Most people fail because

PercymcDonnell54 posted:

josejames posted:

MichaelEX posted:
Greed to become rich overnight and jumping into trading directly without having knowledge and experience is the reason most people fail.

Getting overconfident is another big folly of the new traders.

I wonder if there is any set time that traders should demo trade for, before going live?!

I think that’s very subjective. Like I used demo accounts of Robinhood and Fxview for almost 2 months before going live with them. However my friend spent long 6 months with Oanda before beginning live trading.

Successful trading is depend on most powerful analyzing trade knowledge , on the other hand , despite of good trading knowledge that’s not possible at all to lead a successful trading life at all if you don’t have a reliable support from a credible trading broker , because the broker can affects the result of our trading with certainly.

UweMoench posted:
Successful trading is depend on most powerful analyzing trade knowledge , on the other hand , despite of good trading knowledge that’s not possible at all to lead a successful trading life at all if you don’t have a reliable support from a credible trading broker , because the broker can affects the result of our trading with certainly.

I agree with you, our trading journey depends on the broker that we choose. A reliable broker ensures good trade execution which are actually filled in the best market rates and also in a timely manner.

Losing money is very normal in forex trading. It's about how a trader manage his loss. It's not possible to be 100% right all the time. We need good risk reward and winning ratio to do well in trading.

All of us have been in this journey of failure. Its common to all. But only those succeed in the end who do not stop doing the effort. So, the key is to to keep working hard inspite of failures.

If trading were easy, everyone would make money by doing trading. Online trading is designed in a way so that only highly skilled people and institute can make money.

This is a market where there is no place for negligence and uncertainty, you should be prepared as much as possible and understand that this is a fairly serious job that requires maximum effort from you.

Fore market very dynamic, this is full uncertainty, add more your emotion, when trading emotion really involved and make trader being scared greedy, anxiety, etc, without good emotion control, one loss trading can mess up overall plan trading because desired to revenge or recovery losing trade in short time

The biggest reason of failure is lack of knowledge. Jumping into live trading without having enough knowledge of the market can never let you stay longer in this game.

Many do not pay attention to what is happening, a certain volatility, that the market sometimes changes, and therefore will not reduce it correctly to apply in trading.

Cordawield posted:
Many do not pay attention to what is happening, a certain volatility, that the market sometimes changes, and therefore will not reduce it correctly to apply in trading.

You are right. Many traders don't follow the market condition and situation.

Overconfidence is a direct path to failure and loss, so learn to control yourself.

Success is the combination of few things. A good market analysis and discipline are the most important. Both requires knowledge and skills. Getting discipline in trading is the most difficult part.

@Duktilar Yes I agree with you. Many traders lose money due to their overconfidence. They open lot of trades and big lot. But the end result is margin call.

Most people fail because they get into overtrading or don’t pay interest in knowing about the market. The ones who fail are mostly who just enter into the market to just have profits.

Most people fail because trading is so hard. Making a consistent profit is almost impossible without inside knowledge

It's nowhere near impossible to make consistent profits. You just have to learn to read the charts properly. Forget indicators. Forget support and resistance. Read the candles properly, as they tell you exactly what the banks are doing. Dump the retail trading methods, signals and EAs

Yes I agree that most people tend to fail in trading because they only think about the goal of making profits, and disregard the need for proper analysis prior to making a trading decision. Trends need to be discerned, and a trading strategy should be in place to help you make proper choices at the best possible time.

@mab8 yes people more focused on making money than developing skills to make money. As a result, they do not able to make consistent profit.