How to succeed when so many fail. The root cause

[einnar_345]

Failures are there to improve your performance not to make you scared. One thing that is very crucial is not to repeat the same mistakes.

[willson_FX]

When you see yourself failing in trading, take a break first, and then come back to identify your flaws, give importance to educating yourself, practice your skills, and then trade again keeping those in mind.

[KeungFields]

There can be many root causes for failure in forex trading like improper strategy and trading forex like gambling. For some people, the reason can be overtrading, poor risk management, and many other reasons. Every person cannot have the same root cause.
But the only solution to being profitable in forex trading is to trade consistently, diligently, and for a long-term. You should be dedicated to identifying your own mistakes and work hard enough to correct them. Trading for years will make you an expert trader.

[tommor]

Get hold of a simple objective strategy and follow its rules.

Do this in demo until you understand why the strategy works and what happens when price develops after your entry.

At this point you have already eliminated error.

When you are consistently profitable, focus on the winning trades to maximize profits.

[microtrade]

Lack of patience is the primary reason why most traders fail. You must stand firm in your strategies and plans as you gain more knowledge.

[Tonstic]

Due to their impatience and obsession with making quick profits, many traders lose in trading forex. How can a trader succeed if a trader has their eyes on profits and not on hard work?

[Roundelay]

I would say that those who succeed are people who have an edge when it comes to trading forex. Mostly the edge comes with experience. That is why we need to keep on trading until we make it to the winning side of forex. We must focus on learning and developing our skills and pay attention to risk management as well. Emotional control is another factor that determines our success in forex.

[MithcelRobert]

@Godspeed108

So if a trader does not recognize this very root sense that arises during trading, then no technique, strategy or any amount of academic education will equate to success in the markets. You can spend years trading, testing your strategy or trying new strategies after each fail, and you will still be met with this somewhat impenetrable wall. You will look at those who succeed and wonder what they have that you don’t and eventually the pain will be too unbearable and you will give up, consoling yourself that you have other talents to be put to good use.

I guess new traders have the advantage of knowing the name of good trading strategy like Price Action! When I started unfortunately I mostly focused on indicator based trading!

[RosiePalmar]

I am not worried about; since when I do my trading I only take my decisions based on my point of view of the market! So, it’s all about my own responsibility!

[tommor]

I can remember the time when it was considered normal for trainers to teach traders to select their targets from the price chart but let an indicator signal tell them when to enter. This was when home PC’s with decent internet became available.

“Price action” can mean any strategy in which entry is TA-based but not via an indicator buy or sell signal.

[Morphology]

Forex is all about buying and selling currency pairs, but when to buy and when to sell is what creates the difference between profits and losses. One should also monitor the market carefully in order to find the right entry and exit points in a trade. Charts tell a lot about where a certain pair is coming from and where it will go, so if a trader can somehow be able to analyze the charts, then he/she can definitely lie in the group of that successful traders.