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Thursday, June 11, 2009

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How to Recover from Losses in Forex Trading

Joe Ross' Biggest Loss in Forex

(…) You wrote about the experience of losing $45,000 in about twenty minutes, and the fact that with support of your wife, you managed to forgive yourself. How do you think the ability to forgive oneself can help a young trader?

The ability to forgive yourself is incredibly important. Jesus said that you will be forgiven if you forgive others. So it is a two part thing. Many traders have never forgiven someone from their past. (...)

(...) One night in the Bahamas, where I was living at the time, we were sitting with another friend of mine who is a psychologist. We were talking about trading, all relaxed, enjoying a beer. Very subtly, in a way you wouldn’t realize, this psychologist was probing into this trader. He began asking him questions, and it finally came out that when he was a boy, his father kept telling him that he was no good; that he would always be a failure. His father was a completely negative influence. (...)
(...) Most people do not know who they are. They think they know. They believe what other people say about them, but they never really look deeply into what is holding them back. When a trader can not pull the trigger on a trade, there is something there, something very deep that may go way back (quite often to early childhood) that keeps him or her from winning. They have an image of themselves as a failure. A person who has that image is defeated before starting. That person needs either a cure, or to stop trading, or both.

People may have internalized those losses long before they come into the market, but it is the stress and pressure of the market that brings it out. It is usually something they buried a long time ago. They no longer remember it. They need to examine themselves to see why it is they can not win. It might have been a lost fist fight in school that changed their self-image. They may have been betrayed by someone they thought was a friend. They may not remember it, or do not want to remember it. But when they get into the market, the hurt and the pain is brought out. Little crazy stupid things can have such a huge impact on a person’s trading.

It is a remarkable thing how psychology, mindset, and emotions play a part in our success or failure (…)

For the full articles, please refer to Forex Market Masters

For more articles on forex trading, please visit FX Journal

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