What are the biggest reasons of losing Money in forex - page 8
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Yes Forex is a very risky business but we can less this risk with good learning and money management. if we have good money management and also good knowldge about Forex then it will be very easy for us to make good money in this field.
This is not my Thoughts but got somewhere so posting here.
1) Ability to see the big picture,new possibilities and connection between things.
2) Making decisions based on logic and analysis.
3) Decisive, orderly and doing things sequentially
No doubt Forex is not easy business.it is so complicated and risky business But we can less the loss of risk if we trade sensibly.Biggest reasons of losing money in Forex are lack of knowledge,lack of concentrate,Greed.Emotional decisions,weak analysis and find shortcut to become the rich man if we over come these weakness then no one stop to become successful Forex trader.
All these things you mentioned are correct but the best thing a trader should learn is patient after this, he can then have emotional control, some traders lack the ability of controlling their emotions when executing their trade which at the end of the day, make loses.Another thing again is know why you are trading. Greed at times help us to make profit if it is well managed.
Mostly forex traders losses in forex trading due to :
1. Lack of knowledge .
2. Repeated entries venevs a day .
3. Entry once the number of creating huge contracts .
4. Trading without a plan .
5. Trading against the trend of the market .
6. Do not enter the market during receipt of economic news .
All these things you mentioned are correct but the best thing a trader should learn is patient after this, he can then have emotional control, some traders lack the ability of controlling their emotions when executing their trade which at the end of the day, make loses.Another thing again is know why you are trading. Greed at times help us to make profit if it is well managed.
Of course, we must be patient trader in forex because trade in forex is not easy as we think. There is process and sometimes, almost of people do no want to pass it. We must know, forex trading is risky business. So let's forget how to get money quickly here, focus to make our trading skill be better in forex.
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Once my biggest mistake was when I eagerly and greedily wanted to trade forex without sufficient knowledge and there "poof," my account.
Education and self discipline is one of the main thing to look at before even trying to decide to venture forex.
psychology is very important in forex trading. many traders are not ready mentally trying to trade real account. This is one reason many traders fail in forex. For that, we must have a good psychological preparation before you invest your money. we could try to trade with small capital to train psychology of trading.
Trading ....:):):):)
Trading ....:):):):)
It took me a while to understand that the only cause for loses is that I am doing it : losing is natural state and all we should do is control how much we lose (if we can). If we can not control it, then better not to trade
My biggest losses have been:
1) Trading a '1' size lot in mirrortrader think it was a microlot
2) Trying to recover from a loss trade
3) Following another traders signals, who completely changed tactics
4) Feeling the pinch of emotion and bottling it
5) Not planning ahead.
All of these are fixable either by automation or having another person check your trades.