Lack of humility is the main reason people fail at difficult things.
For example I offer mentorship every once in a while. I always ask two simple questions…
- are you serious about becoming a trader?
- can you admit you do not have a working system?
most people cannot even pass the first test in humility and resolve as they cannot answer these simply yes or no questions. They say its a scam immediately as its a convenient excuse to fail. So they can blame their failure on the industry or someone else. It is their own fear that leads them down the wrong path.
When i first started off, i did not care who the data was coming from I absorbed it all. My desparation for a working system overwhelmed my fears. Humility and resolve are key
when someone claims to have the thing i badly want, i play nice nice knowing im not any a position to negotiate.
pretend the market is a person. Its not going to show you profits until you figure out how it moves and what it wants. You are the one bending to the will of the market, you are its bitch at first. And none of your preferences are considered by the market, it does not care how you feel. Being humble enough to practice patience, even though you are getting rejected over and over, everytime you try, wrong, try again…wrong. One more time, wrong again.
This constant rejection by the market of a learning trader is what makes people stop genuinely trying. Only those humble enough to bow down to the market and admit that it has all the power, those people that can last through that constant pain of rejection. If there is someone out there who understands what im saying about humility being the key, talk to me, lets work together.
Great read mate
According to me, the three main reasons to fail in Forex are:
- Lack of Forex knowledge
- Improper trading strategy
- Over trading
Yes, these are the main reasons why traders lose in forex. You can avoid all these if you start tracking your trades and maintain a trading journal. Some traders don’t keep track of their losses. Whether you win or lose, you should backtest your strategy so that you can trade better next time.
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This is an excellent article. Thank you, and I hope to learn more from you in the future.
Some of the things I got by talking with my students:
- Jumping in trades, without a solid base of knowledge
- Letting your emotions overtake your patience in waiting for a setup to form
- Focusing on too many things at the same time
Three reasons why I used to fail as a trader:
- Lack of knowledge
- No fixed risk management plan
- Becoming overconfident, when you have a profitable strategy ( the market will keep you humble luckily )
For the colour blind traders…find out which colours are comfortable for your eyes. It does help with your psychology. It helps me 
I agree with you, I do think that lack of knowledge is the most common and the major reason for traders to fail in forex.
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In my vision,
- overdo the trading
- trading without plan
- trade on sentiments rather than analysis.
Most people try to trade with too small of a bankroll.
They react to emotions more than they should.
They let bad trades go on too long, and cut winning trades early.
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it takes so much time to master forex trading
I do agree that the lack of knowledge is the reason for failure. A trader can gain knowledge while trading. Problems come when he thinks about making profits overnight and uses high leverage.
Top three Reasons Why Forex Traders Fail
- Overtrading
- Poor Risk Management
- Not Having or Not Following a Trading Plan
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I agree with your points. According to me, the main reason for failure is that the traders are not able to find the edge in their trading strategy.
From my personal experience, I can say that many people use mistakes and failures interchangeably while both of them are completely different things. Mistakes happen when you have no idea about the market, and your mistakes help you see the market from a different perspective. And when you fail in trading, it’s not you who fails, but it’s your strategy or the move that fails. But, there is no need to worry, as there are many other ways that you can try your hands at. If you understand these terms deeply, you will understand that they are not negative.
The top three reasons according to me are:-
-
Not practising on the demo accounts
-
Not having enough forex knowledge
-
Excess of greed and overtrading
Yes this a fair point ,though some can’t accept their failing s or mistakes and carry on the same practice .Maybe everyone has nt the same level of self awareness .
People fail because of three major reasons: Lack of knowledge, poor money & risk management, and lack of control on emotions such as greed, fear, anger, revenge, etc
My top reason why I failed as a forex trader when I was starting off was that I was easily losing patience with a lack of understanding about forex. Also, time management is another issue.
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