Thread: 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!
This is the main reason why most traders fail, At Asia Forex Mentor, we teach not only about the entire system for traders to be consistently profitable, we also focus on forex
trading psychology. Check out our AFM winning Price Action Forex Course where i teach you the exact FULL Forex Trading System that i personally use.
See you on the other side my friend,
Asia Forex Mentor
Ezekiel Chew
Asia #1 Forex Mentor

Lack of sensible approach, knowledge, experience, skills and even planning are the most common ways people fail and I think if we get our common sense in right place we will win more trades then losing, but unfortunately it’s hard seeing people using their sense, I always trade with proper plans and due to my broker OctaFX, I can work long term without having to pay any commission with swap free account available for me to be using without any religion verification.

Lack of quality knowledge is the main reason of most of trade to loss in Forex. If a trader want to become a good trader he must learn Forex first.

Lack of experience and greed is what is actually hindering traders from been successful in forex trading. Most traders just jump in forex trading without having a good knowlegde about it.

many traders fail in forex because it has a poor psychological condition. In forex trading, then we need to have a good trading psychology, to have a good psychology will allow us to trade with the maximum. poor psychological state will carry on trading greed that have caused us to experience many losses

It’s only lack of knowledge, experience and even skills which make traders fail. If we have power to get these then no matter whatever happened in past, it won’t make difference we could still succeed and as you mention blame game is bad, if we overcome this then we can be successful, I don’t really blame anyone because with Nova FX broker, I get everything to succeed especially with their 111% bonus on deposit, so that really makes things easier!

Ive made some money trading forex..heck even left my job. First learn the basics such as fundamental and technical analysis then it stops being a gamble. Ive also found this (free to download) modified pivot point indicator and it seems good. check it out and tell me what you guys think maybe it will add an edge
Here's the link http://goo.gl/YZsYmA