What makes a trader leave the market? It can be explained in just one word- mindset. If the trader has the imbalanced mindset it definitely shows that he is incapable of remaining in the market. If you are a Forex trader you should have the ability to think, analyze and react. There are traders like the Australian traders who are capable of reacting according to the situation. You cannot trade the Forex market with an unconscious mind. We all do agree that trading isn’t a bed of roses yet there are traders who manage to remain in the market. At the same time, there are traders who struggle to remain in the market. This article is aimed at the ones who struggle. Why do they struggle? What is their fault? What makes them leave the market? Let find it out.
Do you know 95% of the traders are losing money? Though the success rate is very low yet the number active traders are rising at an exponential rate. Most of them consider trading as an easy way to become a rich person. But in reality, this is one of the most organized business in the world. You can’t afford to make the same mistake repeatedly. You have to know all the basic rules of investment to protect your trading capital. Most importantly you are the one who will decide how much money you will make in any trade. So be punctual with your trade execution.
Faults in hearsay
You may hear more than thousands of things about Forex. You may read countless things about Forex from unreliable sites BUT are you ready to act upon it? First off, as humankind, we all have common sense and we have the ability to think. As naïve traders, you should also think before you act upon some hearsay things about Forex. You should never trade based on such information rather dig in and research about it, Take time to improve your knowledge about Forex trading. Even if you read something on the ways to improve your Forex trading account Australia you should not implement it rather research on it. Or you can try it on your demo trading account as it will not cost you. Most of the traders leave the market because of their mindset. They don’t think twice before they trade. They don’t think twice before they use some strategies or techniques in trading. You may find an article on a great strategy but you should not use that so-called strategy right away in your live trading account. You should test, research and practice using it and if it works on your demo account, you can go ahead. To be said simply, think before you leap!
Stage of denial
We all have the habit of denying if we cannot accept something tragic. In Forex trading, losses are unbearable. Most of the naïve traders do not want to face losses because they cannot bear it. They hate to deal with losses since it is stressful but denial is not a quality of a professional trader. If you want to become a successful trader you should become a trader who is ready to accept the losses as it is. But accepting losses do not mean that you should repeat it again. By accepting the losses you tend to shape yourself into a better trader. Unfortunately, most of the naïve traders are in the stage of denial, so they tend to leave the market.
Wishing for a lottery
The naïve traders who enter the Forex market with the intention of earning a lot at once are the ones who leave the market. There are no big payoffs unless you work for it. You should work hard to find a suitable trading approach, technique or strategy. By using these you will be able to earn a lot but once again it is important to mention that you can never win a lottery in the Forex market.