourself to your old self from a few days, weeks, or months ago. Are you more knowledgeable now? Do you have a better understanding of the market? If the answer is yes – great, you’re moving in the right direction. If your answer is no, you need to fix that to start growing.
6. Remember that success takes time
You probably know that true success takes a lot of effort and hard work. View attachment 305201
Your first loss is definitely the worse especially if you invested more than you should of, but although it’s cliche it does teach you
 

tomsmiths

Junior member
19 7
It is so easy to get discouraged by your loss but to deal with it, you need to understand that losses are inevitable. Sometimes even the best trade fails and there’s absolutely no trader who wins everytime. Therefore your loss is no different but you can make it positively different by not over- analysing things, learning from your mistakes and owning it with the right mindset.
 

rochellcurtin

Newbie
9 2
I think a trader should always be prepared and open to a loss. We all know that sometimes the outcomes are so random that even with all the practice you can’t avoid the loss. These failures hit hard but it is important to react positively. If the loss is too overwhelming, you should take a step back. Utilize this break to recover and analyze what went wrong. This will help you to improve yourself.
 
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momo3HC

Active member
182 54
I think a trader should always be prepared and open to a loss. We all know that sometimes the outcomes are so random that even with all the practice you can’t avoid the loss. These failures hit hard but it is important to react positively. If the loss is too overwhelming, you should take a step back. Utilize this break to recover and analyze what went wrong. This will help you to improve yourself.
Absolutely. We can`t win them all. And because of this, like i said, it`s very important to not risk what we can`t afford to lose.
 
 
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