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Why people are failing in forex trading - and why people are successful in trading forex

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Posted 5th January 2012 at 05:31 AM by visimedia

This is for people who have failed in forex trading, and for people who are still trading forex but struggling.

Actually you know that there're some type of trader but I will mention just some of them:
  • gambler
  • trader
Most of people gambling in forex trading business, that's why 95% of traders are losing. I know, there're some other factors that'll affect their trading result, but it's actually more to the traders on themselves.

Some mistakes made in FX trading:
  • trading is about timing, which means trading a certain currency in a certain time frame and different trading session will give us different market condition. Trading 24/7 in front of the PC is not a good trading style.
  • no system to follow, or if they have a system to follow, they're failed to implement the system in live trade. Because psychologically, demo and live account will feel different. You need proven system, if not, you need to look at a successful trader to trade, following their trading.
  • bad money management by taking too much risk trading, getting a high leverage account then place too many live positions at the same time. It'll literally kill your account.
  • pick a wrong broker, because there's 2 kinds of broker, market maker and STP. You don't want the broker to trade against you, right? Then pick a good reputation broker when you trade, with reasonable spread and look for high deposit bonus will be a good bonus if you are lucky enough.
I personally trade myself, and I use and follow a proven system. I grow as a forex trader, and I just realized that EA is not working as they're advertised.. I hope they are, but I'll keep trying new EA, and personally I will do manual trading.

In the future, hopefully, I will post my trading results. Maybe you guys want to follow my trade by using peer to peer trading technology.
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