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Saturday, 16 February 2013

WHY DO MOST FOREX TRADERS LOSE


If you’ve been trading for a long time, you no doubt have felt that a monstrous, invisible hand sometimes reaches into your trading account and takes out money. It doesn’t seem to matter how smart are you, how many seminars you attend or how many hours you spend analyzing the charts, you just can’t seem to prevent that invisible hand from depleting your trading account funds.
So why do traders lose? Whether you are a seasoned professional or just thinking about opening your first trading account, the ability to stop the invisible hand is a real challenge.
To be a consistently successful trader, then you must have a defined trading methodology, which is simply a clear and concise way of looking at markets. Guessing or going by gut instinct won’t work over the long run.
A Lack of Discipline is main invisible hand who takes out your money. If the way you view a price chart or evaluate a potential trade setup is different from how you did it a month ago, then you have either not identified your methodology or you lack the discipline to follow the methodology you have identified.
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