It is also a good approach when we know our mistakes remain away from it it means we are understanding trading rules. Trading plan requires some experience. unrtil then one can do safe steps towards trading as avoid high risks and risky times of trading to bear less loss.
Yes trading plan makes by live experience and when it take a long time it works really and bring maximal result. Because there is no way to earn money from here with a short cut way. If anyone try ultimately will be a loser.
Trading should be done with proper money management skills and strategies so that root cause of failure can be reduced and must spent maximum time in demo account to improve our trading skills.
The basic reason of failure is lack of knowledge and experience which should be grab properly in the beginning so that this factor can be overcome and we will be able achieve our targets of generating reasonable pips from the business.
Lack of experience - yes.
But lack of knowledge - not really the problem.
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He has a point, many try to go in to big and end up losing more than what they can afford
They think because they invested a lot or have been full on researching for a short time they know everything and nothing can go wrong
But they usually end up shooting themselves in the foot really fast, as they see that everything can go wrong, even if you are the best
Experience will be your best best friend no matter what, if you keep going, but to get that experience you need to have the knowledge as a base
Little word but deep message. Trading knowledge always temporary but experience is permanent.
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Lack of knowledge is the main reason that we are not achieving our targets so its necessary that our main objective should be learning to overcome the factors like greed thus we will manage to generate profit.
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Interesting aphorism, Wara Arif.
I see what you mean, and sometimes this makes very good sense.
But especially for forex beginners, I think it might also sometimes be argued that experience is temporary but genuine trading knowledge is permanent? 
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Interesting =) I guess I agree with a lot. You can succeed that, although you have to relate seriously to it.
Knowledge isnât constant either, if you stop using them in practise, youâll simply forget everything and will lose your knowledge.
you mention that you know traders should not give up, and use there talents to find mistakes then change them. So here are my rules for the psychology of trading!
Rules To Psychology of a Forex Trader:
Rules to Trading Psychology:
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Never think about how you will spend your money
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Never hope for financial independence, it will merge you with you competitors and competition that will make you unreasonable.
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Learn to Bargain as much as you can in your trading, it is what balances negative emotions.
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Learn what category of Investor you really are, and study how to make the largest deposit trades that you can afford.
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Find a rich trader to trade for you at a high deposit for you, but is considered a low deposit for them.
6.If a trader really wants to make money he will lose money.
. If a trader wants to drain the deposit with trading, he will start earning.
What you said is some what true.If we wonât do the trading carefully it may lead us to depression stage as well since its a game of money.But, if we trade after understand each and every points and path to success we could achieve the heights too.good trading can be done only through proper knowledge.Most important is that we should check daily updates of trading.There will be so many pros and cons but afterwards the reward we achieve may be more than the small loss we had.A proper broker is necessary to give proper for the proper guidance in trading which help to get over from severe failures.There are other investments in share market like porfolio management scheme where we could deposit a specific amount atlast we get a best returns from it .Here the portfolio manager helps us to get more idea about pms in shares.For more information you could visit capstocks and securities
Thanks for sharing such a nice post and as a beginner I am appreciating such initiative. Yes, withing these few years, I have examined the fact that being self-motivated, proactive and all in one self-awareness can help a forex trader to win this battle. Here I believe the competition is not the matter of wealth rather it is a competition between our positive and negative views and mentalities.
In spite of having most powerful analyzing trade knowledge thatâs not possible at all to lead a comfortable and profitable trading life with surely if you donât have a regular practice , thatâs why we have to emphasis on practicing besides acquiring good knowledge.
When you find the root cause of your failure it will be easy then to solve many of risk management problems. Trader will know what weakness he is having either in analysis or he needs more practice. I will say practice will tell you everything that you cannot learn with reading rules.
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Besides fundamental and technical there is something that is called psychology. Sometimes it happens that two traders trading with the same strategy, one is making profit other one is not.
Failures are the building blocks to success. Donât be disappointed by the failures. You need to be determined and patient. But if you are not satisfied with your strategy, alter it with consultation of fellow traders. This forum will also guide you.
That is true. And you really should choose a strategy according to your psyhological features.
Root cause: Good Trader no Luck⌠
