The main reason for traders to fail is that they make a psychological mistake.

Aug 01, 2023 at 04:31
636 Views
4 Replies
Member Since Jul 05, 2023   4 posts
Aug 01, 2023 at 04:31
Many people believe that traders fail because they don’t have a good strategy, because they are not skilled, because Forex Trading is a scam and Brokers are there to take your money and run.

I have been trading Forex since 2016. Trust me if I tell you that the main reason for traders to fail is that they make a psychological mistake sooner or later.

1: They have a bad day and they decide to open more trades to recover the losses.
2: They made a mistake, they feel stupid and they decide to increase the size to recover the loss of that stupid mistake.
3: They are in a good winning streak and decide to increase the size because it’s a good period.
4: They think that they can sustain a bigger drawdown so they decide to increase the risk.
5: They say “one last time with this risk, then I will stick to the plan.
6: They think “it can’t always go down”.

I can really write more than 100 reasons, but I think I made my point. Forex Trading is difficult, but your mind is the biggest problem. If you can build the necessary discipline, you are on a golden path to become a successful trader.
Member Since Apr 26, 2023   25 posts
Aug 14, 2023 at 12:59
Absolutely, you've hit the nail on the head. While having a solid trading strategy, skills, and understanding the market are crucial, the psychological aspect is often the make or break factor in forex trading. Your observations align with what many experienced traders have come to realize over the years.
Member Since Jul 19, 2023   9 posts
Aug 24, 2023 at 20:39
Oh, for sure, the mental game is a huge deal in trading. It's easy to get carried away with emotions like FOMO or panic when things get shaky. The trick is to keep your cool and stick to your strategy, no matter the market vibes. Discipline is the name of the game if you wanna stay in it for the long haul.
Member Since Mar 03, 2023   15 posts
Oct 20, 2023 at 04:49
wolfinception posted:
Oh, for sure, the mental game is a huge deal in trading. It's easy to get carried away with emotions like FOMO or panic when things get shaky. The trick is to keep your cool and stick to your strategy, no matter the market vibes. Discipline is the name of the game if you wanna stay in it for the long haul.
That's insightful, thank you for sharing your valuable knowledge 😄
Member Since Oct 18, 2023   6 posts
Oct 20, 2023 at 06:52
I agree. Usually the problem is not about strategy, it's more about keep you emotions and feelings away so they won't affect you
Sign In / Sign Up to comment
You must be connected to Myfxbook in order to leave a comment
*Commercial use and spam will not be tolerated, and may result in account termination.
Tip: Posting an image/youtube url will automatically embed it in your post!
Tip: Type the @ sign to auto complete a username participating in this discussion.