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Why Do Forex Traders Fail?
It is a sad fact that 90% of traders fail, and many very quickly give up. Why? When I went through a phase of losing trades I treated it as a temporary setback and went back to the drawing board. I analysed the reasons of my failure and I sought the guidance of Top Traders, Mentors and Coaches to put me back on the path of success and profitability.
In my opinion the high rate of failure for a new trader can be related to the six major obstacles that a trader faces, which are summarised as follows -Poor Skills
  1. Lack of adequate capital
  2. Setting unrealistic targets and goals
  3. Lack of Patience
  4. Lack of discipline
  5. High risk aversion.
If we look at the list, it becomes apparent that the failure is as a result of trading without having in place a proper Trading System and a Trading Plan One that includes mind training, quality Forex education and strategies and sound money management rules.

So what are the Characteristics of a Successful Trader? All we have to do is to reframe the liabilities listed above;
  1. Adequate trading knowledge and understanding. You should seek services of good quality mentors and a trading coach.
  2. Adequate capitalisation Dont be fooled that you can earn thousands every week from a starting capital of $500
  3. Realistic Goals dont expect 100% profit each month, it simply is not possible.
  4. Have patience dont trade if you dont have to. You should wait
for a set-up according to your trading plan and system.
  • Have Discipline to follow your rules
  • Understanding and Managing Risk
  • And lastly the most important is having a Trading System and a Trading Plan. Virtually 90% of Traders that I have coached have never had one!
      If you look at the advice from the worlds most successful people or traders today, you will notice that they follow the guidelines as identified above.
      Define first the level of risk you dare assume. Start with a small position, and then build it up if it works
      George Soros
      Give me a stock clerk with a goal and Ill give you a man who will make history. Give me a man with no goals and Ill give you a stock clerk
      J.C. Penny
      If you go to work on your goals, your goals will go to work on you. If you go to work on your plan, your plan will go to work on you. Whatever good things we build end up building us.
      Jim Rohn

      Aims to help you learn, trade and invest in the trading market. It is designed to be a one-stop shop for trading (Forex, Stocks, Option, Betfair) and to provide a wide range of information, tools and resources for all levels of trader and investor. It aims to bring you only the best available services on offer in the forex market.
      Happy trading!
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