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.
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.
The figure is debatable, but a high number of traders lose money in the forex market. But this doesn’t stop you from becoming successful. If your technical and mental skills are aligned, then you can become a successful trader.
Fandango posted: If you trade without market information, you will lose for sure. Don’t take it lightly and do what is required. Setting expectations from the market is easy but working hard to reach your expectations is what causes the real trouble. Be ready for that before you lose all that you have.
agree. trading without analysis can e a ship in an deep ocean without a rudder.
Earning in Forex is Very easy if you can do without emotion, Earning Forex is Very difficult if you do with emotion. It's As Simple As that. When I trade, I focus on trading and No person is allowed visit. Infact trading for years have made me have No time to socialize. All i think is Profits and how to keep compounding it daily. This have been successful
Yes, a high number of traders fail. The cause of their failure is well-known. They lack the trading mindset and are not serious about trading. For many, forex is a way of making quick money, which isn’t the case. Other reasons include lack of trading system, poor risk management, opting for bad brokers, etc.
Most forex traders lack the discipline and patience to follow a disciplined trading strategy. They are often tempted to enter the market on a whim and without any clear plan, which usually leads to losses.
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