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If you’ve suffered your first trading loss, you may be tempted to give up. But keep in mind that this is a watershed moment in your trading career. 

Here are some pointers on how to get back on your feet if the market has knocked you down. 

Accept your emotions. 

You may be disappointed with yourself, the market, or even the entire planet, which is entirely acceptable. Don’t be frightened to express your emotions. Allow yourself to be disappointed or upset, but then deal with your emotions. What is causing you to feel this way? Did you hope to become the next Warren Buffett overnight? Don’t condemn yourself for not becoming a trading millionaire the instant you stepped into the trading platform.

Keep your expectations in check. 

You should not expect to become the next most successful trader overnight. Reduce your expectations, especially if you are a rookie who is still learning the market. Your first failure is an excellent opportunity to analyse and change your expectations for this new activity (maybe without even recognising it). As a starting point, look at risk-management measures. 

Take your time learning from your errors. 

What you require is research. To prevent making the same mistakes, you must first understand what went wrong. Perhaps you entered the market without knowing how to manage your risk or learn about your instruments. Did you learn about the specific instrument far too late? So, here’s your chance to learn and not make the same mistake twice. Do your homework to prevent making the same mistakes!

Begin again, but this time use a new strategy. 

Now that your homework has been completed, you should start on developing your new strategy. It is the ideal moment to try again — but this time without mistakes. You might begin by utilising a trading strategy if you didn’t already have one, or you could choose a new one if the prior one failed. Choose from hundreds of trade techniques we’ve previously discussed, or construct your own based on your research. Congratulations! 

Put an end to comparing yourself to others. 

Yes, that’s all. There is no need for an explanation. To be clear, comparing yourself to others will only prevent you from achieving since there will always be someone larger, better, quicker, and stronger.

That is true for all of your actions in life, but it is especially true for trading. Instead, compare yourself to yourself a few days, weeks, or months ago. Are you more informed now? Do you have a better grasp of the market? If the answer is yes, congratulations, you’re on the correct track. If your response is no, you must address this issue before you can begin to grow. 

Keep in mind that achievement takes time. 

You’re definitely aware that genuine success necessitates a significant amount of effort and hard work. Here are some examples of people who climbed back up and rose to the top after being knocked down by life. Walt Disney, the founder of one of the world’s most successful businesses, was dismissed from the newspaper where he was working at the time for “lack of vision and creative ideas.”

Disney attempted various commercial projects that failed before becoming one of today’s most inventive animation studios.