Admoni posted: Almost 90% beginners are loser from this trading place due to only lack of most accurate money management plan, basically they only emphasis on acquiring good trading knowledge and always ignore other inevitable parts . as a result they become loser. So besides good trading knowledge we the beginners have to ensure how to manage money in Forex.
Because, most of the traders try make money here with a low trading skill! Forex is one of the most challenging job; so traders need to make sure their trading skill before starting their real trading!
Many don’t follow the most basic rules which are to stick to a plan, maintain discipline and control risk. They fail to continue giving energy once they earn it. The only way to survive such a quick changing environment is by constantly updating skills and learning from mistakes.
All that befall traders — all that is done by them, all that comes to them— happens as a result of lack of discipline, skills, learning, attitude, practice, relearning, and applying and implementing. They often forget to consider the factors on which forex can be traded and they lose.
Copying others’ trades has become a popular way of trading in recent time. But it’s not an exact way of trading and most of the traders avoid accepting this truth. Copying others doesn’t increase the inherent ability of a trader. So, try to learn how to analyze the market well.
Piffling posted: 90% of traders fail in the market due to a lack of market knowledge and understanding. If you have both of these, it will be easier for you to get into the top 10% of traders.
It is also necessary to have patience. Knowledge and understandability of the market also demands the patience of a trader to test how he behaves when a market is not in the perfect condition to match his trading strategy. Well sometimes, it is required that a trader changes his strategy as per the market movements (bear and bull), in order to take maximum advantages.
Money and risk management are so important in the forex market. The reason why 90 per cent of the traders fail is because of the lack of these two in most cases. Hopefully, the internet might help these people learn how to manage their money and risks.
The problem with beginners is that they give up too quickly and never take time to learn. 90% of traders are not able to identify or learn from their mistakes instead they just blame the market for their losses. This attitude can never help you in the long run. We must be willing to learn and work on ourselves in order to become a skilled and successful forex trader.
That’s probably because of the misconception they have about the market. When they read about forex trading, it seems easy and doable that they set high expectations. But when they start doing it, they get to know about the hardships that are associated with forex trading.