Forex trade is a career with a complex scenario. It ensures recognizable profit but you have to earn it by devoting your time with full focus and maintaining trade journal. You need to learn that loss is a part and parcel of trade, just like profit. You have to pay keen attention to two interlinked concepts. These concepts are:
- Repetitive Behavior
In our daily life, repetitive behaviors form a routine. The things that we do on regular basis become our habits and eventually become a part of life. Same is the case with Forex trade. With the passage of time, when Forex trading becomes your routine, you can easily deal with the situation that you unexpectedly face in Forex trade. In Forex trade, missing a beneficial and appealing opportunity is worse than loss. If you succeed in understand he repetitive behavior in Forex trade then you will not miss a good trade.
Losing your hard earned money is definitely heart breaking. A careless move or risking too much on a single trade may result in loss. Mostly traders quit Forex trade because they cannot deal with loss. Loss not only affects monetarily but it also leaves psychological impacts that often forbid you to take advantage of profitable trade opportunities.
If you really want to become a true Forex trader, you should maintain you trade journal. Your trade journal should have the details of all your trades. Reviewing your trade journal helps you to understand your mistakes. Even if suffer loss, this experience will help you to get rid of avoidable loss. You will know what to avoid next time. If you are faced with the same situation then you will be able to effectively deal with it. Therefore you can assume that trade journal makes you understand your mistakes in a failed trade opportunity.