If I could teach my beginner self who has just started FX (foreign exchange),
If I could teach my beginner self who just started FX,
I probably wouldn’t teach a method.
Not even about chart reading.
Not even about indicator settings.
Before anything else,
if you don’t know this, you’ll lose in the same way over and over.
What I want to impress on my older self first is
① Learn how to lose before learning how to win.
When I was a FX beginner,
I was always looking for winning methods.
But the cause of depleting capital was
not knowing how to win,
but how to lose poorly.
② People who lose poorly don’t have any capital left
Skip stop losses.
Push up the lot sizes too much.
Try to recover after losing.
Pray for a drawdown.
Enter with weak justification.
If you do this,
no matter how good a method you know, your funds will still decrease
③ First, practice losing a little at a time
FX isn’t a game where you win everything.
When you lose,
how small can you end it?
This is quite important.
If one loss breaks your mental state,
the lot size is too big.
④ Decide how you’ll lose before entering
If you think about stopping losses after entering,
your judgment tends to waver.
So before you enter,
・where you’ll cut losses
・how much you’re willing to lose
・when you’ll bow out
decide these before you enter.
⑤ People who win are good at what they do after a loss
People who don’t win
try to make up for it after a loss.
People who win
pause briefly after a loss.
This difference is huge.
Immediately after losing,
calmness to seize the next opportunity should come first.
If you found this article educational, please follow and like the product