More Reasons New Forex Traders May Fail

More Reasons Why New Forex Traders May Fail

We’ve previously talked about some common mistakes traders can make when they don’t have the guidance of Journey to 1000 Pips to help them along the way. We don’t say this to scare you, but instead to educate you – sometimes the best way to be successful is to know what not to do and learn from the mistakes of others.

Any financial trading craft comes attached with one truth: there are many ways to be successful, but almost just as many, if not more, ways to fail. In the world of forex trading, a lot of the ways to fail can be boiled down to the idea that forex trading is a fad. People have this image of forex traders as men and women sitting alone at home with their feet on their desk, making millions from hitting a few buttons on their smartphone.

In reality, we wish it was this easy! Here, we discuss five more reasons we believe are the cause of forex failure, and how you can avoid them.

More Reasons Why New Forex Traders May Fail

More Reasons Why New Forex Traders May Fail

They think forex trading is a “get rich quick scheme.”

As discussed above, one of the most commonplace reasons a person fails at making any kind of profit as a forex trader is because they don’t take it seriously as an income alternative. T here’s some truth to the idea that forex trading is more freeing than a 9 to 5 job, but this in no way means it’s some pyramid scheme that anyone can pull off.

Individuals that believe something like this are often ill-advised about the process of forex trading. Journey to 1000 Pips shortens the learning curve necessary to succeed as a forex trader, but it’s still a valuable journey that requires discipline and education on financial and global topics. These require time and energy – and that’s something some people just aren’t willing to give.

They pick the wrong forex team.

Forex trading isn’t something you should go about doing on your own. Sure, your decisions are your own and your money is likely your own, but forex trading isn’t a one man band. For example, we’re here to help you on your forex journey, and other personal team members can help provide trade insight and opinions to better your success chances.

Those that go it alone often pick the wrong team members. They get misinformed, wind up losing big and then wonder why it all happens. Set yourself up for success by choosing the right team for you.

They become too impatient.

We touched on it briefly in point one, but forex trading requires time and effort in order to master the craft. There’s no room for big short cuts – we can shorten the learning curve for you, but we don’t pull back on valuable information that leads to success.

New forex traders often find that they’re unhappy with the length of their journey, or how long it takes before they get the big payout they thought would fall into their lap. Our advice is to be patient and enjoy the experience. Then you’ll be successful.

They don’t want to invest their own funds.

Forex trading operates on the truth that you have to spend some money to make some money. Otherwise, where would the “trading” be in “forex trading?” Despite financial risk being part of the forex experience, fledgling traders often get shy about putting their own money on the line.

The reality here is simple – if you want to see money come in, you have to put money out at first. Without providing capital, you won’t make a profit.

They believe they’ve failed, and so they give up.

Sometimes failure spawns from not failing at all. How is this possible? When it comes to financial trading, no matter if you’re talking about forex or stocks, there is a deadline expectation. People believe that if they don’t make a certain amount of money within a certain timeframe, they shouldn’t invest more effort. This isn’t true. Patience is necessary to succeed at forex trading, and without it you’re doomed to make mistakes like this.

The Journey of 1000 Pips starts with a single step. That step means contacting us for a free chat and consultation – we love answering the questions of curious potential members.

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