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Kill Forex Losing Streaks
Imagine a small losing streak of just 5 trades risking 3% on each; it would cost you a massive 13% of your account. Think about that for a second, 13% of your account wiped out by just a handful of bad trades…… if you’re a trader the very thought of that should send shivers down your spine.
There Is a Way Round Losing Streaks
- Kill the Losing Streak – Losing streaks always start off small, you may make a little mistake in your analysis, which leads to a bad trade. Maybe out of anger, you take another bad trade and from there on out the losing streak takes on a life of its own. Instead of letting a pebble become a boulder, it’s best to cut losing streaks short. If you make a conscious decision to shut down the charts you will cut off all chances of trading out of anger, and making costly mistakes.
- Take a Break and Clear Your Head – I believe most losing streaks are caused by chart overload. After a few months of constantly staring at charts you could start to lose it. So instead of making mistakes take a short break and come back to your charts with a refreshed mind.
- Preserve Your Capital – Do I need to explain this one? It stops you from losing your hard earned money by taking dumb revenge trades and making stupid mistakes.