Top 3 Ways To Fail At Forex
Posted by MyChoices on 06/26/08 in Finance
I’m going to share with you the top 3 reasons that you will fail at forex trading. This is a great market to get into to make some money, the problem is that 95% of people end up losing money. I hope by illustrating the point of what will make you fail, will really help you understand what it takes to get into the top 5% that is earning that money.
- The first reason you’d be failing at forex trading is that you’re an emotional person that just can’t seem to get those emotions under control. I’ve always been someone that could control their emotions and have been described as a “laid back” person, but I’ve met other people that just can’t let things go. It’s almost like they don’t want to. The problem with emotional trading is that emotions aren’t calibrated for trading. We have these emotions because we used to live out in the woods and where threatened constantly with death in our environment, but we’re not experiencing that in trading. This makes them very unprofitable thoughts running through our head. Learn to control them and stick to logic.
- The second reason is a too bullish attitude. If you’re not sure what that means, it means that you look at the market going up way too much all the time. You’re over predicting how well things will go. This can come from any number of reasons, being new or overconfidence, but it is definitely not grounded in reality.
- The third and final reason is having these “needs” to trade. I look at trading as negotiations and if you can’t walk away from a negotiation than you’re not going to get the best deal. We’re talking about a need to trade because you have to earn money back or you think it is required to do if you want to make money. It’s a poor excuse. You should only trade to profit.
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Tags: foreign exchange, Forex
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