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I think 98% traders unsuccessfully because they do not know how to make money at this market? Forex success depend on proper money management, vast knowledge and skill, proper Fundamentals analysis and technical analysis, use on Signal and indicators etc. Right time and right decision is necessary in every stage for trading.
When we will find and are able to afford professional mentor in the forex journey, then we will succeed must faster.
Somewhere I listen the 95% traders and somewhere I listen 98% traders.. exactly I don't know exact how much
because nobody wants to learn the rules and just make easy money fast!
Traders usually fail because they have poor risk management and start trading with an account which is too small. Starting on a small account encourages risky trades for fast growth. Being disciplined and not getting emotionally attached to the trade is key, make a plan and stick to it. Also failing to take profit on a healthy winning trade is another common mistake. In summary, planning, discipline and conservative risk management are key to not failing.
That's right, as trader you can go 2 ways. First is the slow way with low risk, and second one is the fast way with high risk.
Many unsuccessful traders choosing the fast way, and enter the market with high lot size.
Then when it goes up when you have a sell, you are loosing money really fast. example: after 2 minutes you lose $150,-
So better to keep lotsize low. 0.01 / 0.02 but I don't recommend to go much higher then that. so then you don't lose $150 but only $2.
Everyones dreams its to make money fast without leaving home and keep on the couch, but people forgot that everything has its dificult and forex its a lot difficult to learn,
I think large number of traders fail in forex markets due to lack of knowledge and overconfidence. Forex is all about keeping patience and trading well. You need to study markets accurately, follow the trends, know about fundamentals and technicals of the market and then only trade. In the end, i would say, know yourself well first i.e your risk tolerance and make goals for success in forex.
Traders fail because they see charts and advertisements all over the web that say:
Work 10 hours per week and make $5000 or
Become a successful trader in 10 easy steps
Or something like that and they think those are honest representations of what can actually happen for them will little or no effort. The reality is it takes a lot of research, self awareness, patience and practice to become a good trader. Either that or you pay someone who is successful to trade for you.
Sometimes market movement is kind of hard to be predicted! Every expert also once was a newbie as well! If we work harder and not give up easily, I believe we can be the 2% of winners! Cheers
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