What is stopping beginners from making a consistent, long term income from trading Forex

[Bubudaddy]

family and public activity outside of that. That implies that you have an undeniable deficiency of time to reach the level where you can exchange like a master, and accept me, it takes a ton of time and steady exertion.

It requires long periods of study, practice and genuine involvement with the business sectors to figure out how to exchange Forex effectively, and get to the level where you can reliably bring in cash in Forex exchanging. Also that you'll be taking on, in every practical sense, a neglected low maintenance work that will bind you to your PC while you are exchanging. For will estrange you from your group of friends, and set impressive strain on your family connections too. It's no big surprise that most merchants needing to figure out how to exchange Forex will surrender inside 90 days, and never bring in cash in Forex exchanging.

 

[Kingsley]

Forex trading is not meant for newbies as such, forex is not a market anyone can just walk into without having a proper understanding of the system, because those who understands the dynamics of the market sometimes still find it quite challenging to even make an accurate predictions of how the market will go, because there are lots of variables in the market that determines what will happen. It is not a market for just anybody, it is a market where one needs to undergo a very rigorous learning process in other to start making something good from it.

I have heard and seen many people telling others that they are making millions from the forex market, whereas If you should check their account balance you will you will amazed at what you will see or discover. May of them are not making profit and they are seriously losing but the say those things to deceive others to fall into the gutterb where they have found themselves.

Some even do not have a slight idea of what forex trading is all about and they deceive people. So the real issues with newbies is lack of enough insight and knowledge .

 

[Good-Guy]

I have never traded in forex, but since I am a cryptocurrency dealer, I can safely assume that there are many similarities between forex trading and cryptocurrency trading. So I will be answering this from a cryptocurrency trader's perspective. If we consider that both of them are same, then we can say that a cryptocurrency trader could understand why many forex traders do not make money. One of the basic difference between cryptocurrency trading and forex trading is that cryptocurrency traders deal in many digital coins and forex traders deal in traditional currencies.

I think one of the main reasons why many forex traders do not make money is because they do not have an idea about how the market works. The forex market is risky and unpredictable just like cryptocurrency market. Whenever the prices fluctuate, the traders usually suffer from loss and this is quite simple and easy to understand, but what is so hard to understand is why does the market crashes? These unpredictable circumstances is the main reason why many people are reluctant to invest money into such kind of markets. In fact, even many experienced traders usually suffer from loss. A lack of good strategy is also to blame.

 

[eldavis]

There are so many factors stopping lots of new traders form making profit through forex trading, some of this includes the mindset. So many traders today go into the market with the mindset that can easily make money and become millionaires in no time from forex trading, some see it as a get rich quick scheme. After experiencing some losses, they realize that forex trading is not as easy as it seems, but instead of actually learn, they tag forex trading as scam.

 

[moonchild]

Well the reason is honestly not far fetched because, in one or the other we have experience the same feeling when we were starting out, the number problem is our mindset that we come in with this is really important because we come into forex thinking we will get rich very soon by just buying and selling currencies which many will found out that it's just a blatant lie that doesn't happen.

Most people don't go past stage because of the steep learning curve involved in learning how t trade, they find out that this is not the Eldorado they were promised by their trading guru.

From there the remaining people will be divided into two, those that think they can still make it big if they keep on funding their account and try again one more time, these people will keep on losing till they stop trading and will never be profitable because they don't understand how it works, the other group are those that agrees that Fx is not a get rich quick scheme and they have made peace with that and decide to learn it with full attention sacrificing their time and resources and doubt this group ends up succeeding because they understand the rule.

 

[Suba]

Becoming a forex trader (day trading) is not as easy as what beginners imagine, many beginner traders go wrong, such as trading with large lots and using leverage. To become a reliable forex trader it takes at least two years, the lack of skills and experience makes novice traders lose confidence so it is very difficult to control their emotions when they encounter different market conditions when buying/selling currencies. Maybe at first the novice trader is a fad or just wants to try. It is not a desire from the heart or a will from oneself so that he does not have time to study market analysis, read news and make trading plans.

 

[Flow-er]

I will definitely not opt in for trading forex on a long-term basis for obvious reasons. I prefer the intraday trading.

 

[Bookwormlux]

The problem with forex trading is that it comes with so much potential and then the people that are advertising it tend to make it look as though it is a get-rich-quick scheme and that is why beginners open get frustrated easily because they do not really have a proper orientation of what it really entails since those who are trying to convince them to join make it look as though it is something they can cash out form and become unions within the very possible short period of time..

Upon realising that it is not the way they were made to see it, they have no choice but to run away and consider other alternatives that are available.

This is why I always argue with some people that make it look as though forex trading is a very big way of making money that surpass every other available opportunity but the fact still remains that a lot of people who do this are only looking for new beginners that will come and give them some money to mentor and to teach them what is really working when they themselves already know that it is not really working like they are making it to look like.

 

[funmi]

I have invested my hard earn funds into fired trading as I happen to be amongst the first set of individuals that invested into fired trading when it first started sometimes around 2008, at that time it was so common in my country and only a few people could meet up with the demands by the regulatory bodies on how to open a domiciliary account. I went through all the rigorous process of opening a domiciliary account and I made a deposi of $50 at the time . although I was introduced into the market by a financial analyst who happens to worship with us at our worship centre. So he addressed everyone and told us of the enormous opportunities we all stand to gain when we invest into forex as he assured everyone of a more better living conditions when we all invest in it, so I quickly bought all the necessary apparatus that will be needed to commence trading, like a computer system and a modem to give me internet access. So when I was done with the initial introductory, which was truly not enough for me to start I later realise that after suffering some losses .

 

[Tactical]

It’s a lack of discipline and hard work that stops traders from making income. They search for shortcuts, but there are none. Forex trading requires time and effort. You can only do that if you commit to trading, regardless of your failures. But not every trader is up for that.

 

[Setho]

There are so many people who get carried away by the potential in the forex market and as such it is going to make them to make a lot of wrong decisions that they will ordinarily not make if they have the right information .

The mistake that a lot of people make is that they think that the forex market is a get-rich-quick scheme which actually it is not like that . If you need money in the market then you should be targeting long-term games after you must have got that little profit over time .

There are also some people who develop so much attachment to trading with emotions and the use of other unreliable trading bots . These are things that are not sustainable because the market is something that is very dynamic and things can be able to change very quickly and so is your strategy and your setup as well .

There are so many people that have lost a lot of money because they did not settle down to seek education . You cannot be able to guess your way to financial freedom in the forex market and the best thing to do is to subscribe for very quality courses and learn good strategy .

 

[Limivorous]

As a beginner, many traders do not have clarity about their goals. Rather than focusing on the process, they focus on the goals,from which you lose the track of consistency.

 

[Rookery]

A lot of things, let's unpack this question a little. The first few things are:
1. A lack of understanding of the system: since you’re a beginner, you don’t exactly know how the market works, and because of that, you’ll make a lot of mistakes initially, especially if you did little to no research about the market and just waltzed into it expecting to make millions overnight.
2. No proper strategy: again, this comes from a lack of understanding of the system, causing you to be unable to know how to predict the market and accordingly analyse it and plan ahead.
3. No knowledge of how much to invest: I cannot stress this enough, start with a demo account, then move on to the real market. Otherwise you’ll lose more money than you would ever want to.

 

[Critomancy]

What stops traders from making consistent profits-

• Uncontrolled emotions
• Most look for shortcuts. But no signals, bots, or strategies are perfect. To be successful, you have to trade and analyse the market in various market situations.
• Bad risk management strategy
• Risking too much
• Greedy trading mindset

 

[Ponmo]

Many beginners focus on the end goal and forget that the process is also important. They do not stick to the same plan, which means they lack discipline and structure. They have high expectations and less knowledge about how to get there. They neglect risks and money management in their plans and wonder why they keep losing. To be successful takes time and experience and rectifying past mistakes is also important to gain profits consistently. Clarity and closure with a direct plan is necessary.

 

[Asahi]

In Forex business, new traders have to learn how to survive in the adverse condition of Forex, like volatility. Conquering trading volatility is badly essential for a trader. Market’s volatility is a big threat to the survival of Forex traders. Different traders adopt different techniques to get rid of the volatility and to make sure no mistake is taken place. Eurotrader broker provides enough support to traders that make traders survive easily. Their other amenities are also alluring.

 

[Macrobian]

Most beginners enter the forex market thinking of making easy money. Forex is not easy and one needs to dedicate a lot of time and effort into learning properly about the forex market. Professional traders have the power of knowledge along with experience which enables them to make consistent profits. And a beginner has to reach the same level to do so. You can’t expect to be profitable from the very moment you enter the market. It is a process of trial and error. You will know what to do right after you have done it the wrong way. Identifying what you did wrong is important and if a beginner continues to learn and grow with time they will surely become profitable traders sooner or later. Because the successful professional traders we are seeing today were also beginners in the past. Hard work and passion is what led them to success and that is what new traders should keep in mind while entering the market.

 

[Genesiology]

Traders are unable to earn consistently as they neglect the importance of learning and focus deeply only on profits. They look for shortcuts but find none. Forex trading needs both time and effort. You can only do it if you make a commitment to trading, regardless of your failures. However, not every trader is willing to do so.

 

[Trigonal]

Time. It takes time to learn and it takes experience. Even a lot of old traders don’t earn consistent long term income, simply because the market is volatile and sometimes can be really uncertain and a beginner can’t understand all of the market without proper knowledge and experience.

 

[Palaeophile]

Some factors which are responsible for this problem are:

• Lack of patience
• Lack of practice
• Influence of emotions
• Bad risk and money management skills