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Why do most of the forex traders fail in forex trading? You have come to the right place to get the answer. In this presentation, Shamika Staggs shared a list of reasons why forex traders fail. By knowing about these reasons, you will tackle the future risks of forex trading. For more information, you can contact Shamika Staggs.
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Why Forex Traders Fails? Shamika Staggs Here is the list of why forex traders fail; learn about them to avoid future trading risks
Lack Of Training: Some forex traders only attend one or two one- or two-day seminars. They only demo trade for two or more weeks after that before moving on to real/live trading. One amusing aspect of this group is that they expect to make thousands of dollars the day they begin trading. They had forgotten that it took them four to five years to graduate from tertiary college and master their chosen subject of study. In brief, a lack of sufficient training, both externally generated and self-initiated, is frequently cited as to why some people fail in forex trading.
Don’t Be Overly Ambitious And Greedy: The main thing you need to focus on is Shamika Staggs says some traders tend to be overly ambitious and greedy. These traders are looking to make a million dollars overnight. These forex traders would seek to make a significant profit from a single deal rather than adopting appropriate risk management principles such as not trading with more than 2 to 3 percent of their money. As a result, they bloated their risk management and entered the market with money they couldn’t afford to lose. When the market goes against them, they typically find themselves in a crippling condition and eventually exit the market.
Lack Of Discipline: Lack of discipline to follow through with the forex trader’s strategy developed for himself. In that case, such a trader will continue to run after shadow and in no longer a period loses all their investment. If anything can quickly ruin any forex trader, it lacks discipline. Suppose forex traders lack the excellent culture and discipline of following the strategy they developed to make big pips.
Lack Of Good Strategy: Lack of good strategy and methodology to assist the traders in making entry and exit decisions. There is no gainsaying that some traders still believe that the forex market is similar to a casino, and therefore, they can always gamble to make money in the forex market.
Later than sooner, they fumbled and somersaulted in the market. There is a need for forex traders to develop an effective strategy that will assist them in entering and making an exit from the market — determining the best time to trade and which currency to deal with is often overlooked by some traders affect their performance.
