Most traders don't get success

Nathan_Han001 posted:
The reason behind trader's failure is lack of patience and knowledge.

Agreed. They need to have a proper knowledge in order to understand the common sense of forex trading

According to me, most traders don't get success when their greed comes in between forex trading, this is when they start overtrading and gets risks and losses.

I totally agree with the idea that the main reason for failures is misconception of the newbies about what trading really is. Successful trading presupposes much learning and practise. Not all of the people are ready to spend so much time on analysing the charts and news, so you will more likely to be a success on the market if you are really interested in trading. However, if you think that trading forex is easy and it doesn't require any efforts, you'd better stay away from this activity as you will definetely lose lots of money with such an approach.

Well, no doubts that most of traders don't get success and the reasons of such situations are that they dedicate less time to learning and practicing. It sounds quite corny, however it really depends on these things. Moreover, I would note emotions and unproper goals. Of course, it's quite unpleasant to lose money, especially when you lose all your money, however it makes traders stronger as I think. Those traders who always try, they always reach success. They made mistakes but they understand that they wouldn't let these mistakes to interrupt their future trades. So, it works approximately like that.

Probably true, if everyone one it wouldn't work very well would it.....

Maybe yes maybe no, I think successful traders only for them that always hard work and smart work, they want to spend time learning and have a good mindset, because forex trading is about how to manage money to make money, choosing trading pair also important to get good pair with a strong trending market, the easier trading is when the market in strong trending, but waiting this moment is not always to come.

Lack of knowledge and practice

GraceGilm posted:
Forex is such an occupation where it is not so easy to get profitable results

Agreed!
Success in forex trading depends on knowledge and experience.

Most traders are unsuccessful. In fact, statistics suggests that 95% traders fail in this business. One of the reasons for that is traders invest their money in live market way too early than they should. Since it is not an easy business, they lose their money as well as confidence. Let us not do it. We must invest our hard work, time and dedication before investing real money in this market. It is not easy but it is certainly doable if it is dealt accordingly.

Traders with unrealistic expectations about how much money they can make through Forex trading often end up quitting the industry. They don't get success because they don't have enough knowledge of the basics. One of the most important things you need to learn is managing your money and using a trading plan while trading.

Unrealistic expectation leads to over trading or not to follow proper risk management. As a result, people lose money again and again. And eventually get dropped out from the market.

@Akasuki Yes unrealistic expectations is the root cause of losing money in forex trading. In no other business people expect this much profit. But when it comes to trading, they become a different person.

Most of entry level traders don't know the importance of strategy, they trades just by looking at charts but alone this will not help. A holistic look must be required for each pair you trade upon. This will keep your risk low.

I think they spend too much time on searching a good strategy and jump from one to another. What they lack in is trading psychology. With an average strategy we can make money if our mindset is solid.

It is true that it is hard to become a success in forex, but it is possible whatever past experience you have. I believe that 50% of success depend on a trader's approach to trading. There are many people who think that forex trading is a piece of cake and everything that the traders do is just pressing the buttons and reaping the rewards. However, it is far from being true. People outside trading don't see the preliminary work which is conducted by the trader before making trading decisions concerning opening this or that deal. Opening the deal is just the final stage which is visible but it is not the only one.
So, if you want to start trading and get decent consistent profits, you've got to be prepared to learn and acquire new skills which will be necessary for the market analysis.

@Vozil559 Yes you are right. Success depends on mostly how we approach to forex. Most people come here with a thought that there is easy money in forex. For this thinking, he waste time on trading before before learning.

croisssan posted:
Unfortunately, many people simply do not know how to control their passion. And when a trader starts to be gambling, he really can lose too much.

I agree with you, people get losses when they start having unrealistic expectations.

It's a real truth atually. Most traders start trading activity, swear to themselves that they will do everything in order to becom successfull and finally they give up this idea after first losses. In my opinion, it's a wrong position, because trading likes thsose traders who stay with it until the end. I believe that these people not only affect trading activity by selling and buying assets, influencing the market, but also they betray themselves and refuse rom their own words. I think that if you have decided to join trading activity, then do everything in order to become successful and prove for yourself that you can do it.