Why people fail in my opinion? this is a novice point of view. I read that 90% of forex traders lose money. Not very good odds. Yet the market can either go up or down, so if my math is correct you have a 50% chance of being right. But why do most fail?
I think i found the answer. At least for me. I deposit $2000 and opened a mini account. Bad idea! I lost over $800 within a week. I realized why.
FEAR!!!
I was in and out because i was so afraid of losing my money and in no time almost 50% of my account vanished. I said hell with this. I decided to transfer my account to a MICRO account. Guess what? I started making money. Why? Because fear of losing did not bother me anymore. One pip is about 10 cents.
What system am i using? I don’t think it’s relevant. Basicialy here is what i do? When i find a trade that i like i get in (like i said i have a 50% chance of being right). And if the market goes in my favor i make money. If it doesn’t i don’t care, i keep buying more lots as the market goes against me. The market almost always come back. I haven’t had a losing trade yet.
Fear, greed, emotions … many factors can play around with you while you are trading. While you do trade there shouldn’t be any fear, greed or emotions involved. WHy? because emotions controls you, but here you need to control your emotions.
over leveraging and under capitilised. Every newbie thinks they can make a million out of a few hundred dollers because their broker told them that … i mean why would they lie
Most start up businesses fail in their first year, treat forex as any other business and at least give yourself a chance and be capitalised well. if you think your going to make 400% every year think again.
2 . and lack of education. Without it you may aswell just hand your money over to the bigger players.
When i find a trade that i like i get in (like i said i have a 50% chance of being right). And if the market goes in my favor i make money. If it doesn’t i don’t care, i keep buying more lots as the market goes against me. The market almost always come back. I haven’t had a losing trade yet.
hi,
be carefull because one day the market will not come back fast enaugh (or not come back at all. highs and lows of all times do get created, you know…), and you will loose all you got in one trade. you will not be the first to do so, but it may be the end of your trading career.
do’nt ignore all the money managment rules just because it is a micro account- one day you will swich to real account, and then what?
and it would seem to me as though you still have not learned your lesson
you are still consumed by greed and fear that you are not willing to take a small loss thus you keep adding lots till the trade eventually turns in your favour but eventually you will wipe your whole account with this so called strategy, we have seen this umpteen times, newbies thinking they can beat the market with something they learned playing roulette
it does NOT work FULL STOP!
take the time to actually learn to trade and be patient, dont expect it to come over night, you will get there eventually with enough persistance and it will be worth it in the long run
however if you continue with this ridiculous martingale strategy and are naive enough to believe you can actually beat professional traders, hedge funds, huge corporate companies, banks, and the market itself then you dont deserve to succeed and the market will eat you alive
What happens when (or rather [U]IF[/U]) you actually start making some serious money? Aren’t you just going to go back to where you were before? Scared of losing your money.
The odds of being right on a given trade have almost nothing to do with the 90% trader failure rate.
…If it doesn’t i don’t care, i keep buying more lots as the market goes against me. The market almost always come back. I haven’t had a losing trade yet.
A lot of folks in the middle part of this decade thought the exact same thing, and they made money for a while. Then things changed and they got carried out on a stretcher.
