Blowing up your trading account due to silly mistakes4 min read
Thousands of traders have blown up their trading accounts because of some silly mistakes. Mistakes are going to cost traders dearly. Even the top traders in Singapore often lose huge amounts of money due to one simple mistake. Let’s say, you want to execute the trade in US30 with 0.01 lot. For each pip movement you the potential loss or reward will be $1. Due to silly mistakes, you have executed the trade with 1 lot and for each pip movement, the potential loss or profit will be $100. So, it’s very obvious, you are going to lose a big portion of your account in no time.
No matter how educated you are, every trader always makes such a mistake in their life. But they can’t do anything because they don’t know the proper way to recover losses. Mistakes are common in human life. When it comes to trading a career, we have to know how to curate the mistake in a professional way. Let’s learn the key technique that will allow us to get back to the game.
Accept the fact
After making the mistake, you must accept the fact, you have done something wrong which you can’t reverse. In fact, each step you take in the Forex market has its own consequence and you can’t reverse it. So, try to embrace the fact, you have done the mistake. Set up your mind and try to forget the amount that you have lost. Create a new risk management plan so that you can come up with a solid idea that will allow you to make a consistent profit. Trading is not as tough as it seems. But you must know how to deal with this market in the most effective manner.
Learn from the experts
The reason for making a silly mistake is a lack of knowledge. You need to learn from the experts. Get more info about the professional traders at Saxo and try to read their posts. By reading the post of the professional trader, you can earn a decent amount of money without having any major problem. Things might be hard to embrace but if you follow all the safety protocols when trading, you will be able to make up your mind. Tell the experienced traders that you have lost your capital due to one silly mistake. They will give you powerful tips that will help you to make a decent amount of money. Most importantly, they tend to have knowledge about the most profitable stocks along with upcoming IPOs of reputed companies, on which you can bet to make a significant amount of money. This information is just not limited to your native country, but they also have knowledge of the stock exchanges in other countries as well. So, whether you want to buy shares of a company on the NYSE or want to subscribe to an IPO listed on ASX (such as this HAL IPO ASX), they can guide you accordingly in order to maximize your profits. That being said, embracing the safety protocols in trading and benefiting from the expertise of seasoned professionals can pave the way for successful investment opportunities.
Read stories of the successful traders
You must read stories of successful traders after losing money due to small mistakes. The retail traders don’t know the successful traders know a lot about this market. In order to stay on the safe side of this market, you must follow the standard rules at trading. You might be thinking you know a lot about this market. But this is not all true. The successful trader stories will tell how much money they have lost in the learning stage. Many pro traders have blown up their trading account multiple times. But due to their strong risk management skills, they have managed to come up with a unique idea so that they can earn consistent profit.
Trade with discipline
The fact, you have lost a big portion of the capital due to silly mistakes tells you that you are not a disciplined trader. In order to lead your life, you must focus on core discipline. Read the portfolio of the successful traders and see that they have big winners and small losers. You must act like the successful traders and only then you will be able to make significant progress in your trading career. The moment you feel like breaking the rules is the very moment you should take a break.