Around 90% of traders blowing up their accounts. Most of them don’t trade anymore, but some of them are trying to get up. However, in the market, blowing up the account is a common problem. If you think, if you blow up your account, you might be lost in the trading, it’s not true. If you can take the right steps, you might change your current scenarios. But, for this, you need to become strong. Sometimes, traders take aggressive steps and thus face a big loss.
In this post, we will discuss, what steps you need to take after blowing up the account. We hope, it might be helpful for you. So, let’s know about this.
Take a short break
Keep in mind, after facing a major loss, you should not take immediate steps, because, it could be dangerous for you. For this reason, it would be better for you to take a break. However, if you don’t take a break, you might start reversal trading. On the other hand, if you take a break, you might think about the conditions of the market and can find out the right solutions to solve your problems. During this break, try to stay away from the market.
Find the weakness
Without finding out the weakness, you might not get the solutions. So, you should try your best to determine your weakness. Sometimes, traders ignore their weaknesses. They think they can’t do anything wrong. But, in reality, it’s not true. Everybody makes some mistakes. However, they need to reduce the number of making mistakes. That’s why traders should determine their weaknesses. Once you can spot out your mistakes, you might easily turn them into strength. So, don’t think, others will take responsibility for your failure, you have to take responsibility. To know how weakness impacts your trading performance, see it here. Improve your skills and slowly eliminate the problems in your existing trading method.
Invent the new techniques
Sometimes, traders need to change their techniques. Because, if they can’t apply the right techniques, it might not be possible to secure the money. That’s why you should change your current techniques and ply the new ones. However, in terms of making the new strategy, you should focus on the risk factors. Because, by applying the techniques, you need to limit your risk. For this, you should learn to maintain the risk-reward ratio. Always bear in mind, if you can’t trade the market with a positive risk-reward ratio, it’s not possible to get back the money.
Follow the money management plan
If you are a master of money management skills, you might get some profitable trades. However, after blowing up the account, traders should develop a new money management plan and follow it properly. Bear in mind, if you can manage your money, you can boost the account balance. But, some retail traders don’t know the perfect way of managing the money. For this reason, they face big problems in the market and quit trading. However, to become skilled at money management skill, you should use the demo account.
Control the emotions
Due to blow up the account, some traders do the self-harm. However, this is happening, because of traders’ excessive emotions. The majority of the traders can’t control their emotions. For this reason, they face big problems. But, if they can learn, how to handle the sentimental issues, they might get the best outcomes in trading. Being a trader, you should think positively so that you can take wise steps. Besides this, try to find out your major emotional complexities so that you can deal with them.
So, if you apply these techniques, you might re-start your trading journey. But, if you can’t develop the mental energy, you might face problems getting back the money. So, develop the mental stamina to get success in the market.