If youy see other professions, majority of the people are running their professions and also are gaining returns as well. Even if some people are sufferer, they can conquer their task sooner or later but in forex, the scenrio is completely opposite.
We could call it a vicious cycle. Most new traders start trading without a consistently profitable strategy. This means that they immediately start to lose money. To get the money back they trade more frequently but still using the same strategy, or they might modify it a little bit. But it’s still a losing system, and they haven’t gained anything like enough experience yet to make it a winner. So they trade even more frequently and very soon they abandon trading.
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Which professions?
I’m sorry but I would say no. It’s the same in any industry. Say, you want to a footballer for an example, will you be the one that could achieve success like Messi or Christiano? You’re not sure right? And most people won’t be able to achieve it because it requires hard work, dedication and sacrifices.
It’s the same in trading. It’s a hard profession but people take it very lightly. And it’s so accessible also. Just register a broker, deposit $100 and now you’re suddenly a professional trader right? After like just watching a few videos in Youtube. Hahaha. Not to mention that some people treat trading as a way to gambling online. I wish I could slap these people really. Haha. I’m sorry for my word but these people tainted this industry and I’m very upset with it.
So the bottom line is, if you want to a trader, you need to hold yourself accountable. Respect the industry or else it will take every penny you have.
Thanks.
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I’d say that in forex trading it’s also like that. You analyze, trade and your trading and analyzing skill is growing.
If you persistently do it for years, you will actually see decent results.
The problem is that very few beginners and even more advanced traders have the patience to go all the way.
As a rule after traders get losses a couple of times, they give up this, as they think, hopeless activity.
Actually making an profitable strategy initially is so tough for a beginner and an instinct of live trading always works in the mind of traders.
Yes, you are right and I agree with you but the fact is that sticking to Forex for so many years besides suffering losses requires high level of patience that traders hardly have.
I think forex requires much more patience because it’s just like a puzzling game.
I’m saying it’s impossible for a beginner to invent a brand new profitable strategy. Realistically they must use one that already exists.
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I think Traders often worry due to the inherent risks and uncertainties in the trading process.
Fear is one of the most common deadly sins in forex trading. I found this course video on 7 common challenges in forex trading and how to overcome it.