Why Do New Forex Traders Not Generate Profits?
The failure rate in the forex market is very high. Nearly 99% of the new traders lose their money in this market because they are unable to avoid the most common mistakes. Do you know why most of the traders consistently fail to earn money?
Market is Always Right:
The first and the most important reason for losing money in the currency exchange market is that the traders do not listen to the market. Gaining the trading skills is the easy part but the traders are not able to apply them in the right situation. Your skills are not enough to make your trade profitable. Traders who do not understand the market signs always suffer losses.
For example, you want to short USD/GBP pair despite the traders have made the price of the pair too high. In such a case, you need to reassess the situation before moving forward. Analyze the market with a cool mind and see if you get any information giving more weight to the price action before increasing your exposure further.
Its hard Easy is not an option:
A trader can become an expert trader only if he/she has sincere desire to learn more and do better. Most of the traders do not have desire to develop skills as well as trading strategy because they do not have zeal for trading. Most of the traders do not want to learn market analysis and do not devote time to understand the market. Just because of this reason, most of the traders ditch the forex trading.
Becoming a profitable forex trader needs a lot of time and devotion. Many efforts should be done by the traders to hasten the learning curve but there is no magic formula to completely avoid the trading losses. Usually the new traders think that they must not suffer any loss, hence they become tense and do not accept any losing trade.
Failures are your learning lessons:
Traders should understand that losses in the forex trading are usual and frequent. Whether a trader likes it or not but he/she will experience a series of losing trades. Even the most experienced trader experiences losses in the world of Forex.
Realistic Goal Infinite Profit = Infinite loss
Most of the traders do not admit their mistakes and move forward which may lead to suffer heavy losses. Do not get emotionally affected and exit the market quickly if you are on the losing side. Expert and successful forex traders know when to exit a losing position and they do it quickly. Be patient and accept the fact that you cannot avoid losses completely.
In short, success in forex trading can be briefly summed up in four major points. These are understand the market, have a passion for trading, set realistic goals only and admit your mistakes and try to learn from your mistakes.
Links Useful For you
- All those who have decided OR Want to change their living, Want to be financially free using Currency/Forex Trading Concept (Forex Trading as a Business).
- This is the best place in the world to start making Money.
- Your own choice of Yes and No will make your Destiny!! Take time and understand What you really want from the life? And what all you are missing from your life.
Great to see your interest in forex trading Surely if you come forward we will help you to achieve your Dreams through forex trading In India. Thanks for reading our article on USD INR live chart technical analysis I hope you must have enjoyed it.P.S If you enjoyed reading our post on ‘USD INR live chart technical analysis’ and if you feel you had value from it, please be so kind as to ‘like’, ‘share’ and ‘comment’.