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REASONS WHY FOREX TRADERS LOSE
MONEY



A commonly known fact is that most forex traders fail. In
fact, it is estimated that 96 percent of forex traders lose
money and end up quitting. DailyFX found that many FX
traders do better than that, but new traders still have a
tough timing gaining ground in this market. To help you to
be in that elusive 4 percent of winning traders, we have
compiled a list of the most common reasons why forex
traders lose money.



STARTING ADVICE

Do not try and beat the market!
The market is not something you beat, but something you
understand and join when a trend is defined. At the same
time, the market is something that can shake you out if you
are trying to get too much from it with too little capital.
Beating the market mindset often causes traders to trade
against trends and overlords their account which is a sure
recipe for disaster.



FAILURE TO MANAGE RISK


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.
Solution: Use stops and move them once you have a
reasonable profit. Use lot sizes that are reasonable
compared to your account capital. Most of all, if a trade no
longer makes sense, get out of it.



GREED


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 trading.
Solution: It seems obvious, but don't be greedy. It is ok to
shoot for a reasonable profit but there are plenty of pips to
go around. Currencies move every day; there is no need to
get that last pip. The next opportunity is just around the
corner.


REFUSING TO BE WRONG


Some trades just don't work out. It is human nature to want
to be right, but sometimes we just aren't. As a trader,
sometimes you have just to be wrong and move on, instead
of clinging to the idea of being right and ending up with a
blown account.




BUYING A SYSTEM


There are many " forex trading systems " for sale on the
internet. Some traders are out there looking for the ever
elusive " 100 percent accurate forex trading system ". They
keep buying systems and trying them until finally giving up
deciding that there is no way to win.
Solution: Accept that there is no such thing as a free lunch.
Winning at forex trading takes work just like anything else.
Build your system and stop buying worthless systems on
the internet.

AND LASTLY A GOOD BROKER

Being “customer responsive” is a proven path to success,
especially in the forex brokerage industry, but many firms
profess more than they deliver.

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