In reality there are only few successful in forex trading business even though there are many forex investors. Forex Market is the world most largest and accessible financial market in the world. In this article, i will be listing the top 6 reasons why Forex Trader Fail in 2018:
No Trading Discipline at all
Emotions is the biggest pitfalls of majority of forex traders specially during trading decisions. They can’t control their emotion and just deciding to bet hoping to gain their potential lost in the last failed bets. Successful Forex Trader definitely wish to achieve big wins however they also experienced smaller losses. Getting consecutive losses is so difficult to handle emotionally. Discipline plus patience and confidence plus conquering emotion will definitely achieved a well planned trading to improve more the chances of winning.
Trading Without a Blueprint Plan
Its a must to create a blueprint plan in the world of forex trading. You need to remember that failing to plan is like planning to fail your bet. Most successful forex trader works with a proper documented plan that includes potential risk management and a forecast of return on investment or ROI.
Not Adapting to the Market
Forex Market is opening and closing and you should create a plan for every trade. It’s a mush to conduct a scenario analysis and planning every moves plus countermoves for the market situation can definitely reduce the potential risk and unexpected market losses.
No Trial and Error please
Sometimes the saying learn from experience is not an efficient way to trade in forex trading business. It would be better if you access the experience of successful traders rather doing trial and error. This is achievable through formal training and coaching provided by Magic FX Strategy Team.
Super High Expectations
Forex trading is not an easy get rich quick scheme. It requires recurrent efforts to master all the forex strategies before become successful.
Very Poor risk and Money Management knowledge
It’s another must to focus on risk management in creating strategy. There are forex individuals who trade without any protection from using stop losses in fear of being stopped out so early. Most successful traders know how much of their capital is at risk and know the appropriate projected results and benefits. Many forex traders fail because of lack of knowledge and to avoid some of these reasons, you need to build a relationship with those successful forex traders who can guide you with the right trading disciplines to overcome all potential risk. Helen Ammons of Magic FX Strategy will provide you solutions to become a successful forex trader online.