We have seen many traders who cannot admit when they are wrong. It is not a psychological disorder among the traders but it is a common disorder that can be found in our humans. When we are trading in forex, we do not like to admit that we have done something that is wrong. It is better to join in a war than admitting and this is why many traders in forex lose their money. If you want to advance in your career, you should know that is a great quality to admit when you have done something wrong. It will not disrespect you or make you small but it will increase your dignity.
Professional traders do not feel small when they are admitting their mistakes. They even say it with pride that if they had known it, they would not have done it. They told their mistakes and wrongdoings in a way that you will laugh at them but at the same time, there will be respect for them in your minds. It is not something easy for humans to admit when you have done wrong. If you can do, you will reach the peaks of forex trading career.
Stubborn novice traders
Majority of the novice traders are stubborn. After learning a few basic things about the financial industry they think that they have all the trading knowledge and they are the best traders in the world. They simply start floating in the cloud of false confidence and beginning trading with big risk. Soon they lose a huge amount of money and start blaming the market. But in reality they are the one to be blamed. Being new to this section you need to learn to admit your mistake. Never feel down if you make many mistakes since it is just natural process to make mistake in new things. But make sure that you are making yourself a better trading by assessing your losing trades.
Keep your trading chart clean
Some rookie traders often mess up their trading platform with too many indicators and EAs. But trading needs to be done in a simple environment. In fact, you need to develop a simple trading system based on the key ingredients of this market. Learn to trade the key support and resistance level using the price action confirmation signal. Make sure that you are not executing your trades’ against the long-term prevailing trend since it is one of the easiest ways to lose money. When you place your trade, never risk more than any amount which you can lose. Be more concern about your investment rather than your profit. If you can stay in this game then making money will not be a problem for you. Save your investment at any cost.
Admitting will develop your trading mindset
The mind is the limit of your success. If you can think something in your mind, it is also possible to make it happen. Traders with successful careers always admit their mistakes. They do not say they did not know or they have done something for helping the traders. They admit their mistakes, they say they had done the wrong thing and lost their money by their own and they try to develop their career. When you admit and stay disciplined in your career, it helps to develop your trading mindset. This mindset is important for your career growth. If you are a professional trader and you cannot admit your mistakes, you cannot teach the other traders. They will come to you but not later in your career as you cannot admit your mistakes. Learn to hug your past mistakes.
It builds your strategy and makes you disciplined
When you are admitting that you are wrong, it also builds your strategy. It makes you disciplined in forex and you will trade the market with more profit. Traders with developed strategy and good discipline always succeed in making the profit.