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Why 'Refusing to be wrong' is a Poor Trading Strategy in Forex

Trading the Forex market is a skill nurtured over time.

Yes, one may opt to use the skill of other traders and copy trades.

However, if you have the time and patience to be one of those expert traders, you should know early on to befriend the market.

It means not 'refusing to be wrong’.

A trader may deploy a refined risk management strategy—stop loss, take profit, trailing stops, and continuously improve a strategy.

Note that a trader is left to chase the market by refusing to be wrong rather than admit that a trade isn't just working out.

As a trader, the primary goal, at first, is to protect what you already have. If wrong, exiting the market can be the best strategy rather than hanging on and ending up with a zero-balance account.

It may be hard to admit to a mistake, but admission is the beginning of developing finesse.


Keen to learn the forex market? Check out our other explainer articles in our Learn Forex blog. 


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