Most people fail because

More often than not, people fail because of their greed. This is the main enemy of the trader.

Another reason is because of lack of a solid risk management strategy.

Daniel32946 posted:
More often than not, people fail because of their greed. This is the main enemy of the trader.

One of the biggest reasons indeed. I have seen people quit forex completely because of greed that wiped them badly.

Antonio_K posted:
Another reason is because of lack of a solid risk management strategy.

Right. Solid risk management strategy is essential to survive in the trading.

Most people face loss because of their excessive greed. So every trader should control greed. If greed can be controlled and traded, it is possible to make a profit.

There are a lot of reasons as to why people fail. Lack of proper knowledge, neglect, greed for profits, etc. could be some reasons.

The reason people fail is because they don't have a concrete trading plan.

TR4DEX posted:
Most people fail because... Greed

The reason many forex traders fail is that they are undercapitalized in relation to the size of the trades they make. It is either greed or the prospect of controlling vast amounts of money with only a small amount of capital that coerces {forex traders} to take on such huge and fragile financial risk.
must read {Top-hidden-secrets-of-forex-trading}
https://fxreviewtrading.com/articles/top-hidden-secrets-of-forex-trading-and-its-application/

Brank_A posted:
The reason people fail is because they don't have a concrete trading plan.

There are instances when there are failures due to trader’s own negligence but they learn from those mistakes. Planning can reduce the risk but it’s not a sure thing that every trade goes according to the strategy.

A home is built on a strong foundation and every trading journey starts from the solid plan. I think another reason (besides not having a trading plan) why newbies fail in the markets is due to unrealistic expectations. They think just opening an account with a broker will reap benefits which is not possible even in the fairy tales.

I think most traders fail because of a lack of knowledge and experience. And they are not trading, they gambling with greed and impatience.

Lycineandrew posted:
A home is built on a strong foundation and every trading journey starts from the solid plan. I think another reason (besides not having a trading plan) why newbies fail in the markets is due to unrealistic expectations. They think just opening an account with a broker will reap benefits which is not possible even in the fairy tales.

Also majority of the people think if they have the best broker they can earn a huge amount of money. Brokers are important but no doubt the knowledge which you have as a trader is also important. I am using price action trading with short time frames in contrast with longer time frames. I am using the MT4 platform with both Fxpro and Fxview which help me to explore a range of markets. So step by step understanding the whole process of trading is very critical for every trader.

Indeed, the success of the cavity does not depend on the choice of the broker, although I can say that Amarkets is a decent and reliable broker with experienced managers and good trading conditions, but if there is no knowledge, the desire and desire will fail.

Lorencecolling posted:

Brank_A posted:
The reason people fail is because they don't have a concrete trading plan.

There are instances when there are failures due to trader’s own negligence but they learn from those mistakes. Planning can reduce the risk but it’s not a sure thing that every trade goes according to the strategy.

The most experienced traders also fail sometimes because they do not revamp the strategy altogether. Markets change every second so it is absurd to think a strategy will keep on working for a long time. Does anyone think that there is a actually a long term strategy which can keep working for years and years?

Greed! the only reason.
The same reason why people fail marriages too.

Lycineandrew posted:

Lorencecolling posted:

Brank_A posted:
The reason people fail is because they don't have a concrete trading plan.

There are instances when there are failures due to trader’s own negligence but they learn from those mistakes. Planning can reduce the risk but it’s not a sure thing that every trade goes according to the strategy.

The most experienced traders also fail sometimes because they do not revamp the strategy altogether. Markets change every second so it is absurd to think a strategy will keep on working for a long time. Does anyone think that there is a actually a long term strategy which can keep working for years and years?

No matter which brokers you use from the markets ranging from low cost ones like Fxview to the ones requiring higher investment like IG; no broker can do magic if the strategy is not in place. It is a very tedious process which you have to commit yourself to so that you don’t lose money.

You cannot rely on one thing, everything must be combined and then the result will be good enough

Make a good plan and choose the best strategy to make money in this lucrative market.

Lycineandrew posted:

Lorencecolling posted:

Brank_A posted:
The reason people fail is because they don't have a concrete trading plan.

There are instances when there are failures due to trader’s own negligence but they learn from those mistakes. Planning can reduce the risk but it’s not a sure thing that every trade goes according to the strategy.

The most experienced traders also fail sometimes because they do not revamp the strategy altogether. Markets change every second so it is absurd to think a strategy will keep on working for a long time. Does anyone think that there is a actually a long term strategy which can keep working for years and years?

If one strategy was to work forever then everyone would have adopted it by now.