Every professional trader experiences frustration from time to time. Whether you're a beginner trader getting to grips with the basics of trading, or you're a seasoned professional that's traded on the markets for many years, there will always be some form of frustration in trading.
This article is designed as a guide to help beginners and professionals with forex trading frustrations. As the title of this article suggests, it is intended to help you 'reboot', or to put it another way, 'bounce back' from day trading frustration, so that you can put yourself back in the right frame of mind for successful trading again.
Moreover, this article will provide you with useful tips that you can continually use, so that you can better cope with trading frustration, or perhaps avoid it entirely!
Come Back Later
Key takeaway #1
Take a break and do some unrelated activity, like watching tv etc. Return to trading after some time has passed. This is how you avoid revenge trading and trading frustration.
The best first step you can take after incurring losses is to simply walk away and take a break. The temptation to revenge trade might be a little too much for some, and deviating from your strategy in a bid to win your money back is a surefire way to incur even bigger losses.
So take some time away from trading. Do something completely unrelated and only return when you have a different mood and fresh mind. Instead of acting on emotion, you'll be approaching the situation with logic, and will likely make better decisions in regards to how you proceed from that point onward.
Practice Makes Perfect
Key takeaway #2
Open a demo trading account, and practice your strategies. Repeat these continually, to ensure that you are always improving your trading system.
Ever thought about taking things back to basics? There's no shame in going 'back to the drawing board' in order to figure out your next move. After all, perhaps you will discover a new and more effective trading strategy that will enable you to avoid future trading frustrations!
Taking some time to revert back to the testing stage might also help you to regain some confidence and may therefore help you to regain your focus. No one likes to lose, but by rebuilding your confidence and learning through testing, you'll already be on your way back to the right frame of mind.
With that in mind, why not open a demo account on the MetaTrader 4 trading platform? With MTrading, you can open an account for free, and you can begin testing your strategies out straight away without having to put your capital at risk.