I would say that try to keep your excitement at low levels and invest patiently at the early phase of forex trading. One wrong trade can vanish your all hard earned money. Try to learn from small trades and then gradually move to bigger ones. Learning from mistakes keeps you on a safe path.
momo3HC posted: Mainly because wrong vision about what Forex is and what`s needed to succeed.
That's right, Many traders start here with the wrong perception about what forex really is what it demands from traders to achieve success. And this is one of the basic reasons behind the failure of many.
risk is everywhere in Forex its a very common thing , there is no one who can deny but if you have proper money and risk management then within a very short time you can bring good amount of profit from here.
Above everything else you require knowledge and appropriate trading outlook. In the event that we need to lead a secured and open to trading environment with positivity we the traders need to pick the solid broker which ensure their customers funds.
All the above there is some grain of truth. Brokers, knowledge, not knowing what they are doing, mindset, risk management ... and Greed, greed, greed ...
But NO ONE said that losses are simply related to TIME! What I mean? If you don’t take risks, you won’t earn. You will have positive trades, you will have negative ones, but in the end all your CAREFUL trading will NOT MATTER, because the profit related to the time spent will not be profitable! It will be some cents of profit ... You definitely need to take risks to make money! Real money! And risk is always associated with losses. That's the whole truth. You're welcome :)
The reasons to understand foreign exchange in order to understand forex trading you made this why I believe that any online community or even varshali or social website or any account is the best strategy. The concept is simple, easy, and safe because it just dreams of few beers profit, and that should be easy to achieve. However, it also takes analysis of the market movement to find the existing trend and then do the trades accordingly since the Forex market moves with waves, which sometimes go up and sometimes go down, just like the price of Amore cake. The reason of feeling is that traders don't get to the right place at the right time, so it is difficult to make good profits in forex trading.
The reasons for failures can be different. I don't even know how many categories of failures exist. Every situation is different that is why it is a very hard task to try to generalise them. I can mention the most popular and widespread mistakes which young traders make and which lead to the absolute failure of one particular trading account. First of all, it is high expectations. There are so many people who come to trading with the idea that here they will make tons of money and become millionaires in a week. Surely, this assumption is far from being realistic. Trading requires lots of knowledge and skills and whatever. So, the first thing a trader should know is that trading requires lots of learning and practice if you want to become a success and make at least some profits. THe whole process of learning is not easy because nothing goes smoothly in the beginning and there is practicaly no motivation as you don't earn anyting in the beginning. Secondly, choosing the wrong broker. I know that forex market is becoming more and more regulated, but there is still many scams here. THat is why a trader should be extremely careful while choosing the broker which will not disappear in a week with your money in their pockets.
Most people fail because they believe in fairytales that trading is the infinite source of money available to everyone without proper background, knowledge and skills. Surely, such a conception is far from being true as trading requires lots of patience, efforts and motivation. It is something like answering the question of why the most of writers fail to be famous and well-paid. Because not all of them are ready to live in poverty before the learn how to write cool things and attract publishing houses. Trading is quite the same: only the strongest can stick it out and get to the bottom of everything which happens on the market. They accept the challenges of the market every day and they are ready to overcome the hurdles on their ways. If you think that you can come to trading and start making good decent profits immediately, you'd better go to casino and leave the money there. At least, you'll derive some pleasure from it.
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