The reason most of traders fail because they think forex is a get rich quick scheme and do not make consistent efforts.
Indeed. Traders should understand that there is no shortcut to success in forex. We got to be patient and calm and work hard.
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I have seen a lot of traders being impatient when they cannot make profits. They overtrade and lose even more.
Main reason trader fail is due to lack of knowledge and skill, they become very impatient and want to earn profit as soon as possible without having a strong trading strategy.
We have to understand that trading is not easy and we must try to develop our trading skills and also formulate a Trading Strategy for becoming a successful Forex Trader.
Many traders also fail because they think now they know it all!
When the traders are doing their trades they tend to ignore the trends that are present in the markets and as a result they will fail.
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Well, that is true! But, even if they check out the trends present in the market, they are trapped in false market signals I guess.
The biggest reason is lack of knowledge. Traders start live trading without having proper knowledge and without experiencing demo accounts.
Lack of patience and discipline are also other reasons why traders fail.
Agreed. You always start by gaining some knowledge on certain aspect and you tend to get better by learning more and more on that same certain aspect, which resulting in how you can improve. What make traders fail is their lack of understanding that forex trading is not something where you can get money easily fortnight.
When we are doing our trades we need to learn and also improve our knowledge about trading. In this way we would be able to become a better Forex trader.
According to me, perfection comes after proper practice and hard work. Lack of knowledge and practice will never lead you to achieve success. Another reason can be lack of patience and trying to make quick profit in trading.
Impatience, agreed, is one of the major reasons to fail in forex. Traders. especially beginners want to earn as quickly as possible, which is not practically possible without good knowledge and research.
Biggest reason for failure in trading is lack of knowledge and lack of experience.
I think only those traders fail who think of forex trading as a get-rich-quick scheme.
From my experience, it seems that the maximum trader loses due to emotions. As I am doing, I have learned from that loss and moved on to trading.
I absolutely agree to all the reasons that you have mentioned for the reasons that traders are not able to make successful trading streak.
For me the major reason when a trader looses is because of lack of current knowledge and discipline. Just like any other profession, trading requires a great deal of focus, being disciplined and working hard.
over complicate trading, opening too many trades or trading too much, lack of patience regarding waiting for a set up which has a strong profit v loss ratio chance.
I feel that the reason majority of people are not able tp make it up as traders lack of discipline and knowledge. Trading as any other profession, requires strategies, knowledge and determination. It is not a game of luck, it is much more than that. People need to take it far more serious to make it into trading.