Don’t compare yourself with others. Many people fail because they don’t give their best and make wrong decisions. But if you dedicate your efforts and learn from experiences of trading and make sure to trade with a solid strategy then you can definitely succeed as a trader.
The only way you can rectify this is to look at past trading mistakes, identify and learn. Traders often foresee, get eagerly excited and forget to stick to a trading strategy, which is why they fail.
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It all depends upon your practice. If you fail to make accurate predictions about your trades, then you are most likely to lose. And, we all know what losses do to traders. They start thinking of giving up, which is not right. If you have a string of losses, then you should tweak your strategies instead of giving up. Patience holds the key in forex trading, so if you hang in there, learn from your mistakes and gather more information about forex trading, you will taste success for sure.
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Emotional health of a trader plays an important role. Traders should have controlled emotion in order to make trades rationally.
Traders should be cautious while making trades. Being rational and logical while making trading decisions enhances the chances of winning the trades.
One of the reasons that people fail is lack of commitment and hard work and then they seek a reason why they failed. Truth is you can’t succeed in anything without giving your best effort. Also you need to continuously improve yourself through learning from your mistakes.
She passed away, sorry.
There is no exact recipe to cook up the success. Don’t stop learning and keep updating yourself with the latest trends. Don’t forget to learn from mistakes. Auditing your actions and strategies will give you incredible insight.
I think the main reason for losing in forex is a trader’s lack of knowledge and their urge to make quick profits in a short span of time.
The root cause for the failure is trading without having a prior thorough knowledge of the basics of the trading and as well not maintaining proper consistency in the trading. Always work on your strategies and backtest them before making any real trade.
The root cause can be lack of knowledge and excess of greed and fear.
Success is easy if a trader know well how to analyze the market technically and fundamentally. Traders fail because they don’t have any analytical knowledge. So, I always suggest traders grow their fundamental knowledge over the market because it’s so essential for them.
Root cause= lazy entitled ego
The root system that cause forex market to have the most number of failures contains many factors -
- Many traders do not have enough capital. Some trades look interestingly profitable which is a high catch. Many traders who do not have enough capital for the trade still enter in it thereby losing money.
- Leverage - Leverage is a two-sided sword. As much as it can add high profits when the market moves to your favour, it can also turn your account into ruins when the market moves against you.
- Poor money management skills
I believe that many forex traders fail because they do not have enough capital in comparison to the trades they are planning to make. I think one needs to understand and learn from different successful traders - how to use the indicators for better chart analysis and then practice with a demo account.
Many people might still know how to analyse the charts but still fail to be profitable , similarly people drink alcohol even though they know it’s not good for them
All traders have one common goal, i.e., to become profitable. Then, why do only a few trades win and most of them fail ? Imo, the root cause is their approach to trading. They either lack skills or are not mentally prepared. Your approach can be a deal breaker. Try to analyse it every week and correct where you lack.
Trading without a thorough understanding of the basics of the forex market, as well as a lack of consistency, are the leading causes of forex market failure.
The reason varies from trader to trader. However, lack of trading skills and commitment are considered to be two top reasons why traders fail. Since trading requires continuous time and effort to see results, it becomes difficult for many traders to keep up with the hard work.
At a minimum, I advise you to analyze your work and your mistakes very deeply. For a trader, this is very useful and will bring its result.