Indeed!
This is the crux. 
Just focus on risk, money and emotional management.
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I agree, but that sounds easier in theory than it is in practice. If it wasnāt, the majority of traders wouldnāt be failing.
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The majority of new traders fail quickly. If youāre a new trader and want to avoid failing quickly, then avoid doing what most new traders do.
At the very least this will buy you time to learn how to succeed.
For example, right now 69% of clients with my broker with a EUR/USD position open are long. I think theyāve been mostly long for over half a year.
Speechless. You absolutely nailed it.
According to me, the road to success in forex trading will come after you get enough knowledge of it plus have a strong strategy to use for placing trades.
When so many seem to be failing, you can do what everybody is not doing. Give importance to educating yourself. Before starting live trading, understand every bit about the trading platform, currencies and the factors that impact the market but even when you start trading, donāt stop the learning part. You may lose sometimes but knowing that you can profit more than losing, you will be able to continue trading.
Agree with you too. Moreover we can just share things though learning comes from the experience.
Many forex traders get emotional over profits and losses, and even worse, expect some magic system to give them no losses and nothing but profit.
I think the reality of trading disabuses them of such notions pretty quickly, but those are painful lessons, unfortunately.
Trading is all about entering and exiting at the right positions and most of the traders fail because of their wrong timing. However, it can be improved with better analysis.
The reason for the success rate in forex trading being quite low is inadequate skills and insufficient knowledge. New traders chase profits but do not consider it important to learn. They fail to understand that only learning and practicing can make them successful.
In my opinion, rather than getting intimidated by someone elseās failures, itās always wise to learn a lesson and move past it. Majority of traders fail while trading forex is when their decisions are driven by greed and are not well strategized. Always note that surviving the volatile forex market is not an easy task. So, itās essential to keep a few things in mind:
Plan your trades (entries and exits)
Educate yourself about the fundamental and technical concepts
Have risk and reward ratio
Use stop-loss
Stick to a set trading plan
It is important that whatever approach one adopts should have an extra edge that can set him apart from others.
A trading approach may be reasonable, but if it lacks an edge, it may not be able to provide success. After developing a method that has an edge and that suits a traderās personality, the next step should be to plan appropriate risk management.
Proper risk management is extremely important as traders run the risk of losing a lot of money. A method that has an edge is of no use if risk management is not taken very seriously. Traders need to follow strict discipline to properly implement their trading strategy. Those who follow a disciplined trading approach are more likely to achieve success in the long run.
You may agree with me that fail is the reason of success. Success wonāt be a matter to you as long as you donāt have fails in your life. Fail is a word inherent a Forex traderās life and a trader can no way leave it. However, extra prudence about trading can bring easy success to a trader.
The root cause of failure is unknown. I think the cause of failure is also different for every trader. For some traders, it is the lack of knowledge while for others, it is emotions. Then, there are traders who are very impatient. The solution is to acknowledge the problem and find the right solution for it.
I totally agree! It is always wise to learn from otherās mistakes. This should be taken positively so that you can open up yourself to learning from them instead of getting fearful or anxious.
Always stay humbleā¦ Thatās also one of the most important thingsā¦
You have a winning streak and if you donāt stay humbleā¦ Market will teach you to be
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There are a number of issues responsible for the failure from Forex trading. Tradersā cautiousness is very essential for trading. Ignorance over market trend, over trading, revenge trading, and lack of skill are the issues responsible for trading. So, it leaves the necessity for learning and gathering experience.
I always recommend traders to rely on both technical and fundamental analysis. Without knowing the trend, it becomes really hard to identify when and where to open a trade. Traders should focus on their mistakes because mistakes can leave a message that is learnable.
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