Why Forex Traders Lose Money
Forex traders really are a special breed of people, with an intuition ideal for raking in the big bucks. However, you might be a losing trader, and yes, this happens all the time. Now, the reason you as a Forex trader are losing money may be due to one of the deadly Forex sins. Today we want to talk about the 7 deadly sins of day trading and why Forex traders lose money.
Why Forex Traders Lose Money – The 7 Deadly Sins
Alright, so here we have a list of the 7 deadly sins which Forex traders often make, the 7 sins which end up costing Forex traders a whole lot of money. Let’s talk about these big trading sins or mistakes right now, what they are, and how you can avoid them.
1. The Sin of Impatience
One of the biggest mistakes which Forex traders make, which ends up costing them money, is that of impatience. Often, when traders are making a little bit of money, they want to start making more of it, and much faster too.
Sure, making more money is great, but not if you are being impatient. You should always have achievable goals and a clear plan, and you should always stick to that plan. If it is a good plan and you are making money, albeit maybe not much money, don’t start rushing through your trading. If you rush, this is when you will make mistakes, and this is what ends up costing Forex traders big time.
2. The Sin of Greed
Another sin which ends up costing Forex traders many losses is that of Greed. Yeah, greed is a cardinal sin, but Forex trading Jesus isn’t a big fan of it either. No matter which way you look at it, whether in day trading or your everyday life, greed is not a good thing.
When you get greedy in trading, it’s not going to lead to anything good. Sure, some motivation to make money is great, but there is a fine line between motivation and greed. Excessive greed in day trading will lead to you risking way too much cash, to abusing leverage, and to holding onto positions longer than you should. This will all lead to great losses sooner or later.
3. The Sin of Carelessness
Yet another sin which ends up costing day traders tons of cash is that of carelessness. Folks, Forex trading is not just something you can wake up one day and decide to do. Sure, you can have a fancy suit, a nice car, and a really fast computer, but this won’t help you win trades.
Being a trader means being educated, having a plan, and being extremely calculated. If you just decide to start trading in a very careless and reckless manner, you will quickly find out just how fast money can be lost. Don’t be careless folks, because it won’t get you anywhere.
4. The Sin of Gambling
Yes, gambling is defined as a sin, both in the real bible and the trader’s bible too. Folks, you don’t want to trade Forex like you are playing slots or poker. While there is a lot of risk and some chance involved in day trading, a lot of success has to do with planning, with analysis, and with executing a solid scheme. Forex trading absolutely does not equate to gambling. If you take massive risks and think that you can bluff your way through the market, you are sorely mistaken.
5. The Sin of Overthinking
Alright, so, overthinking may not exactly be a sin, or what most people would define as a sin, but that said, when it comes to Forex traders, it’s definitely not a good thing. Ok, so planning out your trades, performing analysis, and putting thought into your next trades is a necessary part of day trading.
However, there is a fine line between careful planning and overthinking. If you overthink every single last aspect of every single trade, chances are you will become very hesitant and you won’t move on a trade when you should. This kind of hesitation can end up costing you a lot of cash, and it does need to be avoided.
6. The Sin of Impatience
Something else that can end up costing day traders a lot of money is the sin of impatience. Impatience can and does lead to losses. One example of this is if you think that a trade will be best placed in an hour from now, but you want to place it now, even though the time is not right.
Another example of trading impatience is when traders close trades while they are still profiting and increasing in value. Moreover, if you happen to suffer a loss, be patient. Don’t just switch your trading strategy after the first loss. Day traders need to be patient and disciplined.
7. The Sin of Anger
One thing that all Forex traders must avoid is the sin of anger. Anger is a real killer in Forex trading, because it causes you to become impatient, irrational, and erratic. None of those things will get you very far in day trading. Anger will bring you nothing but losses, and you need to avoid it at all costs.
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Forex Traders & Their Sins – Final Thoughts
At the end of the day, these are the 7 deadly sins which end up costing Forex traders a ton of cash. These are all things which can be easily avoided with some discipline and planning. Always remember to be patient and cautious, but not hesitant and greedy. Always trade with a solid plan, know what you are doing, and don’t despair if you happen to lose a couple of trades. If you truly want to become a professional and profitable Forex trader, it is recommend that you take a day trading course, such as from the Income Mentor Box Day trading Academy.
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