Forex is no doubt one of the best opportunity for anybody who want to earn from it. But most of the time we heard about the failures. A big mass of traders never able to earn anything good from forex trading. They often give up and never try to get returned again. This is really bad to see that despite of good tradings few traders often failed to make a dime. As a result they always get discouraged and lose hopes with confidence.
Traders failed in forex trading due to their own mistakes. The lack of proper knowledge is another reason for the failure. If a trader get through everything well and always take care of his trades carefully then I don’t think he would easily fail.
Most of the Traders only rely on either Technical or Fundamentals. They don’t able to combine both all together for their trades. This happens due to the differences in trends. Sometimes technical and fundamental won’t support a particular trend and at that situation a trader can’t able to analyze the trend well.
Greed always overpowers discipline of any trader. Every trader want to be discipline but sometimes they failed to maintain the required discipline into their trades. Most often a trader do mistake by opting for big lot sizes which is really a dangerous thing to do. The trend may go as per expectations but before that a trader get margin call due to small volatility. Here a trader could easily safe themselves from getting any margin call if they open small lot size ( which is suitable as per margin amount).
During news releases we get high volatility market. If a trader can’t able to follow the trend then in no time it’ll become a disaster. Sometimes news gives so much volatility to the market that a trader can’t able to open at correct level and at the end open his trades at a level which proves to be fatal.
As said above a trader must open his trades at correct level in order to get desired result. If a trader follow support and resistance level to open his trades then it will surely work better for him. Sometimes support and resistance won’t work so it is very essential for a trader to wait for some good confirmation to open trades at a good level.
Fake breakout or fake signals are most probably responsible for the failure of a good trader. Here a trader must be alerted with latest news events. Sometimes technical analysis won’t support unless and until fundamental are not opposite to it. So it is better to follow both technical and fundamental for a greater result.
Experience is very much essential for a trader to get success in forex trading. A trader must start slowly and try to learn from his own trades. With growing number of trades a trader could easily gain good experience. No matter how long it will take to become a good trader a person shouldn’t give up at any cost.
Knowledge is very important part for a trader. A trader shouldn’t stop learning and always try to stay positive. A trader can easily recover or regain any amount from his/her trades. But once a trader lost his / her confidence it’ll be very difficult for him/her to regain the lost confidence. Believe in yourself, I’m sure success will come your way.