The traders who are have gained an experience of a few years, in their Forex trading tenure, they must have sometime faced a situation, where things do not work very smooth for them. The famous and successful Forex trader Hafizzat Rusli, in his early career also faced a similar situation.
This can happen because of various reasons. Forex traders sometimes discontinue trading because of personal and family affairs, and then when they start again they feel that their trading mojo is lost. Some start feeling lost because of continuous losses, and some even think of quitting Forex trade because they completely blew their trading account.
Though some traders think differently, and they try to start over from scratch and build a new career (Rusli did the same). Doing this is not so easy and is more difficult than starting fresh. The traders who are starting again will have to self confront themselves. They will have to figure out their mistakes, accept the failures that they got because of the old habits, and start new while accepting all of this.
The practice of letting go of old habits and strategies, and picking up the new ones is what exactly is the cure for the downfall which comes in a trader’s career. The positive aspect of doing this is that there is a possibility that you can come back as a better trader and make a career which you had not even imagined.
If you ever have to face a similar situation and need to make a comeback, the following tips will be very helpful for you.
1. Learn Forex Trading All Over Again
Whether you are experienced or new at forex trading, if you feel your career is not going in the right direction, it is a wise step to start learning from scratch. While doing so you can easily see the mistakes that you were doing and can rectify them. Moreover, when your old strategies are not getting you good results you have nothing to lose by learning all the new strategies. Learning and practicing new strategies will be very helpful. To avoid risking your capital, it will be great if you practice on a demo account. To learn the new strategies, don’t rely just on the internet and books, but also talk to other forex traders. Change your way of analysing the forex market and possibly you will come up with a new strategy that will help make your comeback.
2. While Keeping Your Mistakes In Mind Also Remember Your Strengths
It is essential to learn Forex trading all over again as it will help you to rebuild your capital. While doing so try to look for opportunities where you can make the maximum use of your strengths. For example, if you specialise at trend-trading, you should look for short time frames especially when the volatility is low. Here, you are trying to use your strengths to start again and have a good initial impact. When we suggest you start again, we do not imply that you should not keep your strong points with you. If you are experts at something, never let it go, and use it as a trump card to fasten your recovery.
3. Be Consistent
When you trying to make a comeback, it will not be easy and surely not happen instantly as it happens in the movies. It is real life, and you will have to show some consistency in your efforts. Keep trading so you can figure a mistake, find a solution, or just be updated with everything happening in forex trading. If you do not want to risk losing your capital, you always have the option of using a demo account to keep your edge sharp.
4. Maintain A Trading Journal
Maintaining a trading journal is a must to make a comeback. It might sound basic but has a lot of power to modify things positively. If a journal is maintained with sincerity, you can refine your trading process and go gain towards success.
Apart from following these tips, you can even start with a forex trading course, to enhance the growth rate. click this link to know more about the best trading course https://www.hafizzatrusli.com/trading-courses/