Most brokers agree that 90% of all traders lose money, 5% of them break even, and only 5% make money. These statistics are not that encouraging for us traders, but it is the reality.
I have good news for you though, the mistakes that cause this rate of failure are common and we have already identified most of them.
Some of these common mistakes are because they are lured into trading for the wrong reasons, and some others because they fail to work through some guidelines.
Being aware of these common mistakes and by learning to take the proper steps to deal with them, the odds will change in your favor. Topics covered in this lesson:
Section 1: The Search for the Holy Grail - Some traders spend most of their trading careers trying to find the perfect system and fail to realize where the key to success is.
Section 2: Looking for Easy Money - Trading successfully is no easy task, it is achievable but requires a lot of work and time.
Section 3: Looking for Excitement - Being called a Forex trader is exciting, but having negative returns month after month is not.
Section 4: Not Having a Business Plan - A business plan is like a roadmap that will not only tell you when things are right but also when things go wrong.
Section 5: Not Having a System - Our job as traders is to generate consistent profits, and the only way to get there is through a trading system that fits your needs as a trader.
Section 6: Not Using Money Management - MM helps us avoid the risk of ruin, but at the same time it allows us to geometrically increase our profits.
Section 7: Lack of Discipline - Having a trading plan and a business plan is not enough, we need to strictly follow all our rules.
Section 8: Not Being Aware of Human Nature - Some behavior that might seem logical on our everyday life, could be disastrous to our trading career.
Section 9: Not Being Psychology Tuned - Being aware of the most
common psychological barriers will put us one step ahead.
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