ZEN archer
Experienced member
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Partly because of the rubbish price action. You think it's going up and enter long with a stop - price goes down and hits your stop and then goes up. At this point you may think there is an uptrend and you re-enter long with a wider stop - trying to let the trade 'breathe'. After some time you realize you went long at the very top.
Now you think - I shouldn't give up, let me try short. You enter short and price goes your way. You've read somewhere it's good to 'run the profit' so you stay and try not to be scared by retracements. Price goes up and up and now your small profit turns into break even, then small loss... You're still trying to keep calm as you've heard somewhere about new traders being nervous and jumping in and out too often. At this point price goes ballistic and hits you stop and on top you get slippage.
After this you realize it's a sideways market, so you'd better start using a different system.
Next day you try to catch the tops and bottoms, but then after few losses you see it's a trending market.
Then there are some important speeches, reports etc. The price jumps up, drops down and at the end comes to pre report level. If you are a trader who likes using stops all the time, your stop is hit at this point usually with slippage.
These are only few things I can think of. I've never mentioned unscrupulous brokers , vendors etc.
Now you think - I shouldn't give up, let me try short. You enter short and price goes your way. You've read somewhere it's good to 'run the profit' so you stay and try not to be scared by retracements. Price goes up and up and now your small profit turns into break even, then small loss... You're still trying to keep calm as you've heard somewhere about new traders being nervous and jumping in and out too often. At this point price goes ballistic and hits you stop and on top you get slippage.
After this you realize it's a sideways market, so you'd better start using a different system.
Next day you try to catch the tops and bottoms, but then after few losses you see it's a trending market.
Then there are some important speeches, reports etc. The price jumps up, drops down and at the end comes to pre report level. If you are a trader who likes using stops all the time, your stop is hit at this point usually with slippage.
These are only few things I can think of. I've never mentioned unscrupulous brokers , vendors etc.
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GabrielaIronFX
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You must have some money to make some money. I think everyone agrees on this one. It's possible to generate outstanding returns on limited capital in the short term. However, with only a small amount of capital and outsized risk, you will find yourself being emotional with each swing of the market and jumping in and out and the worst times possible. Risk management is key to survival. 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.
Some traders feel that they need to squeeze every last pip out of a move. There is money to be made in the forex markets every day. Trying to grab every last pip before a currency pair turns can set you up to lose the profitable trade that you are sitting on. It's ok to shoot for a reasonable profit, but are plenty of pips to go around. Currencies move every day, the next opportunity is just around the corner.
Some traders feel that they need to squeeze every last pip out of a move. There is money to be made in the forex markets every day. Trying to grab every last pip before a currency pair turns can set you up to lose the profitable trade that you are sitting on. It's ok to shoot for a reasonable profit, but are plenty of pips to go around. Currencies move every day, the next opportunity is just around the corner.
snsFX
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Commitment and Belief. You have to take positive action to improve upon your conditions.
People want results, they want to see results and success, but if they don't see that in the beginning then they go out and try to read and study as much information as possible. That just leads to an information overload because they've assimilated a ton of information but they haven't learned how to apply it in a rational and logical way when they come to the market everyday.
You have to have a road map. Most people don't get to this place in their trading career because early on when they lose a lot of money and the results don't come in they begin to develop a very limiting belief system about what is possible. Then when there is an opportunity they don't take massive action, instead they just take a little bit of action. Why? Because they've been listening to people tell them what is possible (friends, family, forums, etc.). This just leads to poor results.
If you don't believe that something is possible then you don't take the action that you need so then you don't see the results. You have have belief about your potential is. Without the commitment to take massive action you get no results.
People want results, they want to see results and success, but if they don't see that in the beginning then they go out and try to read and study as much information as possible. That just leads to an information overload because they've assimilated a ton of information but they haven't learned how to apply it in a rational and logical way when they come to the market everyday.
You have to have a road map. Most people don't get to this place in their trading career because early on when they lose a lot of money and the results don't come in they begin to develop a very limiting belief system about what is possible. Then when there is an opportunity they don't take massive action, instead they just take a little bit of action. Why? Because they've been listening to people tell them what is possible (friends, family, forums, etc.). This just leads to poor results.
If you don't believe that something is possible then you don't take the action that you need so then you don't see the results. You have have belief about your potential is. Without the commitment to take massive action you get no results.
Enzzo
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If it is true that the 90% of the people that try to trade lose money.... that gotta mean that the 90% of the people is doing practically the same mistakes in this game from the very beginning..... other way, the stats would be much more... "even"
It pops up to my mind that maybe the starting point for almost everyone of us, may not be that right as it appears...... yes, I am talking about many trading books and resources, that don't really put us in the right track from the starting point, nor in the right track of "how" this market really works.....nor in the right track of a realistic performance expectation (profit expectation), where many so called "gurus" or some "mentors" (or better than mentors, vendors) have a lot to say.....and all that is building a wall that is gonna be very hard to break as we try to move on....
It pops up to my mind that maybe the starting point for almost everyone of us, may not be that right as it appears...... yes, I am talking about many trading books and resources, that don't really put us in the right track from the starting point, nor in the right track of "how" this market really works.....nor in the right track of a realistic performance expectation (profit expectation), where many so called "gurus" or some "mentors" (or better than mentors, vendors) have a lot to say.....and all that is building a wall that is gonna be very hard to break as we try to move on....
flowerhorn
Junior member
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Books and resources serve as useful knowledge only when they are given careful consideration and thoughts. As there are endless of such resources out there, it is wise to filter those that work.
As in any field, it has its trade of the tools. And in forex, I think one of the most important element of successful trading is well capitalized as forex is a "game" that carries a margin. And that's the reason why you see most resources emphasize the important of capital preservation that brings us to risk management.
For my personal experience, I found that the more experience I gain, the less excited and emotional involved I am with the trades I took. As times went by, one will get a sense and feel of the market and hence get less emotional and trade more logical. Of course, this can only be achieved (at least for me after spending much amount of screen time.
As in any field, it has its trade of the tools. And in forex, I think one of the most important element of successful trading is well capitalized as forex is a "game" that carries a margin. And that's the reason why you see most resources emphasize the important of capital preservation that brings us to risk management.
For my personal experience, I found that the more experience I gain, the less excited and emotional involved I am with the trades I took. As times went by, one will get a sense and feel of the market and hence get less emotional and trade more logical. Of course, this can only be achieved (at least for me after spending much amount of screen time.
GabrielaIronFX
Newbie
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Best point of view.
If a trader allows his feelings lead him the results won't be the ones he expected or hoped for.
You need to practice on the Demo, read all the info you consider helpful and apply it on your Demo account.
The secret of success is learning how to use stress and excitement instead of having stress and excitement use you. If you do that, you'll be in control of your trades.
If a trader allows his feelings lead him the results won't be the ones he expected or hoped for.
You need to practice on the Demo, read all the info you consider helpful and apply it on your Demo account.
The secret of success is learning how to use stress and excitement instead of having stress and excitement use you. If you do that, you'll be in control of your trades.
NVP
Guest Author
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There are 3 things in any Trader's World
The Market**
The System
The Trader
once all 3 are working well and in harmony the trader will not lose money...
and if the Trader keeps it all going well for long enough - they may even make a few quid ....well eventually
thats why the churn and attrition rate is so high
N
**The only things that is always 100% correct
The Market**
The System
The Trader
once all 3 are working well and in harmony the trader will not lose money...
and if the Trader keeps it all going well for long enough - they may even make a few quid ....well eventually
thats why the churn and attrition rate is so high
N
**The only things that is always 100% correct
Patricia12
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There are number of reasons to losing money in forex trading such as emotional decision, not have proper trading plan, wrong selection of trading strategy etc.
Enzzo
Active member
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Jack Francisco
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I think that they do no have a good money management and patience to learn what's happening in the market that may cause the fluctuations...............
Hello Traders
Im new in the world of forex trading (betting). I started use the demo of BETONMARKETS account and till now it seems Im ok (+2000 $ within 5 days !!) . I have afraid this is not the real situation it will be when i will play with real money for several reasons. The first one is that i cannot start to deposit 10000 dollars as it is the demo . I will start with max 200 $ and i hope everything is ok .
Does anyone use BOM and what can you tell me , are they correct with payment and so on? I have afraid they will limit my stake or they will give me very low odds if they see i'm a persistent winner.
I Have read many posts here (t2w) and over the internet with negative opinion about BOM... But a piece of them belongs earlier in time like the far away year 2007 , does anything change nowadays ?
I was planing to make at least some weeks of test with my demo account and then to start seriously with real money . I will appreciate if you can help me with suggestions , advice and whatever I need to be at least not a persistent looser.
Do they require additional documents to make a withdrawal like passport scanned , electricity bill or something else in order to verify your personal data ?
Thank you in advance .
Im new in the world of forex trading (betting). I started use the demo of BETONMARKETS account and till now it seems Im ok (+2000 $ within 5 days !!) . I have afraid this is not the real situation it will be when i will play with real money for several reasons. The first one is that i cannot start to deposit 10000 dollars as it is the demo . I will start with max 200 $ and i hope everything is ok .
Does anyone use BOM and what can you tell me , are they correct with payment and so on? I have afraid they will limit my stake or they will give me very low odds if they see i'm a persistent winner.
I Have read many posts here (t2w) and over the internet with negative opinion about BOM... But a piece of them belongs earlier in time like the far away year 2007 , does anything change nowadays ?
I was planing to make at least some weeks of test with my demo account and then to start seriously with real money . I will appreciate if you can help me with suggestions , advice and whatever I need to be at least not a persistent looser.
Do they require additional documents to make a withdrawal like passport scanned , electricity bill or something else in order to verify your personal data ?
Thank you in advance .
TheBramble
Legendary member
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You must press the button for 10 sec-onds....
stonecoldmichael
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well a lot of traders...especially at the begining, chase loses. And that is a hard lesson learned. 'cut your losses and let your gains run'. You have to learn to get over a loss, chasing after it is trading with a clouded mind and this can be very costly.
I can share some of my personal experience;
1) Over Trading
2) The feeling to always be active in the markets and hence not waiting for a high probability trade
3) Trading what I think not what I see on the charts
4) Fear of losing money which may lead to "stop tampering"
1) Over Trading
2) The feeling to always be active in the markets and hence not waiting for a high probability trade
3) Trading what I think not what I see on the charts
4) Fear of losing money which may lead to "stop tampering"
