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.
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.
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.
There can be various reasons for failure but the top three are- having unrealistic expectations, trading without a plan, poor risk and money management.
A high failing rate in the forex market is a result of traders not being able to adapt to the market conditions. It’s not a good idea to assume that a proven strategy would be able to deliver endless winning trades. The market is not static and you have to track down these changes to take advantage of the opportunities.
