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PART 1

PREAMBLE

This over $5 trillion daily currency market is the largest market in the world. Fx traders use technical or fundamental analysis to speculate currency movements daily, weekly or monthly and then try to make money off the market. Some are smiling to the bank always while some are loosing big time.

Like every other investment ventures, there is always a risk involved. But if you know this 4 MAJOR reasons why traders loose in the market and you know the way out, you too will soon join those who are now seeing green at the end of every trading sessions.

Here are the 4 major reasons.

1. TRADING AGAINST TREND

The trend is your friend. Trading against the market trend (overall direction) thinking that the market has changed direction when it is just doing a temporary pull back is a major reason why traders lose in this business. The temporary taking of few profits by the big boys who are responsible for the trend in the first place is the reason why you are seeing a pull back or a retracement on the particular pair you are trading. It is also a trap to lure reversal traders to come into the market so that they can then loose to them the trend traders when they later pump in more money to sustain the trend. The reversal traders are taken out while the trend traders will continue to take profit till thy kingdom come.

2. USING FOLLOW - FOLLOW TOOLS

Most technical analysis done to forecast the next direction of the market is based on the use of these "follow - follow" tools. These tools always repaint, it gives you a signal and later change the signal immediately the market changes thereby deceiving or confusing you. Most tools out there work this way. If the tool you are using is not a NON-REPAINTING tool, then forget it, you are bound to loose in this market.

3. NOT DEDICATED TO A PARTICULAR TRADING PATTERN

The big banks, the George Soros and the Warren Buffet of this world who pump in billions into this market to determine the trend usually have a trading pattern they use before they deploy investors money into the market. If you are fortunate to discover any, master it and stick to it like a sticker. When the pattern forms and you take the trade, you are most likely to come out as a winner. This is because you are swimming with and under the protection of the sharks in the market. Retail traders monies are not enough to move the market actually. It is the institutional investors at specific TIME, PRICE AND PATTERN FORMATION who determines the direction the market will travel to in line with the policy direction of the Central Banks of the top 8 fx countries in the world. When you master a market moving pattern, you will always TP (Take Profit) in this wonderful market that is capable of making anyone financially free.

4. POOR MONEY MANAGEMENT

If you are the type that always take the little profit you see and allow your loss to run thinking that it will later return to profit, then you are the worst trader of all time! In monetary terms, lets say you see a profit of N2,000, you are happy, pepper soup money is set and you quickly take that profit. The day the market will be N10,000 against you, what will you do? If your win amounts are always small, when you now sustain a big loss, the setback (drawdown) to your account will be so much. In a bid to recover, that is when you will now start to take unnecessary trades till you loose all of your money. If your win to loss reward ratio is not up to 3 i.e for every N2,000 that you are willing to risk, you are targeting N6,000 at least, then you cannot really make it big in this market.

If you take 5 trades for instance and you win 2 trades (N6000 x 2 equals N12,000) and you lose 3 trades (N2000 x 3 equals N6,000) you would still have made a profit of N6,000 even though you had more loses than wins. You must factor in losses in this business. But if you have a good trading system (tools + Pattern) and you are very disciplined, applying appropriate money management rules, then the sky will be your beginning in the fx world.

CONCLUSION

These 4, are the major reasons why traders lose in the forex market. I have also been guilty of this in the past till I had a meeting with myself. I told myself that things MUST CHANGE! I decided to change my trading style. I corrected all the 4 errors and now, I see a glorious future for me in this international dollar pumping business. In part 2 of this write up, I will share with you a new trading system that will change your trading story for good. It is very simple to master and very profitable. It is a new discovery. Nairaland forex traders must know this so that we can all make money and be able to patronize Seun as we advertise our other businesses on nairaland with forex money!

Well said ! How about Trading Discipline , what can you say about that component ?