Do you know? At least 98% of new Forex traders lose all their money within their first 3 months of trading. This means that they have no idea what the heck they are doing! They just jump into the market blindly with only hopes and dreams and rely on the flip of a coin to determine their success. 98% of Forex traders are uneducated and lack the basic knowledge of how the Forex really works. They rely solely on luck without LEARNING ANY OF THE BASICS AT ALL! And reliable sources suggest that up to 10% of these under- informed Forex traders end up losing their entire trading account!
So do we assume that most losing traders are just ignorant? Of course not. Most losing traders are quite intelligent. In fact, most people who inquire about Forex trading have above average IQ's. So why do they FAIL...? They simply lack the discipline required to learn about how the Forex actually works. They are initially overconfident and consider their quick 5 minute market analysis to be 100% correct. More often than not they are 100% WRONG!
Here are Ten Roadblocks to Success often faced by Forex traders:
1. You have signed up for two or three "systems" but none work as advertised.
2. You have purchased several books on technical analysis, but they are complicated and difficult to use in a fast-moving, volatile market.
3. You have watched so many different signals and studied so many indicators, you switch without a strategy from one approach to another. You are totally confused about when to buy and sell.
4. When you get behind, you force yourself to take bad trades in order to "catch up" or "get even". It's becoming more like gambling than disciplined trading.
5. You are paying big monthly money for trades, but you still cannot achieve consistent profitability.
6. You are trading alone and wish you had some help and advice -- or just a little feedback from experienced traders.
7. Because you are discouraged, you begin to be suspicious that many suppliers are dishonest or just don't care about offering poor quality support.
8. Because you continue to lose money, trading is beginning to make you discouraged and stressed in other parts of your life.
9. Your losses are mounting quickly, into the thousands or perhaps hundred of thousands of dollars.
10. You are about to give up, because your account balance is low and you feel you have wasted all this time and money on useless research and unpleasant days of having the market move against you.
So do we assume that most losing traders are just ignorant? Of course not. Most losing traders are quite intelligent. In fact, most people who inquire about Forex trading have above average IQ's. So why do they FAIL...? They simply lack the discipline required to learn about how the Forex actually works. They are initially overconfident and consider their quick 5 minute market analysis to be 100% correct. More often than not they are 100% WRONG!
Here are Ten Roadblocks to Success often faced by Forex traders:
1. You have signed up for two or three "systems" but none work as advertised.
2. You have purchased several books on technical analysis, but they are complicated and difficult to use in a fast-moving, volatile market.
3. You have watched so many different signals and studied so many indicators, you switch without a strategy from one approach to another. You are totally confused about when to buy and sell.
4. When you get behind, you force yourself to take bad trades in order to "catch up" or "get even". It's becoming more like gambling than disciplined trading.
5. You are paying big monthly money for trades, but you still cannot achieve consistent profitability.
6. You are trading alone and wish you had some help and advice -- or just a little feedback from experienced traders.
7. Because you are discouraged, you begin to be suspicious that many suppliers are dishonest or just don't care about offering poor quality support.
8. Because you continue to lose money, trading is beginning to make you discouraged and stressed in other parts of your life.
9. Your losses are mounting quickly, into the thousands or perhaps hundred of thousands of dollars.
10. You are about to give up, because your account balance is low and you feel you have wasted all this time and money on useless research and unpleasant days of having the market move against you.
