#90/90/90rule #forextips #daytrading
FX105. Today lets talk about why 90% of All Forex Trader lost
90% of their trading account Balance in the first
90 days of Trading and how to can avoid been another statistic when it comes to forex trading.
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Reasons Why Forex Traders Lose Money
One commonly known fact is that a significant amount of forex traders fail. Various websites and blogs even go as far as to say that 70%, 80%, and even more than 90% of forex traders lost money and end up quitting. The forex website DailyFX found that many forex traders do better than that, but new traders still have a tough timing gaining ground in this market.1 Reviewing the following list will show you some of the most common reasons why forex traders lose money, and it can help you make it into that elusive percent of winning traders.
You can resolve this issue by never trading with too little capital. This limitation is a difficult problem to get around for someone who wants to start trading on a shoestring. $1,000 is a reasonable amount to start with if you trade very small (micro lots or smaller). Otherwise, you are just setting yourself up for potential disaster.
Failure to Manage Risk
Risk management is key to survival as a forex trader, as it is in life. You can be a very skilled trader and still be wiped out by poor risk management. Your number-one job is not to make a profit but rather to protect what you have. As your capital gets depleted, your ability to make a profit is lost.
Giving in to Greed
Some traders feel that they need to squeeze every last pip out of a move in the market. There is money to be made in the forex markets every day. Trying to grab every last pip before a currency pair turns can cause you to hold positions too long and set you up to lose the profitable trade that you are pursuing.
The solution seems obvious: don’t be greedy. It’s fine to shoot for a reasonable profit, but there are plenty of pips to go around. Currencies continue to move every day, so there is no need to get that last pip; the next opportunity is right around the corner.
Indecisive Trading
Sometimes you might find yourself suffering from trading remorse. This situation happens when a trade that you open isn’t immediately profitable, and you start saying to yourself that you picked the wrong direction. Then you close your trade and reverse it, only to see the market go back in the initial direction that you chose. In that case, you need to pick a direction and stick with it. All that switching back and forth will just make you continually lose little bits of your account at a time until your investing capital is depleted.
Refusing to Be Wrong
Some trades just don’t work out. It is human nature to want to be right, but sometimes you just aren’t. As a trader, you just have to accept that you’re wrong sometimes and move on, instead of clinging to the idea of being right and ending up with a zero-balance trading account.
It is a difficult thing to do, but sometimes you just have to admit that you made a mistake. Either you entered the trade for the wrong reasons, or it just didn’t work out the way you had planned it. Either way, the best thing to do is to admit the mistake, dump the trade, and move on to the next opportunity.
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The information contained here and the resources available for download through this website is not intended as, and shall not be understood or construed as, financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information contained on this Website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
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