How do people fail at this?

More than 90% traders fail in Forex trading because of lack of knowledge and skills and they do not practice much on demo account and start and want to become rich in no time. Which is dangerous and they fall in greed and lose their money.
 
they ignore demo account , its true , but honestly speaking i dont think there is more important in the demo , because there is no emotions when trading, instead of real account is more appropriate with minor balance.
 
Esha.J said:
It is not the fault of Demo account. We fail because we do not take demo as a serious learning tool. So after demo, we can not able to manage real money.
More...
yep .if slippage is an issue in your strategy then there is a problem somewhere
 
A trader who trades on a real account will likely try to close the trade in profit or at break even.There are many traders who manage to make a profit while demo trading, but start losing money once they switch to a live account. No Real Consequences – Demo accounts provide a risk-free trading environment.
 
Most of the trader fail in forex because of lack of knowldge, skills, discipline and have no constration. They want to become rich quickly in forex and want to make thousands of dolors in no time so thet involved in greed and greed is the main enemy of trader and then they start losing money.
 
I would like to think that you are a natural and should pursue trading real money. Start off small and do what you do now. Good Trading to you.

ES


ark93 said:
Genuine question, not trying to be condescending. I really want to know what the catch is or where people are getting hung up. Background: I started practicing forex trading as a hobby a couple weeks ago using TDAmeritrade's thinkorswim and then with a practice account on Oanda (TD won't let me trade forex with my amount of money). I haven't started trading real money yet. I wanted to make sure I knew what I'm getting into.

Anyway, since I started trading, I haven't had a negative day. In fact, most days I'm positive 5-10%, and that's with my extremely limited knowledge of trading. I just did some research on the Internet and then jumped in. I have zero method whatsoever, I just keep in mind some basic tips I gleaned online combined with patience and common sense.

Yet, whenever I look online I see tons of negative people saying this and that, that Forex trading is a gamble, scam, etc., that you might as well go to the casino, that 90% of people lose money according to official sources, that the brokers have to profit somehow, etc. I was reading through the terms when I signed up for Oanda and even they said that 2/3s or their users lose money. How can this be? Aren't these people taking this seriously? I mean it's their money and everything. I understand some people are brash or just trying to get rich quick, but certainly not the majority of them?

Could it just be that I have what they call beginner's luck? Is it somehow different with real money, will new forces working against me appear as soon as I start trading with my own money?

I want to know what the catch is. Again, not trying to show off my skillz or anything, I'm just skeptical. I really just jumped into this and the returns seem too good for someone who just started with no knowledge whatsoever. Thanks in advance.
More...
 
Robert Morse said:
Paper trading does not count. That simple. Years ago, I played online poker. Made money consistently with play money. Then I funded an account with $200. Lost that. Did it three more times over a month, Lost that too.

The TradersEXPO New York comes around each year in February. I started going is 2011. In 2011 many of the booths were FOREX. We talked to two of the brokers. We asked a lot of questions to see if we wanted to add FOREX at my old firm. These were the metrics we were told by two different FOREX brokers. Same numbers. Overall, average account starting size $5000. Number of account that lose money in the first 90 days, 90%. Amount they lose, 90%. Leverage is lower now, but still.

Good luck.

Bob
More...


Side question: Are brokers allowed by law to look into all accounts and see who does better and look at what they did? OR are there very rigid laws around this that prevents them from looking at the database? Otherwise, I am assuming they hold a lot of power having all these trades made at their disposal to make better judgement and trade themselves by trailing their best customers. Does this happen in a hush hush way?
 
i feel, people fail due to their bad habits , generally we think some mistake causes of failing but its not true , mistake is very common issue but if you do same mistake again and again then of course you will fail.
 
There are a couple of reasons because of which traders fail like lack of knowledge, poor strategies, no risk management, no discipline,trading without a plan, emotional trading etc. So just have to find out the weak points and work on them.
 
You must log in or register to reply here.
Back
Top