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The Main reason Why Forex Traders Fails.
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asiaforexmentor1

Member Since Jan 19, 2012  24 posts Ezekiel Chew (asiaforexmentor1) Jan 19 2012 at 09:46
Forex Trading Psychology – The Main reason Why Forex Traders Fail


Forex Trading Psychology
There are many answers in the market to this question: Why do most forex traders fail?
- Some blame it on over trading
- Some blame it on emotions
- Some blame it on revenge mentality
- Some blame it on impulse
- Some blame it on the market
- Some blame it on bad luck
- Some blame it on poor entry
- Some blame it on not taking profits
- etc etc etc
As you can see, there will be tons and tons of reasons that explains why forex traders fail.
This is all that relates to forex trading psychology.
But i strongly believe that it all leads to one answer.
MONEY
Forex Trading Psychology – The Main reason Why Forex Traders Fail

Yes, the answer is MONEY.
The main reason why most traders fail is because of money.
No doubt that we all trade forex for the money.
But it will be the money that kills us in forex.
Forex trading psychology – Let me explain.
To us our money that we put in our forex capital is our hard earn money. Who isn’t?
when we have that mentality that we CANNOT lose the money in our capital.
And as all man are greedy. We want to multiply our capital FAST.
That’s when we lose it all.
To succeed in forex trading, we have to FORGET that there’s money involved.
You have to learn to trade not because of the money. But because you like forex trading and you are passionate about it.
You have to learn to trade right and not trade for the money.
When you trade right and forget about the money, the money will come naturally.
But when you are too focused on the money, all your emotions will trigger.
You will get into impulse trades, probably because you made a lost on the last trade and you want your money back.
Or because you look at the trade and you are so confident about it, you GAMBLED your whole account size on that trade. and to lose it all.
Or because you want to feel good and look good, and you think that you are able to double your account in a week. So you take trades that are way beyond your money management risk %.
Or you made a series of losses, and you think that if you increase your risk percentage on this particular trade, you will make back your losses.
And the list goes on…
FOREX TRADING PSYCHOLOGY – The Main reason Why Forex Traders Fail

All the above reasons leads to the main answer. MONEY.
If we are not trading for the money, but if we just want to focus on mastering our trading and trading it right.
There will no longer be any emotions in place.
I highly recommend traders to forget about the money in forex.
Trade with your forex trading system and stick to it with discipline. Focus on trading right.
It is even better if you can cover up the money part on your forex broker screen. Ignore how much has your account size grown or how much have you lose.
When you are able to do that, you will then see the big picture and you will be more analytical on your forex trades.
So the next time someone ask you on – what is the main reason forex traders fail.
You know your answer: MONEY
This is Forex Trading Psychology at its fullest!
This is the main reason why most traders fail.
Ezekiel Chew
Asia #1 Forex Mentor

TheCyclist

Member Since Feb 07, 2011  662 posts PipGnostic (TheCyclist) Jan 19 2012 at 13:03
What a load of dwang.

People fail at forex because they have no idea what's going on in their portfolio's. Simple as that.

You can thank Metatrader for that.


Show me your pips!!
TheCyclist

Member Since Feb 07, 2011  662 posts PipGnostic (TheCyclist) Jan 19 2012 at 14:51 (edited Jan 19 2012 at 14:58 )
I certainly hope you're not Asia's #1 mentor or Asia is stuffed.

Show me your pips!!
7forex

Member Since Nov 03, 2011  56 posts 7forex Jan 19 2012 at 17:52

   asiaforexmentor1 posted:
   Forex Trading Psychology – The Main reason Why Forex Traders Fail


Forex Trading Psychology
There are many answers in the market to this question: Why do most forex traders fail?
- Some blame it on over trading
- Some blame it on emotions
- Some blame it on revenge mentality
- Some blame it on impulse
- Some blame it on the market
- Some blame it on bad luck
- Some blame it on poor entry
- Some blame it on not taking profits
- etc etc etc
As you can see, there will be tons and tons of reasons that explains why forex traders fail.
This is all that relates to forex trading psychology.
But i strongly believe that it all leads to one answer.
MONEY
Forex Trading Psychology – The Main reason Why Forex Traders Fail

Yes, the answer is MONEY.
The main reason why most traders fail is because of money.
No doubt that we all trade forex for the money.
But it will be the money that kills us in forex.
Forex trading psychology – Let me explain.
To us our money that we put in our forex capital is our hard earn money. Who isn’t?
when we have that mentality that we CANNOT lose the money in our capital.
And as all man are greedy. We want to multiply our capital FAST.
That’s when we lose it all.
To succeed in forex trading, we have to FORGET that there’s money involved.
You have to learn to trade not because of the money. But because you like forex trading and you are passionate about it.
You have to learn to trade right and not trade for the money.
When you trade right and forget about the money, the money will come naturally.
But when you are too focused on the money, all your emotions will trigger.
You will get into impulse trades, probably because you made a lost on the last trade and you want your money back.
Or because you look at the trade and you are so confident about it, you GAMBLED your whole account size on that trade. and to lose it all.
Or because you want to feel good and look good, and you think that you are able to double your account in a week. So you take trades that are way beyond your money management risk %.
Or you made a series of losses, and you think that if you increase your risk percentage on this particular trade, you will make back your losses.
And the list goes on…
FOREX TRADING PSYCHOLOGY – The Main reason Why Forex Traders Fail

All the above reasons leads to the main answer. MONEY.
If we are not trading for the money, but if we just want to focus on mastering our trading and trading it right.
There will no longer be any emotions in place.
I highly recommend traders to forget about the money in forex.
Trade with your forex trading system and stick to it with discipline. Focus on trading right.
It is even better if you can cover up the money part on your forex broker screen. Ignore how much has your account size grown or how much have you lose.
When you are able to do that, you will then see the big picture and you will be more analytical on your forex trades.
So the next time someone ask you on – what is the main reason forex traders fail.
You know your answer: MONEY
This is Forex Trading Psychology at its fullest!
This is the main reason why most traders fail.
Ezekiel Chew
Asia #1 Forex Mentor


Yes, I think psychology is the most important aspects in forex trading and I agree money is the main reason for trading emotionally.

Per your recommendation that is to 'forget about the money', can you also suggest how to do that? I believe most traders know we need to not thinking about money but just don't know how.

Looking forward to your advises.

I love taking risk with the right returns.
Raiden

Member Since Nov 27, 2010  244 posts www.raidenworks.com (Raiden) Jan 19 2012 at 18:39

   TheCyclist posted:
   I certainly hope you're not Asia's #1 mentor or Asia is stuffed.


Ouch... while there are a lot of forex trainers in Singapore, not many have the stones to come to a trade publishing website to post. Let's give him the benefit of the doubt and see his statements of success that credit his authority to coach.

Of course, when I say statements, I mean trade statements. You never know, he could have a kick-ass strategy.


Consistency above all.
TheCyclist

Member Since Feb 07, 2011  662 posts PipGnostic (TheCyclist) Jan 20 2012 at 00:51 (edited Jan 20 2012 at 01:14 )
Raiden,

I learned long time ago, anyone who can trade will know psychology, fear, greed and discipline doesn't matter. So you don't need to forget the money. There is no mindset that changes the result of your trading.

If you know what you're doing the knowledge you have simply makes those thing disappear. I know at any given moment I know exactly what values the positions in my portfolio should be at. There's no emotions or other weird and wonderful concepts involved. Ever. It should be x , it is now y, make the adjustment. Simple as that. Ok, so I'm to lazy to do it myself and the computer does it for me, but that's another story.

If a wannabe mentor starts with that bullshit, then you can know:

 1. He is not making enough money from his own trading, that's why has to mentor.
 2. He clearly doesn't have the knowledge to mentor.

The reason why people fail in forex is because 99% of traders can't work out the value of the assets in their portfolio and I'll bet you neither can Mr. Asian mentor here.

Actually really pee's on my battery that people who don't know what they're doing go ruin other peoples trading careers. Bruce Margolese in particular comes to mind. He tried his magic here and lucky gave up before he could cause anymore harm.

Show me your pips!!
TheCyclist

Member Since Feb 07, 2011  662 posts PipGnostic (TheCyclist) Jan 20 2012 at 01:37 (edited Jan 20 2012 at 01:46 )
What a guy like this will do is take some poor wretch down exactly the wrong road for years, a successful student won't have to pay for lessons anymore !

I promise you the hedge funds isn't worrying about abstract concepts like mind sets, they're doing math. So unless Asia's nr 1 mentor start putting down math in his next 3 sentences I strongly suggest moving along.

Show me your pips!!
Raiden

Member Since Nov 27, 2010  244 posts www.raidenworks.com (Raiden) Jan 20 2012 at 03:24
Well, I guess the proof of the pudding is in the eating. If he shows positive trading statements, it doesn't matter if his ideas do not line up with yours or even the consensus of trading professionals. If they work, they work.

We'll just have to wait and see what he uploads. As mentioned, he's got stones coming here and I'm sure he wouldn't want to disappoint.

Consistency above all.
TheCyclist

Member Since Feb 07, 2011  662 posts PipGnostic (TheCyclist) Jan 20 2012 at 03:47 (edited Jan 20 2012 at 04:13 )
Raiden,

Mentoring can cause tremendous harm to someone's fx career to the point where it can end it.

Mindset? When you get the margin call does one then not get upset because it was a bunch of figures on a computer screen? Your wife is going to be upset, that I promise, can tell you exactly what her mindset is going to be. Bank manager is going to share that mindset.

Successful traders are either busy people (busy trading), or they are at the beach. They don't mentor. Mentors mentor. They make money selling time. Time that could have spent trading or playing. Kind of an obvious conflict of interest there.

Show me your pips!!
TheCyclist

Member Since Feb 07, 2011  662 posts PipGnostic (TheCyclist) Jan 20 2012 at 03:52 (edited Jan 20 2012 at 04:13 )
Same story with the prediction business. Entire careers and companies revolve around it. It's not necessary to predict to make money, the process is fundamentally flawed. Yet people make millions if not billions from it. Read Nicholas Taleb's Black Swan for a detailed explanation.

Couple of years ago a company called Investec started dressing a guy in monkey suit, who then throws darts at the stocks in the newspaper to chose a portfolio. The monkey does better practically every year than the highly paid highly educated fund managers, and mentoring is just an extension of that.

Basically the fact that this guy wants to teach that a fundamentally flawed concept can be corrected with a state of mind tells me he doesn't understand it. No state of mind is going to work.

Show me your pips!!
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