Fx trading - do most people fail?

[victoriajensen]

In order to avoid overtrading have a trading plan and don’t deviate from the plan, be it on a demo account or a live account.

[stub0507]

Hi @elenmirie - I’m in need of a good trading book and just took a look at this - it seems Alexander Elder is a stocks guy, would you (or anyone else here ) say that there are parts of this book that are irrelevant if you’re forex trading or is it all good stuff?

[elenmirie]

His trading principles are relevant to anyone. You just have to filter for what you are interested in.

[Granddaddy8755]

Of course most traders fail, mainly because they don’t stick to and learn one system before venturing into another, and secondly because they don’t have a good money management system in place to protect them from losing trades.

[stub0507]

His trading principles are relevant to anyone. You just have to filter for what you are interested in.

Thanks - I’ve just bought it, so I’ll give it a try!

[rossi123]

How ironic the AUD should get such a boost yesterday right after we chatted. It reversed my unrealised profit into an unrealised gain, but that’s very much because I had pyramided my trades shorting AUD and NZD so the differential was multiplied.
Tutuapp 9apps Showbox
Surprisingly, none of my stops has been hit and none of the charts have gone so much the other way I should (yet) consider manual closes.

Out of curiosity, I discovered this is all down to an unexpectedly strong Australian jobs report. I also read the bullish impetus this has given to the AUD is unlikely to be lasting, so let’s hope us AUD bears have a little longer to play tjhis game.

Hope you and everyone else came through yesterday OK.

i hope that too
thanks for reply
best regards

[Hoilo]

Stub0507 there are some major principles regarding trading on financial markets. But I would not prefer to mix principlese from stock trading with forex. Every financial market has its own particularities so it is better to read some quality books on forex trading if you want to trade this market

[TradeViper]

First, LACK OF SELF CONTROL. It all boils down to this. Look at the failed traders threads, look at Mikey, they all have this in common.

Second, lack of adaptability. Look at all of the failed Trend Traders threads, trying to force a trend on a “Range Market”.

All failures can be traced to these two underlying factors.

The Ever Factoring VIPER

[Rekhit]

You know, I started mindlessly browsing through this thread and ended up reading the answers in detail. Damn! this is really informative.
As someone who is just starting out. And doing some free online courses, I think I really like this thread, it answered some questions which I might not have now, but definitely a few months down the line if I think my positions are way too aggressive I can take a look at some of them here and realise that if a strategy works, it’s all right.

[Casoli]

I find this sort of story happens frequently with newbies on Forex market and sometimes with experienced traders. They forget the basics of self control and discipline which is very important always to keep when trading. Also adjustments of trading strategy needs to be maintained from time to time

[AUdvantages]

Currency trends can last for years so you’ll need at least 6 months of consecutive successful trading to know if you’re gaining based off of luck or skill.

[Jonardanjordan9]

Lack of discipline leads to emotional trading and is another of the major reasons why most forex traders fail. Unfortunately, more often than not, a trader that loses discipline will eventually lose money as well. Another reason why most forex traders fail is because they have established unrealistic targets and goals.