Want to Trade Forex?

The reality of trading – and life really – is that losing is one of the best things that can happen to us because it enables growth. Learning from our mistakes allows us to progress and develop in a way that leaves lasting lessons that we can draw immense value from.

When it comes to forex trading, you’re going to need to get used to losing. Plain and simple.

The amount of trades you are going to take and the countless different scenarios you will find yourself trading in will never be one and the same – each trade is unique

The price action will be different, the news released on any given day is going to be different, the currency you trade will be at differing levels of strength, your mindset is likely never going to be consistent – just to name a few things that make every trade unique.

Due to all these factors you can’t possibly get it right 100% of the time. In fact, getting it right 70% of the time is absurdly high.

You have to move the goal posts for what your expectations are in relation to the traditional meaning of “success” in trading.

Even though knowing how much losing you can expect to see is useful, another benefit of losing that we can’t ignore is the value of knowing what not to do in the future.

Look, there are a whole host of different approaches to trading forex. Techniques, strategies, opinions – all are diverse and different with trading and all of them come with their own pitfalls, drawbacks and weaknesses.

Turning our traditional notions of losing on their head is difficult, no doubt. We have been conditioned to quantify success with winning – breaking out of that takes time.

Fortunately, we are told to learn from our mistakes and in this sense we can move to something familiar in order to push back against these notions of success and winning being one and the same.

The reason why we journal trades is so that we can analyse all of our data. And when I saw all, I mean all data: both the wins and the losses. It allows us to learn from our mistakes and know what steps to take in future scenarios.

If you make a mistake and lose a trade due to that problem, you gain invaluable knowledge just by the experience alone. Remember what I have been saying about experience?

Trading can be difficult to take on because of this requirement of learning to lose. However, in my experience, the losses and false steps actually benefited my learning more than any of my winning trades.

Without those losses, I couldn’t navigate my way around those trades that then turned into big, consistent winners.

At the end of the day, that’s what we all want from our trading!