[asiaforexmentor]

Forex Trading Psychology – The Main reason Why Forex Traders Fail


Forex Trading Psychology
There are many answers in the market to this question: Why do most forex traders fail?
- Some blame it on over trading
- Some blame it on emotions
- Some blame it on revenge mentality
- Some blame it on impulse
- Some blame it on the market
- Some blame it on bad luck
- Some blame it on poor entry
- Some blame it on not taking profits
- etc etc etc
As you can see, there will be tons and tons of reasons that explains why forex traders fail.
This is all that relates to forex trading psychology.
But i strongly believe that it all leads to one answer.
MONEY
Forex Trading Psychology – The Main reason Why Forex Traders Fail

Yes, the answer is MONEY.
The main reason why most traders fail is because of money.
No doubt that we all trade forex for the money.
But it will be the money that kills us in forex.
Forex trading psychology – Let me explain.
To us our money that we put in our forex capital is our hard earn money. Who isn’t?
when we have that mentality that we CANNOT lose the money in our capital.
And as all man are greedy. We want to multiply our capital FAST.
That’s when we lose it all.
To succeed in forex trading, we have to FORGET that there’s money involved.
You have to learn to trade not because of the money. But because you like forex trading and you are passionate about it.
You have to learn to trade right and not trade for the money.
When you trade right and forget about the money, the money will come naturally.
But when you are too focused on the money, all your emotions will trigger.
You will get into impulse trades, probably because you made a lost on the last trade and you want your money back.
Or because you look at the trade and you are so confident about it, you GAMBLED your whole account size on that trade. and to lose it all.
Or because you want to feel good and look good, and you think that you are able to double your account in a week. So you take trades that are way beyond your money management risk %.
Or you made a series of losses, and you think that if you increase your risk percentage on this particular trade, you will make back your losses.
And the list goes on…
FOREX TRADING PSYCHOLOGY – The Main reason Why Forex Traders Fail

All the above reasons leads to the main answer. MONEY.
If we are not trading for the money, but if we just want to focus on mastering our trading and trading it right.
There will no longer be any emotions in place.
I highly recommend traders to forget about the money in forex.
Trade with your forex trading system and stick to it with discipline. Focus on trading right.
It is even better if you can cover up the money part on your forex broker screen. Ignore how much has your account size grown or how much have you lose.
When you are able to do that, you will then see the big picture and you will be more analytical on your forex trades.
So the next time someone ask you on – what is the main reason forex traders fail.
You know your answer: MONEY
This is Forex Trading Psychology at its fullest!

Asia Forex Mentor
Ezekiel Chew

[HARDMAN_GAZ]

To most, spot forex is gambling heaven and most people who gamble are really bad at it. Gambling is also very addictive and people wanna gamble for the buzz no matter what.

Spot forex is cheap, a person can gamble away all day using different indicators, different markets.

So when the daily soduko is done and the crossword is all messed up, it's time to spice things up with a bit of eurdol action.



GAZ H.

[doubletop11]

I believe this is an important aspect to all trading not just Forex. Risk management and accepting that you when you loss it won't break the bank but it's just an expense of doing business. We are all wrong at some point during the day in this business even the guys that make six figures in a day!

[sm1929]

Traders can fail for any number of reasons.

One of the main things we can do is encourage all traders and not say thing in a way that will psych them out. To any new traders, don't worry about failing, instead focus your energy on mastering a methodology, being disciplined and consistent. Sim trade it to make sure the method works in all market conditions and then apply. Start small and then flourish.

Good Luck,
V.

P.S. Don't be in a hurry.