You have taken a loss. Okay, let us say you have taken an astounding loss. What now? It is not the end of the world. Now comes the part where you rise above the colossal mistake you have made in forex trading.
Owning up to it:
Know you have made a mistake and it is a fact. Stop blaming anything or anyone else. Owning up to a mistake is the start. The sooner that you realize that mistakes can be made and will be made, then the sooner will you get back into the game.
Learn from it:
Now what went wrong? Got it? Good. Every mistake is a learning experience. Even if the reason you realized is your own arrogance, greed, or some flaw in your calculations or in your strategy, there is something to learn. At least you know what not to do next time. The forex market is not as unforgiving as you might think. It is a place of chance and opportunity.
Try a new path:
Now you know the flaw in your strategy, reassess if you would change that part alone or totally try a new path. Failure gives us the chance to look at our plan from afar, to give us a bigger picture. If the problem seems to be your fear of losing or a system that does not fit you, you can easily see a better and new approach once you open your mind to it.
Assess the effects of the mistake(s):
What are the changes from your previous situation? You may find that you are not that bad off after all. You might be overreacting a bit regarding the situation. However, if the mistake really has far-reaching effects, then better to list them. This way, you can reassess which effects can be remedied and which you can do nothing about. For example, you may have lost some investment, but if you can see a chance of recovering it, you will discover if it is feasible or not by listing the pros and cons.
Perhaps you lacked discipline before. Then now is the best chance to wake up and implement a solid system that you will base your decisions on. Learn the telltale signs of the errors you have made so you can avoid them. Not only will a systematic approach make you more confident in making trades, but also lessen the work you normally do.
I know it is easier said than done, but the best thing to do is to be stubborn and get back into the game (get back on the horse). They do not call forex trading the perfect marketplace for nothing. If there is a currency dropping somewhere, then there must be a rise somewhere as well. There is always a chance for profit. Think that if your trained in taking the right risks while being conservative at the right time, then success is not too far off.
As a last thought, think about the fact that you are not alone. Somebody else somewhere has made a mistake before you. In fact, those who have failed in the past are probably the ones enjoying success today. It is important to keep in mind that failure is a steppingstone to success. Most successful traders have learned their lessons from failure. They have shrugged off the stigma of their losses and moved on to become successful traders. Forex trading is difficult and challenging yes, what isn’t? But the beauty is you are always welcome to try again and again. You just need the courage and desire. Your choice!