Yes you need to consider both ends of the spectrum, especially if things don’t turn out in your favor because at some point they won’t. You gotta have an action plan in your kitty which you’ll put into force in dire times. Being proactive and alert is the key.
Exactly , most of the traders we have particularly beginners level always try to earn profit very rapidly without learning , as a result they become loser after passing sometimes , and ultimately they blame this market place as a scam.
Believe it or not. Main reason is Vicissitudes of life. How well we can manage our temper and composure will determine the consistencies of success in our life.
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You didn’t carefully read Douglas’s book if you write: tell me how to be sure price will go my direction.
Sorry but nobody know. This is a probabilistic game with an edge on your side at best!
And seriously, if you are a newbie and you are not profitable yet don’t trade money. Start with a demo and grow slowly little by little.
Once you are profitable for a couple of month you can start using a micro account. And then as you keep being profitable you can gradually raise your stacks.
I very much agree with you. Without a sufficient empirical foundation, it is impossible to go further.
• Don’t enjoy trading.
• Unrealistic expectations.
• Not sticking to a plan
• Overtrading
- Trading Without a Plan
- Failing to Adapt to the Market
- Having Unrealistic Expectations
- Poor Risk and Money Management
I have said this many times and i will say it again that there are many reasons that traders fail in forex trading. The biggest reason for their failure has to be the emotional factor. People can’t control them while trading and they face loss in the market. Am I right guys?
absolutely.
That is one of the big reasons for certain. Lacking knowledge and experience is the other. And, of course, there are the scammy brokers too.
Facing with scam broker indeed will make any trader been disappointed, in trading might can perform with good trading result, but when trader want to withdraw profit from account trading, make a shock because there are so many reasons from broker that sometimes make new rules that make hard to do, fraudulent brokers are very detrimental to traders
Pride vs Humble.
Humble takes dedication or hard work, gives proper education, patient, gentle, able to be corrected, smiling.
Pride encourages bragging, impatient, ignorance, laziness, ego, vanity, arrogance, hates correction, worrying.
Rare in humility, rare winner.
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Everybody fails because they don’t even try to put the display upside down, on the table ^)
Most of the beginners and some experienced fail in trading because of insufficient knowledge and also they don’t do market research and are unawafe of the market conditions and invest in the market blind folded. you musy first have to gain sufficient information about the market.
Thanks! Cause i really needed too see this!! Cause this is me…
much more focused on the skill of trade now…
Financial markets are easily accessible today, but out of the total lot of traders, only a few are successful in achieving their goals. Others do not achieve their investment goals due to committing some common errors. There are various mistakes that take traders close to failure.
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One of the major reasons behind trader’s failure, is his emotions overpowering his trading decisions. They start losing confidence and patience, which makes them fail.
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Traders might also fail because of not adapting a specific strategy before investing and not doing appropriate research about the market. Blindly investing in trades without knowing the risk and capital requirements goes in vain.
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Also, traders engage in guesswork, which hinders their success. They do not know exactly where to exit or what amount of money to invest.
There are various reasons why traders fail to earn good like :
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Over trading – Sometimes people trade just for the sake of trading and don’t see the genuine opportunities. People get paid by winning trades and not just by clicking buttons so patience is required.
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They think that it is a game of chance and luck which is not true.
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They don’t try to understand the price movements prevailing in the market and do not stick to a plan.
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Emotions will inevitably come into play while trading but it is up to you how you deal with it.
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Sometimes they are too driven by greed or have unrealistic expectations.
Trading is an art which requires the skill of a trader to increase his returns and minimise the risks.
Not everyone can succeed in trading. Many traders fail due to the following reasons:
- Lack of knowledge about stock markets.
- Lack of patience .
- Emotions hinder the success of trading.
- Too less experience.
- Unrealistic expectations about the stock market.
- Lack of trading discipline.
- Too much greed .
- Inability to scan the market carefully.
- Poor risk to reward ratio.
- Absence of a trading plan .
- Over trading
I dont quite understand meaning of failure on Forex. Are you speaking about situation when trader blows account or just when he is unable to generate enough profits? I think that with first lose deal each trader should understand what he has done wrong and make necessary adjustments to his trading
Doesn’t matter i.e. both are fails. What’s the point in trading if you’re not making money??? It’s not a hobby.
Thanks for the pearl of wisdom.