What Is Forex Money Management

4 Tips to Help You “Start Over” In Forex Trading

If you’ve been trading for a long time, you’ve probably felt like you’ve lost your trading mojo at some point.

There will be moments when you feel like you have to start again, whether it’s because you took a lengthy vacation from trading, had a streak of bad transactions, lost your edge in the markets, or blew your account.

If you decide to start at the beginning, you’ve already taken the first step toward swimming rather than sinking. It’s only the start of the process.

It’s more difficult to start over than it is to learn how to trade for the first time. You’ll have to face your faults, accept your failings, and let go of your ego and previous habits when you start anew.

But perhaps letting go is the purpose. You must let go of your previous trading procedures and follow different routes to uncover a better trader in you, much as certain software businesses must “pivot” in order to survive.

So, how can you “restart” your forex trading career? Here are some pointers:

1. Re-learn how to trade in the FX market.

If the aging dog is to effectively adjust to modern circumstances, he or she will need to learn new skills. Your willingness to attempt new things is crucial. After all, what have you got to lose if your old tricks aren’t working anymore?
Read about other people’s trading methods and put them to the test. Speak with other traders to hear their opinions.

Learn to look at the forex market from a fresh perspective, and you could just discover a method that gives you a new, easier, or different advantage.

2. Keep your strengths and shortcomings in mind.

Look for possibilities to leverage your talents while you re-learn markets and explore methods.

In times of low volatility, a trend trader, for example, could look at shorter time horizons. Meanwhile, instead of trading the majors, a news trader can diversify into currency crosses.

Starting afresh does not imply that you must forget all you’ve learnt previously. If you already know your trading personality, all you have to do now is locate another method or system that will provide you with consistent gains.

3. Continue to trade.

Similarly to trading rookies, the greatest method to acquire a fresh edge for yourself is to simply keep trading.

Trade often and with purposeful intent. If you’re not sure about investing real money on a new approach, trade on demo.

The purpose is to determine which approaches work in the present trading environment and which do not. This leads me to my next point…

4. Maintain a thorough trade log.

You’ll need to document your progress diligently now that you’re back to “exploring” what works and what doesn’t.

A detailed trading journal will help you keep track of your new market observations. More significantly, it will greatly aid in the refinement of your new procedure.
The easiest part of re-discovering your edge is re-learning the forex market and all of its lucrative nooks and crannies.

Admitting you need to change and letting go of old behaviors to create place for newer, healthier ones is the more difficult part.

AboutSamuel Joseph
Copy Trading
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