In general, everyone has found something different, but the key factor is persistence.
Why do people try Forex? Yes, because it is IMPOSSIBLE to create family well-being with just one job!
Nowadays the money of well-being moved to information, to the Internet, and only there, in my opinion, you have to find your niche, your place to earn money.
In the beginning, I lost a lot of mini deposits, but now I have positive results thanks to my persistence, self-study (there is a lot of literature in the Internet) and understanding that not everything is as difficult as it seems.
I have polished my strategy now, I use trading signals.
The conclusion is that it is difficult, but not terrible!
The first thing to do - to study hard on your own (there is a lot of literature in the Inet), to analyze simplified strategies by trial and understandable to you.
IMO, self confidence and consistency are the two important aspects which make you keep moving in the forex journey. So be motivated and keep going.
To be successful in trading, traders must be patient. It is known as the key to success. Also you can manage your trade if you have reasonable goals and a good plan.
The commitment and the dedication will make a trader successful in trading forex. The ups and downs will always be there, and there is no permanent âreliefâ in forex. One cannot be so happy that it makes one lose everything the next time one trades, and one cannot agonise over bad results that make one leave forex. A balance of emotions is necessary while trading; this is what many traders forget and eventually fail.
Losses are a part of the trading game, and the sooner we all come to grips with it, the safer we all would remain. The root cause of being unsuccessful as a trader is lack of knowledge and practice along with implementation of poor strategies. On top of it, emotions like fear and greed do a bigger damage. If we can somehow manage to overcome these challenges, trading can become a successful venture.
The urge to get more and more is the root cause after so many fails. See your limits and accordingly come out after successful trades.
In my opinion, the root cause of any failure is that we give up too soon. Yes, trading is a difficult journey, but one must maintain patience and have complete faith in oneâs abilities.
People get in their own way, trader psychology is very important.
Not using proper bankroll management is a key factor too.
If you have sufficient market knowledge, experience, and awareness, you may be able to move up into the top 10 percent of competitors. Only these qualities can put you aside from traders who fail.
Patience is key indeed, without it a whole lot of things will go wrong for sure. As you learn you need to be patient and consistent with your strategies and plans, then if there is need for change be willing to adjust.
The wrong mindset that makes you make wrong decisions is the reason why you fail. If you know the right thing and set realistic expectations, you wonât ever fail a trade that you donât understand.
Again and again thinking of failure while doing trades can be one such cause for your failure. The other can be patience.
Mindset is huge in trading and the willingness to accept loss as part of the process is counterintuitive to what human nature dictates as you say. Survival instinct has us programmed to evade that which hurts us and risk aversion is ingrained in the human psyche.
I truly agree with the OP on the point that we need to be self aware and emotionally intelligent for becoming successful in trading. Those who are unable to manage their own emotions wonât be able to manage the risk that comes with trading. Your success truly depends upon how well you can manage the risk without being overpowered by greed and impulsiveness.
The key to success in the forex market is to specialize in the currency pairs that trade when youâre available and to use strategies that donât require around-the-clock monitoring.
I have the same opinion! By preventing you from making a trade, fear can ruin your trading. Use your trading journal to determine whether the trade makes sense, follows previous wins, or is simply illogical.
The root cause of failure is the inability to deal with failure itself. It is normal to make mistakes and fail as a beginner. Many new traders are unable to see where they went wrong and thus they keep on repeating the same mistakes again and again. Those who are able to learn from their mistakes will continue to make progress and get success in the long run.
Greed and trading on assumptions or impulses might be risky. Many traders do not use risk management properly too. That is also a problem.
Success in forex trading is not easily earned. You have to work hard to achieve what you have been planning to achieve. Donât be afraid of making mistakes because these will help you learn an unlearnt lesson. Before you set any expectations from the market, get some experience of live trading.
Look for the loopholes in your trading and then rectify them, instead of focusing on downfalls take them as lessons and instead of backing off use measures to cope up with the losses.