Well, such several unsuccessful beginners can be explained by a non-serious attitude to trading. They saw an advertisement where they are told how easy it is to trade, and they start trading with the idea that it is easy and does not require any effort. Then they realize that it is difficult, and they are not able to deal efficiently, and they quit trading.
I believe that such a large number of failed traders is due to the fact that newcomers are very greedy and take trading as a casino, not realizing that it is a structured system in which the experience and skills play a significant role. One should understand that nothing is easy, and one should make a lot of effort in any profession, including trading.
Every trader should be patient. And trading should be done according to discipline at all times. Without discipline, it is never possible to make a profit in trading. The chances of loss are less if you trade with patience and discipline. Most traders lose because they have less patience and try to make a profit without learning anything. You have to give up greed all the time in trading.
Majority of the people lose because they are not willing to learn the dynamics of trading fully, and want to jump into the action. They then have to bite the dust. It’s very important to learn all there is to trading, even if it takes a whole year, and then invest real money.
lack of discipline is definitely a cause for failure. you can use any trading system to profit, but no system is golden grill. when traders experience a stream of losses, they deviate from strategy and lose.
Lack of discipline and running into scams are for sure frequent reasons why someone quits, but I think the biggest reason is when people go into trading with false expectations - they either treat it as a method which will make them rich quickly, or they want to have a high ratio of profit and forget about what that means in terms of risk, or they are simply not aware of their goals and their risk tolerance.
Trading requires a lot of efforts and hard work. Working smart and working hard comes as a tool for trading. Most people consider it easy and jump into it, making hasty decisions and not knowing how much to risk and this brings their downfall.
Yes forex is too much risky business. You can lose all your money in no time. That's why people follow risk management system. Forex trading is all about how good you are in managing your risk. You can be a profitable trader with a normal strategy if you have good risk management policy.