Fair enough FXTitan, and great you're having success with your method. But I'd say there's three reasons why new traders consistently lose money:
1) Stops are too close
2) Undercapitalised
3) Profits are booked too early
Combine the three and you might as well write a cheque to your broker now. The fact is, most new traders perform worse than a coin-tossing trading system, which, if carefully money managed should gradually lose you money over a very long time. Most people lose their money over a very short amount of time, underperforming the coins in my pocket, which is a very shabby performance indeed.
1) Stops are too close
2) Undercapitalised
3) Profits are booked too early
Combine the three and you might as well write a cheque to your broker now. The fact is, most new traders perform worse than a coin-tossing trading system, which, if carefully money managed should gradually lose you money over a very long time. Most people lose their money over a very short amount of time, underperforming the coins in my pocket, which is a very shabby performance indeed.