Why Forex trading is not easy

Ukhueleigbe Zaccheus

Trading is a challenging industry, and the majority of newcomers lose money. In fact, a banner about the proportion of traders who lose money must be displayed on the websites of many forex brokers in Europe.

These figures are actually not at all small. They might even be frightful to look at. Therefore, we will examine some of the most common explanations for why more than 90% of novice traders lose money in trading in this piece.

The majority of forex dealers mistakenly believe that their mistakes are fundamental and make them repeatedly. I’ve listed these mistakes below; if you stay away from them and embrace the reality of forex trading, you can succeed and succeed big.

Let’s start by examining the most typical mistakes.

Buying achievement

There are a lot of vendors in the forex market who will guarantee you untold riches in

exchange for a few hundred dollars and sell you a useless course with no track record. Guess what?

The overwhelming majority are worthless, have no actual track record (a hypothetical one is not worth the paper it is written on as it is done in hindsight knowing the closing prices), and depend on exaggerated advertising and lies to prey on the reader’s greed and naivete.

. Making use of inefficient tools

Fibonacci and the Elliott wave are these instruments’ two rulers. Both people believe that markets are logical, yet this is not true.

If they were, there wouldn’t be a market because everyone would be aware of the price beforehand, as any student in a classroom knows. Because it is founded on human ideas and because people DON’T reason logically or in accordance with scientific theories, a market is what it is.

Trading days

The time frame is too condensed. There is always randomness in short-term volatility, and it is impossible to forecast support and resistance within a few hours or a day. Why not just toss a coin?

Have you ever seen a day trader with a proven track record of success over the long term? – I haven’t either, so please let me know if you do.

– A lack of self-assurance and self-control

Even successful traders can fall short of this – To assist you trade through periods of losses, you must have unwavering faith in your system, and seek regulated forex brokers.

The majority of traders are unable to perform this, which is the HARDEST aspect of trading. Working diligently and smart is the key to success, and doing so will pay off handsomely.

Accept the fact that you must create a mindset to deal with an entity that is all-powerful; the market price is correct, so only you can be incorrect.

Accept this truth and learn to trade it.

It will occasionally make you look foolish, but if you recognize its power, abide by its guidelines, and consider trading as an odds game, you can succeed and succeed handsomely.

Most dealers lose because they are foolish, greedy, stupid, or even all three at once in search of a quick buck.

Get in the proper frame of mind, work hard, know who you are, and comprehend the market. They have unreasonably high standards.

Believe me, becoming a consistently profitable trader requires a lot of work and ego-crushing losses.

Although there are many ways to shorten the learning curve, there is no way to totally avoid it. Some inexperienced traders make the error of believing that they must never experience losses in order to be successful. As a result, they put too much pressure on themselves and become angry whenever a trade doesn’t go their way.

You must acknowledge that you will suffer losses if you want to escape their fate. You will go through drawdowns and losing streaks, which will undoubtedly make you feel awful.