Don't you get bored sometimes of hearing "this is what you do to make Forex profits?"
How we handle our losing trades is what normally messes things up for us right? So today I am going to share my 3 musts after taking a losing trade.
My 3-Step Forex Formula For Handling Losing Trades
So I've just lost a trade what do I do?
Nobody likes losing trades but I'm willing to accept I got the trade wrong. I don't rush back in, I start completing my Trading journal entry. There are things (now the trade is over) that I need to input.
What was the price I was stopped out?
How do I specifically feel at this moment?
How much money did I lose?
- Did I follow my rules?
These are some of the things I can only fill out after my trade. If you want to have the exact same trading journal I use, with all the features I've shared here and I mention in this blog post. Click Here To Purchase it today and you also get a bonus walkthrough video showing you exactly how to maximise it.
Make Sure You Take A Picture Of The Forex Chart
This links in with #1 but this is perhaps even more significant. If you don't take a picture, all the data I've jotted down is useless. I need to see what the chart looked like after the trade.
Don't wait a few hours or days. As soon as you are out of the trade, take a picture. You may need to add some lines in, or highlight some key areas for reference. What you will find is your analysis is getting better.
And ultimately, the better your review process is, the more money you will make going forward.
Take Some Time To Reflect
I take some time obviously to do step 1 & 2 but I also take a bit of time away. I do this so I don't jump back in. I allow time to pass so I know I'm not trying to go back in revenge. Don't take it personal!
If you get too emotional it will only cost you.
So that's me, what about you?
Leave a comment below letting me know what you do after a losing trade.