Symphony of destruction
Why traders keep losing money in the Forex market?
Recognize this scenario?
You’ve decided to start trading after hearing the “easy money” buzz in the net.
You made your broker search, opened an account and took one (or more) of those free courses that “guarantee” that you will become rich and successful. You spent some time in those course, hearing what “they” wanted you to hear and you saw how“easy” Forex is and how you can make “loads of cash” and quick!
You decided that you are ready and placed your first trade…..
After a while, you busted your first account…Bummer..
You started second-guessing yourself. “What should I do now?” question crossed your mind and after a while, you decided to give it another shot. Being more cautious, you read some books and articles where you found out that most successful traders busted several accounts in their past. That revelation pumped up your spirit and you re-opened your trading account, funded it with more money and jumped back into the trading arena.
Boom.. Another account blown..
If you are familiar with this scenario, you should continue reading this article.
What makes traders continuously fail in trading?
What are the reasons that make so many traders repeat their mistakes again and again until they stop trading or (in the rare cases) adjust their mindset from amateur to a pro?
Although there are many reasons to failure, just like there are many reasons for success, I think that the following 5 mistakes are the most common and devastating mistakes carried by novice traders:
- Get rich and FAST – Probably the biggest mistake of novice traders.
- Lack of proper Education – Free can cost you a lot!
- Leverage and position size – Focus on the $ will get you nowhere.
- No system, no plan – Jumping from one system to another is a recipe for failure
- Psychology – It’s all about your mindset.
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