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Are You Honest About Your Forex Losses?

July 15, 2013 (Last updated on August 10, 2017) by

They say that in order to progress in something you have to track your success objectively. In my opinion, being honest about losses is a crucial prerequisite to trader’s prosperity. Unfortunately, it is not always easy to face the truth about one’s failures and sometimes it is even harder to tell about your mistakes to someone else, even a complete stranger. In reality, doing so would be quite beneficial to your future results as it would almost certainly make you question your trading methods and expose them to extra scrutiny.

I must admit, that more than once in my trading career I have lied about my trading performance. Not that it was necessary, I just felt bad at the thought of confessing my own inability to earn in this “trillion dollar market.” About four years ago, when I started to log every single trade, hiding losses from myself or anyone else became nearly impossible and pretty pointless. Even if I cannot call myself a 100% naturally honest person, the trading journal provided me with a way to overcome this psychological weakness and improve my overall approach to markets. And how about you?

Have you ever lied about your trading performance?

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If you want to share your opinion, insight, or a personal story about the importance of being honest in FX trading, please feel free to reply using the form below.

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