Yes most people fail in trading. They fail because of poor understanding of the market. We need knowledge and skills and a good discipline mind to get success in forex trading.
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The one reason that trumps all other reasons why traders lose 262 replies
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DislikedMost traders that I have seen lose in trading is mostly because of using higher leverage during their initial live trading.Ignored
DislikedHere are some mistakes traders make when trading: 1. Low start up capital Most currency traders start out looking for a way to get out of debt, or to make easy money. It is common for forex marketing to encourage you to trade large lot sizes and trade highly leveraged to generate large returns on a small amount of initial capital. 2. Failure to manage risk Risk...Ignored
Disliked{quote} 1. How much money will I need? 2. Please elaborate 3. I want this to be my only income 4. ok 5.? 6. I accept I cannot win every trade 7. Can only be got with practice 8. I am well disciplined in other areas of my life so will look to bring that here.Ignored
Disliked{quote} 1. How much money you need will depend on how much your strategy can yield you. Assume you want to get $4,000 a month, and if your strategy gives you an average of 10% per month, your capital will need to be at least $40,000. 2. Risk what you can afford. A rule of thumb is to risk 1% of your account every trade. 3. Refer to 1. My personal golden rules (taken from my personal discord discussion channel) - Accept that you will be wrong. Take the loss and learn from it. - Accept that you will lose, even if you're right. Stick to your rules....Ignored