Post
Topic
Board Trading Discussion
Re: Why people mostly fail in trading
by
Gideon66
on 22/03/2024, 03:30:30 UTC
Trading is not a get rich quick scheme as most newbie think, it's more difficult that we all can imagine, but their is always a way to navigate your way in trading so  as to come out profitable.
The main reason why most trader fail in trading is that they are not trained in the craft, most experience traders as they call their self don't even know how to identify the least support and resistance, talkless of knowing how to react when they see some certain chart pattern or candle stick pattern.
The skills I  believe that are  required to come out profitable in trading are;

* Knowledge: know the craft, know what you are doing, don't trade on assumption.

* Know how to control your emotions: it's very important that you know how to control your emotions like fear and greed in trading.

* Know how to manage your risk: knowledge and emotional control gives you money, but proper risk management skill protect your money and your gains

most mistakes of traders are;

* Thinking it's a get rich quick scheme or thinking that it's easy.

* Having no proper training in the craft to attain knowledge about it.

* Watching one two or three video's on YouTube by one YouTube influencer and think they are ready for it or thinking they have known the craft.

* Having no experience traders that is good in the craft to guide them.



There are many reasons people fail in trading, but mostly there are common factors that seems to be play. Most people don't have patience to succeed in long term. Trading requires focus, patient having a strategies plan to carry out a successful trade, even when the market are volatile. Many people don't understand the basic of trading, such as the risk involved and technical analysis.