Just because getting into Forex is easy doesn't mean that your due diligence can be avoided. Learning about Forex and understanding Forex is so important for your chances at being successful. The majority comes from experience and live trading but even with as much practice as possible, you can't be perfect because the market is unpredictable.
When it comes to Forex, losing is a given. You will have times when you lose, and that is something you should be prepared for. When you have a “losing streak,” it’s not uncommon to have thoughts and feelings such as, “I’m not a good enough trader,” “I should have never invested in this,” “I shouldn’t invest anymore time into trading!” Having these feelings is common, however, and you should expect to have some of them so you can easily recognize them and turn them around! It is fairly easy to get yourself trapped into these feelings of self-doubt and self-pity, but noticing them right away can make you feel powerful and get yourself back on track.
I have come up with some tips you can use to get yourself out of this cycle as soon as it starts. Ask yourself, what am I feeling? Is it anxiety? Is it disappointment? Is it anger? Notice what your mind is telling you, and ask yourself if following trading after feeling some of these emotions has been successful for you in the past.
Having unhelpful thoughts is very different from actually acting on those thoughts. So if you have those thoughts it's helpful for your success as a trader to turn them around, take a break, and ask yourself instead if there is anything in your strategy that you can change. You can take a look at your risk vs. reward ratio and see if your losses are too narrow or too wide. It often takes time to determine the best ratio, and you may have to experience a few losses before you figure out what is best for you. The best thing you can do for your trading success is to continue learning about trading and growing as a successful trader.
What I love about The Apiary Fund is how amazing and supportive they are when it comes to your education. They are continuously pushing you to be apart of the live trading sessions they offer, they offer recorded sessions, and one on one trading with the head traders at The Apiary Fund. They have been so huge in my success as a trader, I recommend them to anyone looking into trading for part time or full time trading!