Nine out of ten traders leave the market within a few years. Some do it earlier, some later but ultimately only 5-10% successful traders remain on Forex.
The reasons for leaving are almost always the same but none of them are worthwhile. Let's take a look at what can provoke you to quit Forex and how to fix it.
#1. I Don't Understand Anything - I Have a Different Mindset
Anyone can trade in Forex. This is because it doesn’t require any special skills or character traits. All you need to make a good start is knowledge.
Of course, if you rush into the pool headlong without studying the topic then you have no chance. But it works the same way in any field. You can't just sit and start programming, or designing a building, or flying an airplane. First, you need someone to explain to you how to do this or you need to learn it yourself.
And the best news is that in Forex everything is much easier. Many fields of activity require a special mentality. To trade, you need to learn the basic concepts and broaden your trading horizons step by step. Read as many books as you can. Learn from the professionals. You will definitely succeed.
#2. I Can't Do It - I Keep Losing Money
If the level of your knowledge has reached the required level but you still can’t make a profit, it is time to focus on practice. Forex is not art or luck. Profit in the market comes to persistent:
- Follow your plan meticulously
- Develop discipline
- Analyze your actions
- Adapt your trading system
- Don't give up until you succeed
It sounds very boring. But if you are interested in adrenaline, not profit, then you should go to a casino rather than Forex. In the market, everything is like in sports: the more you repeat the same actions, the better they come out for you. Practice more and over time your efforts will begin to pay off.
#3. Everyone Succeeds Except Me - I’m Just a Loser
Don’t be harsh on yourself. Every trader has experienced what you are going through right now. Don't believe me? Read forums, blogs, and books of experienced traders. We all make the same mistakes. Whether you stay in Forex or not depends on your ability to learn from these mistakes.
Final Words
If you are wondering whether you should trade further, try to remember why you came to the market in the first place. Most people turn to Forex because investing is the fastest and most reliable way to achieve financial independence.
Trading is your chance to receive stable profits throughout your life and provide for yourself and your family. Profits from Forex can also be used for long-term investments, providing passive income for you and your children. In other words, this is your chance to retire ahead of time and allow yourself to live happily. Who wants to give it up for far-fetched reasons?