How do you define success? For some business leaders, success is defined by monetary rewards, while others say success is having a positive impact on others.

Most of the Forex traders including me have failed miserably because they have failed to approach the global market in a professional manner , i will be discussing the factors that have caused the failure and still leading more than 95% of traders that are not ready to follow the right path , the following describe some of the factors why most Forex traders are not successful :

Lack of trading plan : If a you does not have a trading plan you are planning to fall for anything your mind come across on the trading platform, which means you are only gambling in the financial market, majority of traders that fail fall in the category of not having a trading plan

Lack of Discipline : Discipline set in automatically when you are always sticking to your good trading plan, a trader without a trading plan has nothing to do with being disciplined . Most traders will not succeed because most of the orders they placed would not give them rest of mind because they are over trading which will eventually lead to FEAR , this kind of traders would be emotionally in-balanced because of GREED.

Taking High Risk/Not Having Good Money management : money management should be the first thing to consider if you have ever dream of becoming a successful trader , most traders chase the profit instead of controlling the risk, when you use a proper money management trading plan even when you are making some mistakes in the market you tend to have chances of correcting yourself till you are able to get to the right channel . Most of us get the wrong information of getting rich quick trading the Forex which led almost all the Nigeria traders to be failure in this business also virtually all the fund manager s failed to deliver to the investors as promised , the most painful part of it is that i still read on this platform where some so called traders / signal providers still pass the information that traders can get rich in few months with just little capital trading the Forex and also they tell us that we could make couple of pips daily without talking about the risk that is attached to it .

I urge all Nigeria traders to please approach the Forex market the way the professionals do it and also our Forex investors should invest wisely with the mindset of getting to know the amount of risk they are willing to take in terms of money , having it in mind that this is what they can afford to loose...Maximum drawdown should not exceed 5%

Another factor that kill Forex traders fast is aiming for unrealistic expectation , most traders gamble just because they want to get rich over night , we need to be wise by now , if it is really working out this way everybody should be rich today . When setting your goal as a trader or investor make sure you are not aiming for unrealistic expectation that will lead to taking some risk you can not afford to take as the fact remains that you will never win all your placed orders . When a trader or investor is aiming for 1% - 5% profit in a month thats realistic expectation , to my greatest surprise i still see some traders and investors aiming for 50% , 100% , 1000% profit in a month which are unrealistic expectation , i call it GAMBLING and this is the mistake we all made then ...

Thanks
Olubunmi Rashidat

Are you now a success story where forex is concerned. let hear your story to success

Good morning , you can share with the rest of traders here the reason why you think you have not been successful in Forex business ...Thanks

I'm not in Forex. Am yet to see a success story for motivation

what about binary, what do you advice?

i have not done binary options before

gdeebom:
what about binary, what do you advice?

i will post my weekly result here ....lets see if we can learn one or two things from it ...Watch out

Hello everyone ,
Result for this week : Profit / loss = 0.6%

Good morning all
.. Let's keep working like the professional by controlling the risk instead of chasing the profit
Have a wonderful week ahead

A wonderful week , with an outcome of 4.1% on our trading portfolio using a strategy with a very low risk just the way the professionals do it

Let's go again , it is another new week.. Make sure you trade following your trading plan and not with hope ,greed and fear

We had a challenging week ...profit/loss = -3.2%

We still have more rooms for opportunity

Thanks

OP, what is the strategy and indicators used? Kindly share with us.

pls can u teach me forex am a newbie

babatundey5:
pls can u teach me forex am a newbie

As a newbie I will like to tell you that is either you learn how the majority approach the forex market by wanting to get rich quick (aiming for 10%-20% profit in a week without even planning for the loss) which is unrealistic or you like to approach the forex market in a professional way where by you plan for a realistic approach of about 5% profit in a month and you also bear in mind that your maximum loss must not exceed 5% in the big picture , meanwhile learning it in a professional way is not meant for the under capital trader ....
Please think about the 2 options before making up your mind to becoming a forex trader

Thanks

rashyfx:

As a newbie I will like to tell you that is either you learn how the majority approach the forex market by wanting to get rich quick (aiming for 10%-20% profit in a week without even planning for the loss) which is unrealistic or you like to approach the forex market in a professional way where by you plan for a realistic approach of about 5% profit in a month and you also bear in mind that your maximum loss must not exceed 5% in the big picture , meanwhile learning it in a professional way is not meant for the under capital trader ....
Please think about the 2 options before making up your mind to becoming a forex trader

Thanks

I will like the second option

babatundey5:
I will like the second option

You can send a message into my email stating what you want from doing this business and I will show you step by step on how to get there I.e problem vs solution
rasmedic2000@yahoo.co.uk

Well done. Will contribute soon

Its another wonderful week , let's begin the work again

rashyfx:

As a newbie I will like to tell you that is either you learn how the majority approach the forex market by wanting to get rich quick (aiming for 10%-20% profit in a week without even planning for the loss) which is unrealistic or you like to approach the forex market in a professional way where by you plan for a realistic approach of about 5% profit in a month and you also bear in mind that your maximum loss must not exceed 5% in the big picture , meanwhile learning it in a professional way is not meant for the under capital trader ....
Please think about the 2 options before making up your mind to becoming a forex trader

Thanks

thats nt the answer to what he asked-please can any other person give me an insight into forex trading? Am a newbie too;-

Expert investors care about risk; novice investors shop for returns.*.If you focus on the risks, the returns will eventually come for you.*.If you focus on the returns, the risks will eventually come for you.

Sorry for the late post, last week was fantastic, profit/loss = 1.1%
Keep trading like a professional . it is all about money management

Trading and investing is not a get rich quick scheme. Those that come in to the market thinking they can just deposit £100 in an account and then make thousands each week find out the hard way by just losing cash instantly. Get the right mindset and get yourself educated to be able to attack the market in a professional manner

Ok

And how does this not feel like gambling or betting?

Sorry, I no b Forex Trader

Kk

Forget forex face yahoo yahoo nd pop moet like never bfore

rashyfx:
Trading and investing is not a get rich quick scheme. Those that come in to the market thinking they can just deposit £100 in an account and then make thousands each week find out the hard way by just losing cash instantly. Get the right mindset and get yourself educated to be able to attack the market in a professional manner

Although i do agree with some points in your opening article but recent releases about insider trading, Barclays fixing libor rates, HSBC scams and so on makes this the normal case of the small guys being wiped out.

There is nothing wrong aiming for 20 to 50% profit in a short period in a biz but most people have been wiped out by the manipulation of the market by the top guns and those at the helms of affairs which makes small time trading to be akin to GAMBLING. How do you expect people to succeed when the movement of the market clearly goes against all technical and fundamental analysis? Ain't it like throwing money into the "dark".

You may say, the insider trading is small compared to the volume of the trade but it is still significant to cause enough worries. I knew of many guys who had info of an imminent removal of the gag by the swiss authorities on the euro even before it was announced. They made a killing while a broker as big as (Liteforex or is it Alpari) went bankrupt taking huge sums of people's savings and investments down the drain.

My simple advice is for people who see this as their only means of livelihood to please desist from trading and just find other risk averse biz. You would lose your earnings. QED!

Wish you guys luck but that's the fact.