Why isTraders Lose Money in Forex..?

1. They Work Hard but don't Work Smart

Many new online currency traders work hard - but they don't acquire the right Forex education.

FOREX trading attracts some of the cleverest people in the world - these traders are smart, and think that they can win simply because they're clever.

Being too smart however, can be a bad trait to have in Forex trading.

2. They don't keep it Simple

As you can gather from point 1, being clever doesn't mean you'll achieve success in online Forex trading. Not only should you leave your ego behind, you should also concentrate on trading using a simple system. Many Forex traders think the more complicated their system is, the more successful the system is likely to be - however, this logic is incorrect.

3. They don't accept Responsibility

When you're trading currencies, it's tempting to follow a guru whose made money - or claims to have made money.

The Internet is full of Forex education you can buy for $100 or so - and they all claim it'll make you rich - but this is not the reality of currency trading.

The only way to succeed is to rely on yourself - no one else can give you success. If you can't take responsibility for your actions - don't trade in the currency markets.

4. They're too subjective

In Forex trading, most traders like to use technical analysis, and study Forex charts.

Studying charts can make you a lot of money - however you must be aware of the trap that many traders fall into - being too subjective.

5. They lack Patience

Many traders get impatient when Forex trading, and want to achieve success too quickly.

They start trading using one method, get frustrated with it when it doesn't make money - and then switch to a different method. They then end up like a dog continually chasing its tail.

Bad periods are normally followed by good trading periods - and profits, (if you're using a soundly based Forex trading system) so you need to stick to your plan.

Stop changing systems and have the patience to follow your Forex signals with discipline.