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Thread: The Main reason Why Forex Traders Fails.

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    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


  2. The Following 2 Users Say Thank You to asiaforexmentor1 For This Useful Post:

    angelnish (05-28-2012), Rein135 (03-21-2014)

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    Thanks for sharing valuable post. You have mentioned very real and authentic reasons. I think to be successful in the Forex trading.The foremost way to make money through forex market is to ensure your trading. If you trade yourself, you will surely get guaranteed results. However, it may take a bit of time. But this strategy is quite favorable if you consistently follow it.


  4. The Following User Says Thank You to bestforexpartner For This Useful Post:

    Rein135 (03-21-2014)

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    thanks for appreciating this article.


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    Quote Originally Posted by asiaforexmentor1 View Post
    thanks for appreciating this article.
    Your Articles are nice and really helpful for any traders be it new in the markets or already an experienced trader.

    From what i have seen that you are always willing to help New and Struggling traders which is a good thing to do.


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    I think:- poor planning is the key to failure.Poor money management follows.Taking high leverage could be a course too since it posses higher risks. Naked traders (those without indicators) especially newbies will loose a lot of cash. It is important to be knowledgeable about markets before trading.


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    I think the reason of failure of traders is lack of knowldge and skills about Forex. The trader who want to become rich quickly but have no knowldge about Forex he can loose in few days of trading.


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    Quote Originally Posted by raybenz1986 View Post
    I think the reason of failure of traders is lack of knowldge and skills about Forex. The trader who want to become rich quickly but have no knowldge about Forex he can loose in few days of trading.
    Very much agree.


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    How to lose $14k in a day: Invest x amount in martingale EA and hope for the best. Hahahaha... worked well for me. By "worked well" i mean i lose them all. So guys, DON'T USE MARTINGALE EAs!


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    If had to say frankly I would say that, the main reason traders fail to make profits from Forex is that new traders always go with a Scam broker. So many brokers has risen in Forex industry and all of them are offering much bonuses or interesting offers. But new traders can not make difference between a scam broker and a Good broker.

    So usually they go with a scam broker that offers huge. But I am always careful about my trading and this is why I have chose OctaFX to trade with. My broker is a multi-award winning broker. In 2014 year, my broker OctaFX achieved awards as Best Broker Eastern Europe and Best Broker Central Asia from Forex Report Magazine. On the other hand, this broker got awards as Best ECN Broker Asia from Global Banking and Finance Review too.


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    You have covered almost all the points about why any Forex trader fails. I have learned new things after reading your post. Thank you for sharing it. I hope it will be very beneficial for new traders to understand the basics and they may not repeat the mistakes mentioned in it.

    A person should not invest the cash in hurry. Do proper research to avoid losing your hard earned money!

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