It is said that the failure rate in the Forex market is much higher than other trades and reaches 95%. With this success rate, your chances of success in the Amazon jungle will be higher than your success in the Forex market! In this article, we want to share with you four reasons for the failure of Forex traders to increase this percentage for you…
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Preventing these mistakes in trading is not a very difficult task and can be prevented and repeated with a little practice. On the other hand, these mistakes can lead to your failure in the stock market and other financial markets. So let’s review these mistakes together.
1. They do not listen to the market
Acquiring the skills needed to trade is easy, but if you can not make the best use of these skills to listen to what the market is telling you, you will not make much profit.
Every day we see that Price Action traders easily lose their capital in the market due to not paying attention to what the market dictates to them. For example, if you insist on buying Eurodollars while Fundamental News strongly recommends selling this currency pair, you should probably listen more to the market.
2. You do not enjoy trading
Expertise in a job is due to interest and devotion to that job. If you are just looking to make a profit in trading and you do not enjoy it much, you will probably never make a profit.
Without interest and pleasure in trading, you will have a hard and difficult job ahead of you to sit behind the monitor for hours and stare at the charts, but also find a suitable position.
3. Set ambitious goals
Believe me, you have to spend a lot of time behind the Forex charts to be able to give up your ambitious goals. Traders usually seek to earn 40% per day at the beginning of Forex training and education. Then, after the first account they call, they reduce their trading target to 40% per month!
This trend continues to reach wise targets of 6 to 8 percent per month after a relatively long period of time. The sooner you spend this time, the sooner you can succeed.
4. You prefer to have the right analysis, rather than make money from trading
There are two options, either you enter into a debate with the market and you want to prove that you are right and your analysis is correct, or you want to make money from this market. If you choose the first mode, you will definitely lose all your capital and the capital you invest in the future!
But if you choose the second mode, your experience in trading will gradually increase and you will achieve more secure profits step by step.
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