I Agree with you!!! People want to make money quick and do not focus on their own risk aversion
Trying to make money quick is one of the worst things one can do, to be honest. You end up losing a lot more than you profit, most of the time.
People are not willing to sacrifice time and money to learn how to trade. It is hard to become a professional in any field, but in trading being a pro is not enough, you need to be a master to make a great living from it.
You need to be a master to make any kind of living off it if Forex is your only source of income.
Would like to chip in here. 
Why Traders Fail (WTF) Series⌠My personal thoughts & experience!!
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We do not have discipline, we create a plan to trade, thatâs good. But:
1.1) Keeping to the plan after entering the trade is quite a challenge, the longer you are in the trade, the more prone you are changing your initial plan.
1.2) Keeping to the same plan over and over again is also difficult. If you have executed Plan A over and over again, closing trade after trade in profit or in loss, you will get tired of it over the long run. You will suddenly trade Plan X and Y and that is when you lose all your money. -
Over-leveraging:
2.1) We might over-leverage because of mindset. We have a mindset of getting rich quick, we really want to turn $100 to $1000 overnight, we really believe we can do it so when trade turns against us, we quickly lose our money.
2.2) We might over-leverage because of revenge, we lost trades over and over again, so we need to re-gain all that losses, so we risk more to gain more, and again, when our trade goes against us, we lose our money faster than expected. -
Instant gratification:
If we are always right in trading, we might not have this problem, but the thing about trading, you can never be 100% correct, so you are bound to have losing trades. When you have too much of losses, you want to just be right at least once or a bit. So when our trades gets a little bit into profit, we will close it. As such, the profit will be a little bit. We do not do the same with losing trades, we try to wait it out, hoping that price will come back, or giving the trade âsome roomâ before it will move in your direction. Over time, the losses will overcome the tiny profits and we will again lose our money. -
Impatient:
It is good to trade according to what we see but we need to have a confirmation. Sometimes we see a seemingly obvious and outrageously big down candle and we jump in a SELL trade, we did not wait for any sort of confirmation like candle close. As such when we enter we are caught at the extreme low point and before the candle closes, it reverse and creates a obvious and outrageously big UP candle. We know we are doomed. We never expected nor could imagine it can ever be a UP candle, our eyes and impatience deceived us.
⌠more to come âŚ
In the meantime, [B]LIKE[/B], share and subscribe. Even better, write your own reasons youâve failed before.
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From my experience which is not very big, I can say that fail is consequence of not efficient strategy. And sometimes of attitude to trading as to a game. Excitement can help you to lose all the money 
There are some points from my side:
1.A low start capital
2.Failure to manage the risk
3.Greed
4.Indecision
5. Trying to catch the reversal of the trend
6. Trading with exotics instruments.
Trading exotic instruments isnât necessarily a bad thing if you know what youâre doing, but if youâre a newbie you should probably not touch them with a ten-foot pole.
Yeah, itâs a false goal, cause people try to trade when there is no point at all sometimes. There must be confirmations and causes to open orders, not only traderâs will 
I donât think that famous traders had the main goal to earn quick money. 
Hello Vincentas,
The number one is that they lack the tools they need to succeed.
- Education
- Experience
- Need to become comfortable with charts
- Risk management System
Indeed. How did the saying go? If wishes were fishes weâd all swim in riches? Obviously that is not the case. One should trade based on facts, not based on hope.
If you have realistic confidence in your trading strategy and your disciplined self, then temporary losses or setbacks donât matter, because you will come out ahead in the long run.
That really depends on the size of those temporary losses, unfortunately. Sometimes a mistake is too large to overcome.
Fear, the fear of loss makes up a chief component why traders fail. Fear will also cause a person to exit a profitable position earlier than would be necessary. This reduces potential gains and makes you unable to absorb inevitable losses longer.
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most Peoples fail because they lack the knowledge of fx market and discipline to become a trader.
they step into the market & trade with get rich quick attitude.
and mostly they listen to other, rather than doing some homework.
After learning the school in babypips.com, reading a lot of forum topics, and other materials on the net, playing a bit with metatrader, searching for a good broker, studying strategies, trying to know my style, judjing technics to be worth for my attention or thinking them worthless, starting Mankiws basic book of macroeconomics . . . so after 2 months of preparation I launched my first real demo account. (I had two others, but first I had to know metatrder, then I switched from strategy to strategy, so I didnât have strategy 
)
I donât know why you fail, but maybe I start to know why I fail, but it can be helpful to you as well.
This is my month:
Most of the days I win, but when I lose I lose a âlotâ. And why? Because I extend stop loss. This is a very stupid thing. Sometimes if the price is against my âcalculationâ I beleive that after a retracement it will favor me. And I can do it several times. My brain starts to beleive in my first analysis, but the chart already shows something else.
If the original stop loss level is braked the price will go further, and will move more than your spread+comission (most of the time), so the math is against extending stop loss as well.
Conclusion: I am really stupid sometimes.
The other thing: I think as a newbie avoid GBP pairs. Most volatile, most unpredictable and most sensitive currency. The GBP pairs stopped me out most of the time.
I am a beginner, and these I my first experinces. Discipline is very, very important.
The leading causes of their failure are, not cutting your losses short and trading without a stop-loss.
Good comment - maybe not as stupid as you thought!
Thanks,
Something I donât really understand:
Some people say, that one of the causes of fail is that you arenât well capitalized. First I wanted to trade with stocks, but there really matters if you have enough capital, or you donât have, because the price of one stock can be really large (ok, relative to my capital), and you will pay a minimum fee, which can be really large, if you donât have enough money.
But in forex you pay the spread, and the commission (if you have) is a percentage of your trade. So small money - small fee, large money - large fee. There are mini and nanolots, so you can make the same things with $100 as with $100000.
Or I miss something? Maybe this statement can be true, if you want to get by with the little money, and you have to draw back some money all the time. But if you donât need this money, then the size of the capital doesnât really matter. I myself switched metatrader to show pips instead of money, so I can do the same thing with $361, $7893 and $1278964.
So I donât agree with this statement, but by proper logic anybody can convince me.
New traders should spare some time learning and also on building a right approach to manage the associated risks in forex trading, those who easily manage their money and risks eventually prosper in forex trading or vice versa.