Every trader sooner or later makes a decision to stop trading. And some go through it several times in their careers. The reasons are different for everyone: someone cannot start earning in any way, for someone Forex seems too difficult, and some get into a losing streak and lose thousands of dollars at a time. At such a moment, everything depends on your faith in yourself and your desire to win.
So if now you are facing a similar situation and think about leaving Forex (or want to mentally prepare for this in advance) then before you give up, try using the tips from our blog.
#1. Take a Break
Forex is similar to regular life situations. When you experience strong emotions, you stop thinking sane and can accidentally do the things you wouldn’t normally do. Remember your last serious quarrel with a loved one. On emotions, we can say something that we would never say in an ordinary situation. At such a moment, it is better to step back and calm down. This is the only way to get out of the situation with fewer losses.
If you are going through a difficult moment in trading, you need to step back as well. Stop trading for a week. But do it wisely:
- Don't look at charts at all. Otherwise, you will get frustrated and stressed because of every trading opportunity you might be missing out on.
- Relax for real. Do something nice for yourself - go to nature, meet friends, have a picnic with your family.
- Analyze your trading history. Since you won’t be distracted by trading, it will be easier for you to focus on your past actions. Be honest about your mistakes so you can start working on them.
- Try other tips in this article series. You will have a chance to try all the tricks from our blog and get ready to return to trading.
#2. Remind Yourself Why You Came to Forex
The desire to stop trading indicates that you have lost motivation. And this is not surprising, given the complexity of learning Forex and the money that you can lose in the process.
You need a reason to stay. There is no point in coming up with new reasons. Remember why you came to Forex in the first place. Pick your top 10 reasons and write them down on a piece of paper. Everyone will have their own reasons, and it doesn't matter how strange or ridiculous they might seem:
- Stop working for your boss and start working for yourself
- Give your family everything that makes them happy
- Buy yourself a yacht and go on a trip around the world, etc.
Feel free to write everything down. Anyway, no one except you will see it.
Now comes the hardest part. You need to read this list to yourself every day in the morning and evening so that you wake up and fall asleep with these thoughts. Each time, this will remind you what opportunities you will miss if you leave Forex. This will help you regain motivation.
These are all tips for today. We started with the easiest ones. It will be more difficult further. You will have to face your mistakes and start working on yourself. I'll tell you about the other steps in the next article. Subscribe to our blog to keep abreast of the latest updates.