Reasons why traders fail in Forex

[Sanugarid]

Traders fail in Forex because of basic reasons. Any mistakes out of those reasons are outside, and can actually just be blamed for wrong predictions or just plain bad luck. Some of the basic reasons of failure is failing to create a basic goal and a stop loss. A goal so that you know when to stop and create a brand new plan to achieve another brand new goal, which is always important since if you set your goal to be too big, it'll most likely never be achieved, and if you fail to create a point where you would stop and re-plan, then you're basically asking for yourself to lose continuously.

Also forex are just dominant because of the advertisement that promotes it like Youtube and any other apps. But the quality of the forex app is quite good and yet the users don't know the fundamentals of trading.

In result, they get losses and their profits are not growing because of failure and the stop loss.

[MURONDI]

there are many reasons why traders fail, these reasons may also vary for each trader, forex trading and crypto trading are different things though almost the same, the reason I failed in forex is the existence of a scam broker, brokers often deceive traders, e.g. Stop Loss Hunter, Mark-up Spread, Requote, whereas what caused my loss in crypto trading was the existence of a shit coin or coins that ultimately have no price at all.

[AniviaBtc]

Traders fail in Forex because of basic reasons. Any mistakes out of those reasons are outside, and can actually just be blamed for wrong predictions or just plain bad luck. Some of the basic reasons of failure is failing to create a basic goal and a stop loss. A goal so that you know when to stop and create a brand new plan to achieve another brand new goal, which is always important since if you set your goal to be too big, it'll most likely never be achieved, and if you fail to create a point where you would stop and re-plan, then you're basically asking for yourself to lose continuously.

Also forex are just dominant because of the advertisement that promotes it like Youtube and any other apps. But the quality of the forex app is quite good and yet the users don't know the fundamentals of trading.

In result, they get losses and their profits are not growing because of failure and the stop loss.

Forex is a good trading app and it has a lot of features that other trading apps don't have. That's why it is the no. 1 trading app used by the crypto users. Planning is really important in trading for you to know what move will you execute for a successful trading.

[danherbias07]

So what I didn't see.
Over excitement.

Yes, I do believe this things are should be considered too specialy when you are a first timer in the field of trading.
Those who had listened to how much profit they will make tend to be on a disaster even from the start.

Using different ways to deposit funds even though they are illegal just because they cannot use one legitimate service like Paypal.
Let us say country restriction or they are banned from using it.

[Reid]

Forex differs with how you do it with crypto trading but I guess those points are somehow the same.

Greed, Fear and being over confident with your skills.
Difference is just how it fluctuate but this emotions are just same.
This is for everyone though even those professional with both. (forex and crypto)
It will just come down on how you can control it while you are live in trading.
Some do bots but I still prefer my own instincts.
That greed and fear may somehow save you a dollar.

[Karmakid]

The only reason why I think the traders not only in forex but also in other market is they lack on knowledge. Most of the traders that I encounter are aggressive and even me, I was used to be aggressive type of trader. I just jump into the market without having a proper education about managing both my risk and emotions.

[posi]

Forex was indeed a great business but not to me ever since I'm aware of crypto currency investment and it good to be inform about the necessary technique to floristh in every business setting or investment but that still don't justify ones profit level for every business accept debt at some point.

[Darooghe]

In my opinion, the most important reason is over-leverage. most Forex traders don't really have any sense of how much risk they're taking on, and think the game is to try to make megabucks on every single trade. ask your typical Forex trader how much their open positions will go against them if the market moves 1% against them, most have no idea. If I had to pick one change between my newbie days and becoming profitable it was worrying much less about picking a correct direction and focusing primarily on my effective leverage.

[Dart18]

The list is filled with just emotions.
I think it is normal in trading.

Who else doesnt want more? Yeah that is greed.
Who else doesnt want to loss more. Yeah that is fear.

We all have that same emotion whenever we are facing loss or profit. They dont really fail, they are gaining more experience.

[justdimin]

It’s no secret that Forex is a great business but also equally dangerous with many people struggling and ending up in wrong zone.

This is where https://www.liberatedstocktrader.com/why-traders-fail-in-online-forex-trading/ can be useful way to avoid making same mistakes that others have made or are making. Only then we will be able to find results that we dearly desire to get.

Plus, let's not forget that how strong an economy is depends on the politicians as well. For example if your president comes out and says something stupid and moronic (why is that more common these days) you will not be able to guess what happens to your fiat beforehand, and after he does that it is a free fall.

So, forex people have to follow up every single president and important politician and what they are saying? That is a bit challenging (even tho easier thanks to twitter nowadays) but it is still fair to remind people you are a human and can be late to react even if you follow news every single day. Long story short one mishap from one government could ruin all of your forex portfolio and there is absolutely nothing you can do about it neither.

[palle11]

Forex was indeed a great business but not to me ever since I'm aware of crypto currency investment and it good to be inform about the necessary technique to floristh in every business setting or investment but that still don't justify ones profit level for every business accept debt at some point.

Did you say was ?
I think is will be fine because, it is still present in the world all over and many people are making good money still on it.

However, if you confirm to yourself that cryptocurrency trading is giving you good money because you know how to trade it, you can do better with forex because it is controlled or regulated and you can know what happens or near accurate speculation of price.

[Ipwich]

Forex was indeed a great business but not to me ever since I'm aware of crypto currency investment and it good to be inform about the necessary technique to floristh in every business setting or investment but that still don't justify ones profit level for every business accept debt at some point.

Did you say was ?
I think is will be fine because, it is still present in the world all over and many people are making good money still on it.

However, if you confirm to yourself that cryptocurrency trading is giving you good money because you know how to trade it, you can do better with forex because it is controlled or regulated and you can know what happens or near accurate speculation of price.

Indeed, crypto trading is likely similar to forex trading but that is how he appreciates crypto, the same thing that the others do.
I could say that crypto is growing bigger and bigger, thus having crypto in trading is seems to be profitable than forex trading may have. But above all, it gonna depend on how we work on it.

[veilmoil]

Im using both crypto and fx but at this situation when btc so volatile im focus on forex and crypto just for mid/longterm

[pundit]

There are common reasons why traders fail in forex.
1. Most of the brokers offer high leverage and most of the traders chose high leverage trading.
2. Most of the traders do not wait for the right setup (do not have patience).
3. Most of the traders do not put SL.

and last but not the least, traders start fighting with the market when SL gets hit (If it was put).

Traders should always trade with a proper planning and should accept whatever market offers them. Try to win the market with patience instead of fighting with it aggressively.

[bittraffic]

There are common reasons why traders fail in forex.
1. Most of the brokers offer high leverage and most of the traders chose high leverage trading.
2. Most of the traders do not wait for the right setup (do not have patience).
3. Most of the traders do not put SL.

and last but not the least, traders start fighting with the market when SL gets hit (If it was put).

Traders should always trade with a proper planning and should accept whatever market offers them. Try to win the market with patience instead of fighting with it aggressively.

That's something else. OP only listed three which were GREED, FEAR and OVERCONFIDENCE. To be honest this are greed is also the reason why some traders are earning a lot. Its not greed like you are committing a crime because of greediness, its just trading we are talking here. The more you try to watch when the price goes up and go down the better you are with trading.

[maxreish]

It's all about Psycological actions and emotion. I certainly agree about all of the listed in the article. But let me add up some that wasn't said above;

• Stick to your own GUTS and INSTINCTS
• Good Management in Trading

Those emotions were being managed now by most of the traders but newbies should really read the article.

[ethereumhunter]

As far as I see, trading forex is more complicated than trading crypto because we need to learn about the analysis, the chart, the trend, the news, and many more. But I don't know what the step to learn forex trading because I don't start to trade forex trading. I think that people can learn more about forex trading, but they need to spend more time to find good sources to start learning. Without having a good effort to learn forex trading, they will not be able to make a profit from forex trading.

[naikturun]

I think not only forex this is truth about every form of trading and humanity in generally. In every type of trading one loses because of their greed to earn money quickly and fear of losing money quickly. But these things can be solved only through constant practice and routine. One has to develop a routine and follow it with discipline everyday. Slowly you will develop a system and you will be following the system blindly without bringing emotions amidst your trading. This is the key to become successful at trading.

yes because everyone is racing to win, I mean there must be someone who wins and losers, if you buy now you expect someone to buy your coins at a higher price, so does that person do the same thing you do.
so it's like a circle that keeps spinning.

[AbuBhakar]

It's all about Psycological actions and emotion. I certainly agree about all of the listed in the article. But let me add up some that wasn't said above;

• Stick to your own GUTS and INSTINCTS
• Good Management in Trading

Those emotions were being managed now by most of the traders but newbies should really read the article.

Plus having the discipline and being updated can help a lot, I wanted to enroll in a forex trading seminars in my area but the fees were too high to consider that's why I'm taking one step at time in studying. It may seem the same in crypto but they both have different distinction. As we will be needing to focus on different currencies and set ideas on both. Trying to trade forex next year.

[cryptoangel]

I think not only forex this is truth about every form of trading and humanity in generally. In every type of trading one loses because of their greed to earn money quickly and fear of losing money quickly. But these things can be solved only through constant practice and routine. One has to develop a routine and follow it with discipline everyday. Slowly you will develop a system and you will be following the system blindly without bringing emotions amidst your trading. This is the key to become successful at trading.

yes because everyone is racing to win, I mean there must be someone who wins and losers, if you buy now you expect someone to buy your coins at a higher price, so does that person do the same thing you do.
so it's like a circle that keeps spinning.

Most of the traders are active in all the platform so they invest our money, surely they are all monitor the further hype so forex traders are never loose the money. But some peoples are just play the game for trading so they are loose the money. I think forex trading is not a huge hype and loose so crypto will make good earning for current traffic.