I'm losing money and can't stop. How do you be patient?

[comagnum]

Forex is a great market to trade - but you have to know how to use leverage. Most Fx novices are taking on way, way to much leverage trying to over compensate for being under capitalized, a certain road to ruin. Many are in casino mode trying to live off a $2,000 account - contrary to popular Fx madness, it still takes money to make money.

 

[jinxu]

I took a look at FX. Still not sure how anyone can make money off that alone. The price actions are either chaotic or boring.

 

[d08]

Forex seems like the worst class of instruments to trade. CHF, GBP for example, you have normal volatility and then it goes insane in a matter of minutes. You can't size down enough to avoid catastrophic losses from these events because you also want to earn.

 

[mlawson71]

There are plenty of currencies to trade, not all of them are like those two.

 

[d08]

There are plenty of currencies to trade, not all of them are like those two.

You're saying this after the fact. No-one thought they'd behave like this before it happened.

 

[mlawson71]

I've never touched the CHF with a ten-foot pole and I think it was clear that the GBP was very dependent on news and the like after the Brexit vote. That said, even with knowing how dependent the GBP was on the news no one did expect such a random spike without any visible reason, I very much agree about that.

 

[GotherL]

When you lose money you want to chase and you become even less patient. What makes things worse is the market tends to go against you when your feeling this way. I've been there before all too much...

 

[mlawson71]

True, revenge trading is almost always a bad idea. You want to fix things but you just end up making them worse.

 

[Michael89]

I do something that calms down, which most of the time means for me going to the gym or for a run to clear my head from everything and then i come back to trading. You need to find smth that will do the same for you