I think, most importantly, you shouldn’t give up trading just because you lost some. Forex Trading is a skill profession. You not only learn from books, news, articles and trading courses – you learn from your own mistakes. You can never become a professional without “falling down from the house” (in our case, from the bull!) couple of times. And what do we do when we fall of the horse? We get back on!
Another good tip is to invest a “comfortable” amount of money. Of course every penny is important, especially if you worked your ass off to get it. So I suggest taking it slow in the beginning. You can always move to bigger trades once you get more comfortable and once you make some profits.
If you aren’t familiar with the term “stop” in forex trading, I strongly recommend getting to know this option. This feature is provided by almost all forex brokers and it will save you from loosing more then you can handle. Think of forex stop as a watchful security guard – it will make sure that you won’t go over your daily trading limit.
Now, here is the tricky question. How to handle the loss? I mean, even if you are a pro, you won’t win all the time. Eventually you end up loosing some. One way of handling the pressure is to smash your computer monitor with a hammer, rip off the keyboard and pull out all of your hair. However, understand that loosing, just like winning, is the part of trading equation. Keep learning, keep reading, keep trading. Things will get better as you build up your experience.
The beauty of forex trading is that your knowledge eventually pays off. When you experience a real loss, you learn. The next time you trade you definitely will not the same mistake again.
So, do you still need your psychologist?!