Top 6 Reasons Why Forex Traders Fail

forex fail - Top 6 Reasons Why Forex Traders Fail

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

trading discipline - Top 6 Reasons Why Forex Traders Fail

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

trade plan - Top 6 Reasons Why Forex Traders Fail

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

adapt forex market - Top 6 Reasons Why Forex Traders Fail

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.

3 Strategy ways to Improve Forex Trading

improve-trading

Making regular returns in the world of Forex Trading can be a lot of work to do, but if we are positive and always looking forward to improve yourself then you will increase the chances of winning. In this article, it will be explaining the different strategies to improve Forex Trading in 3 ways using Forex trading methodology that can yield impressive performance result.

Always keep in mind that these strategies won’t be applicable to every person and every strategy. I just added here general tips that Magic FX Strategy selected based on our years of experienced.

Strategy 1: Always limit your forex risk

This is a common behavior and biggest struggles of Forex Traders. Most new traders are often bet in the platform on each trade and normally getting little success in the result. So I suggest that you should never risk more than 2% on one trade and only 1% can be a better option if you are still gaining your skills in betting.

Strategy 2: Make sure to Buy, low, sell high

This is another simply trick and key to getting a high rewarding setups. Normally big declines are met with bounces. I recommend you should avoid moves that you missed out before and if there is an feasible big move and you want to continue with that, make sure to wait for a weakness spot like candles often go down as low as 50% before closing. Don’t ever buy the top of a big candle.

Strategy 3: Remember to wait for the signal

In buy low sell high, it doesn’t mean that you will reach the bottom of the right down movement of your pips. It only means that you need to start looking for available buying chances in the lower range end and selling opportunities in the upper range end. You can enter the low risk by waiting for the right trade signal. Also, don’t select bottoms and tops, just wait for the right moment for the market to tell you if its the bottom or top signal.