We all need help with things in life, the problem is that it can often be quite hard for us to realise that we need the help, we need someone on the outside to point it out for us. This is no different when it comes to trading and forex, often we think we are doing fine, only to have someone else come along and tell us that we are doing things wrong or to point out the fact that we aren’t actually profitable at the moment.
When we are told we are wrong or we aren’t doing well, it can make us feel pretty down but it is also the first step to improving and the first step towards being a better trader. So if someone tells you or points out something that needs improving, take it on board and put it into action. We are going to be looking at some of the signs that may be there that could be telling you that you need to make changes and that you may need a little help with your forex trading.
You Aren’t Profitable
There is an easy solution to this, you need to keep a trading journal. This will allow you to write down pretty much anything that you are doing, and by doing this, you are setting yourself up for success. Simply down to the fact that you will be able to look back at your previous trades and see exactly what you did and the results of that trade. This way you will be able to see exactly what your profits and losses are, and allow you to work out whether what you are doing is effective when it comes to being profitable.
It’s Too Stressful
Firstly, the money that you are using to trade with, do you need it? Will losing it negatively affect your life when it comes to things like food or rent? If the answer is yes, that is why it is so stressful and that is why you should not be trading with that money, never trade with money that you cannot afford to lose, it will always be a stressful situation. The second thing to look at is whether or not you’re using the correct trade sizes. If you are using trades too big then you will be putting too much of your account in danger, and seeing the trades go into the red can be stressful when the trade sizes are too large. So limit your trade sizes and only trade with money that you can afford to lose, those will instantly reduce your stress levels while trading. There are also a number of different support groups out there, even just talking to someone, friends, or family works well, can help to reduce your stress levels but getting help from professionals about your stress levels could be an option if it is really getting the most of you.
You Don’t Have Time
If you are someone that does not have a lot of time, then there is not really much point in you trading a strategy that requires you to spend a lot of time in front of your trading terminal. Instead, you should be choosing one that only needs you to place the trade and then the rest will be done for you, these longer-term trading styles are perfect for people who do not have a lot of free time each day to trade. So if you are finding that you don’t quite have enough time, think about switching things up and seeing if you are able to trade more effectively.
Not Knowing What To Do
There will of course be other signs that you may need help, if you find yourself in a situation where you are stuck, not understanding something, or cannot see any way to improve, it is important that you talk to people, join an online trading community and talk to people, it is the best way to get around things and people are always willing to help. So if you need help, simply ask for it, it’s the best thing that you can do.