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  1. #1

    Default The Main reason Why Forex Traders Fails.

    Forex Trading Psychology – The Main reason Why Forex Traders Fail



    Forex Trading Psychology
    There are many answers in the market to this question: Why do most forex traders fail?
    - Some blame it on over trading
    - Some blame it on emotions
    - Some blame it on revenge mentality
    - Some blame it on impulse
    - Some blame it on the market
    - Some blame it on bad luck
    - Some blame it on poor entry
    - Some blame it on not taking profits
    - etc etc etc
    As you can see, there will be tons and tons of reasons that explains why forex traders fail.
    This is all that relates to forex trading psychology.
    But i strongly believe that it all leads to one answer.
    MONEY
    Forex Trading Psychology – The Main reason Why Forex Traders Fail


    Yes, the answer is MONEY.
    The main reason why most traders fail is because of money.
    No doubt that we all trade forex for the money.
    But it will be the money that kills us in forex.
    Forex trading psychology – Let me explain.
    To us our money that we put in our forex capital is our hard earn money. Who isn’t?
    when we have that mentality that we CANNOT lose the money in our capital.
    And as all man are greedy. We want to multiply our capital FAST.
    That’s when we lose it all.
    To succeed in forex trading, we have to FORGET that there’s money involved.
    You have to learn to trade not because of the money. But because you like forex trading and you are passionate about it.
    You have to learn to trade right and not trade for the money.
    When you trade right and forget about the money, the money will come naturally.
    But when you are too focused on the money, all your emotions will trigger.
    You will get into impulse trades, probably because you made a lost on the last trade and you want your money back.
    Or because you look at the trade and you are so confident about it, you GAMBLED your whole account size on that trade. and to lose it all.
    Or because you want to feel good and look good, and you think that you are able to double your account in a week. So you take trades that are way beyond your money management risk %.
    Or you made a series of losses, and you think that if you increase your risk percentage on this particular trade, you will make back your losses.
    And the list goes on…
    FOREX TRADING PSYCHOLOGY – The Main reason Why Forex Traders Fail


    All the above reasons leads to the main answer. MONEY.
    If we are not trading for the money, but if we just want to focus on mastering our trading and trading it right.
    There will no longer be any emotions in place.
    I highly recommend traders to forget about the money in forex.
    Trade with your forex trading system and stick to it with discipline. Focus on trading right.
    It is even better if you can cover up the money part on your forex broker screen. Ignore how much has your account size grown or how much have you lose.
    When you are able to do that, you will then see the big picture and you will be more analytical on your forex trades.
    So the next time someone ask you on – what is the main reason forex traders fail.
    You know your answer: MONEY
    This is Forex Trading Psychology at its fullest!
    Ezekiel Chew
    Asia #1 Forex Mentor

  2. #2
    Join Date
    Nov 2011
    Posts
    448

    Default

    I personally have't done any forex trading myself. I've considered it, but thought that it was too risky (perhaps its my own lack of knowledge and expertise in the sector - and hence fear?)
    I prefer property investments - that's my opinion

  3. #3
    Join Date
    Jul 2003
    Location
    Kapiti in New Zealand
    Posts
    4,027

    Default

    There's money to be made in Forex Trading - just picking up the crumbs. Mindset plays a big part - and moving your ego out of the way too.

    Marc
    Free business resources - www.BusinessBlogsHub.com

  4. #4
    Join Date
    Nov 2007
    Posts
    1,067

    Default

    Marc, Seriously and realistically, how has this been going for you? If I remember correctly, it was Donna's money to begin with? and it was a small amount? ~$5k? Would you care to share your experience?

  5. #5
    Join Date
    Jul 2003
    Location
    Kapiti in New Zealand
    Posts
    4,027

    Default

    I'm so busy with work right now I am not trading though I'll get back into it. Yep I only had a small pot of $$ to play with and real returns come from larger investments e.g. min $100K. When I'm not working full time I'll put a few hours a day into it again and with more $$ to make it worthwhile. I am keeping up with the news etc as it will be an easy path back when I can put some time into it again.

    cheers,

    Marc
    Free business resources - www.BusinessBlogsHub.com

  6. #6
    Join Date
    Nov 2011
    Posts
    448

    Default

    hmmm, yes I suppose mindset does play an importance, but I suppose I need to excel in 1 type of investing otherwise I'll be overwhelmed, and forex trading just doesn't suit me personally I think

  7. #7

    Default

    The reason traders fail early is because they were lucky not to learn a losing strategy

    Most of the remainder learn a losing strategy but win on luck then persist until no funds

    As for the very few, well even if they were just lucky they can still upgrade to low margin accounts and if they get to low interest then eventually there is someone else with access to cheaper funds that can hold a wider margin. That's all it is, feeding of everyone elses margin like ping pong, the biggest margin has the least probability of being scooped up by someone else

    And basically, a big margin equals low leverage so you have to be bigger than JP Morgan too

  8. #8
    Join Date
    Jun 2011
    Posts
    158

    Default

    The reason why people don't make money forex trading is the marign you pay to do the trade.
    Transform your house with futon couches
    Make sure the plumbing is working impotence causes
    Looking for overseas work job vacancies abroad

  9. #9
    Join Date
    Mar 2012
    Location
    London
    Posts
    71

    Default

    I don't have much knowledge about forex trading that's why i did not try it. So can not say any thing surely why it fails as i do not have any personal experience myself.

  10. #10
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    2,105

    Default

    Quote Originally Posted by Rabia View Post
    I don't have much knowledge about forex trading that's why i did not try it. So can not say any thing surely why it fails as i do not have any personal experience myself.
    I didn't know anything about Forex trading, so on Tuesday I got a local Forex trader to do a webinar for my clients. I'll try to put the video up of the webinar on property talk later today and it goes for around 1 hour.

    Forex trading was very different to what I thought and it was great to get a basic understanding. I'm not sure if Forex trading is for me, but then I'm trying to question myself as to why not. Sometimes it is good to look at other options to create wealth and a lifestyle, and to have multiple income streams rather than be too tidied in to one area.

    I'm particularly interested in Forex Trading for our reasonably wealthy clients children (around Uni age), as I think it could be a good learning experience for University aged young adults, and perhaps a skill that could make them think differently about wealth/life balance.

    Ross
    Coombe Smith Property Accountants www.cswaikato.co.nz
    Are you sick of your Large Auckland Accounting firm charging too much
    for rental accounts? Click here for guaranteed 30% off


 

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