Top 15 Reason Why Forex Trader Fail

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Many people from all walks of life give Forex a shot, but most people that attempt it lose money. Have you ever wondered why that is? At THE FOREX SECRET, it is our job to assist people in reaching their goals and make them the best traders they can be. So in today's article, we are going to look at some of the top reasons why most Forex traders fail, and how we can improve our chances of profitability.

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Top Reasons Why Forex Traders Fail:

Top Reasons Why Forex Traders Fail theforexsecret.com

Why Forex Traders Fail:

Why Forex Traders Fail The Wrong Idea About The Market Unprepared = Forex Trading Failure Using Your Emotions To Dictate Your Trading Trading The Low Time Frames Relying Heavily on Indicators Absent Money Management Trading The News Releases Not Sticking To The Plan Over Trading theforexsecret.com

Explained :

Explained The Wrong Idea About The Market- Forex trading is not the ‘get rich overnight’, ‘quit your job tomorrow’ kind of venture that it is promoted to be all over the internet. Beware of systems that promise the world, internet marketers are very good at pumping you up for a quick sale. If you’re serious about becoming a professional trader – like anything it will take time to learn and adjust . Unprepared = Forex Trading  Failure Fresh traders enter the market totally unprepared for what they are up against. They get chewed up and spat out before they can say, “what the…?”  Forex trading should be treated like a new business start-up. Invest solid time and learn about the Forex markets before diving in the deep end . theforexsecret.com

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Using Your Emotions To Dictate Your Trading The most dangerous thing to your trading is  you . Your unchecked emotions are one of the worst things you can bring to the financial markets. They can destroy hard earned progress in seconds. Don’t just focus on mastering your trading strategy – learn to master your mental and emotional strength and desire to reach the ultimate level of discipline . Trading The Low Time Frames Low time frame trading doesn’t provide a good trading environment where you can perform clean market analysis. It’s a noisy environment that is hunting ground for high risk appetite scalpers. Low time frame trading is notorious for flaring up dangerous emotions within traders, causing them to crash and burn time and time again. theforexsecret.com

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Relying Heavily on  Indicators Traders turn to indicators for the classic ‘buy on green, sell on red’ setup. But most indicators were designed to work with markets in the 1960’s, and don’t work as well as they should today. Traders often use indicator stacks to try filter out ‘bad signals’, but only manage to turn their chart into a mess. Indicators lag too much to get you involved with the real action of the market. Absent Money Management Learning proper money management is just as important as learning a trading system. Don’t ‘guess’ your position sizes – if you don’t know how to set them correctly, make an effort to learn how to. Make sure you always use a positive geared money management plan so your winners out perform your losses. theforexsecret.com

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Trading The News Releases If you want to be a successful trader, don’t get caught up trying to trade economic releases from the Forex news calendar. Price gets very volatile around certain releases making it hard for us to enter/exit the market smoothly. By the time you see the news data, the rest of the market has probably already responded and the majority of the move is probably over before you can even click the buy or sell button . Not Sticking To The Plan One of the biggest tests of discipline is being able to stick to your trading plan and not be tempted to make knee-jerk reactions to price moves that are outside of your trading rules. As soon as you display weakness to the market, you will suffer. Pulling the trigger to early, moving your stop loss where you shouldn’t, not sticking to your money management plan are all signs you’re not disciplined enough to stick with your own rule set. theforexsecret.com

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Over Trading Over trading is one of the biggest killers in the market. Over trading is like smoking to lung cancer – once it gets out of control it is very hard to stop and potentially fatal. Many traders follow the philosophy of ‘the more trades they open, the more they can profit’ but sadly it’s usually the reverse. theforexsecret.com

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