1. Looking for Easy and Quick Money
I have to stress that foreign currency trading is not a get rich quick scheme. Achieving consistent profitable results out of forex trading is tough. It requires some forex education, patience, discipline, emotion control, etc. to get you into the world of successful currency trading.
2. Looking for the Holy Grail
I have people asked me, "What is the best forex trading system around?" There isn't such trading systems in currency trading. Many forex traders spend years trying to find the Holy Grail of foreign exchange trading, but failed to find one. The main reason is the forex market changes every single moment.
3. Inadequate Right Education
One of the reasons forex traders fail is because they don't have enough right education. Some people who came into forex trading don't even open a forex book or educate themselves about currency trading. You need certain forex training education, a forex course, a forex trading system and then a mentor to coach you.
4. Lack of Discipline
Discipline is so important in fx trading that it will reward you by accumulating your profits if you abide to it, and could turn your forex trading account into nothing when you lack of it.
5. Lack of Patience
Forex traders chase after the price because they do not want to miss a golden trading opportunity. In currency trading, there is no such thing as golden opportunity to me because every forex trading setups are equally important.
6. No Money Management
Most forex traders totally forget about the risk of forex trading. They only think about how much they will win and never plan for the worst. Money management limits your risk on every single trade so that you are able to trade tomorrow, the next week, month and years.
7. Failure to Control Emotions
Be a perfectionist in following your forex trading plan. Stay calm if you lost a trade, you know that there are infinite chances to earn an winning opportunity back. Don't let greed take over you!
8. Having Unrealistic Expectations
People come into fx trading thinking they are going to be successful and earn tons of cash, from $1000 and then reaching $100 000 in a very short period of time. You will know why that is untrue if you have gotten my free forex ebook.
9. Lack of Mentorship and Support
Once you have a trading system, having a mentor not only gives you forex advice, but also the ability to get nearer to success as your learning curve will be shorten, your doubts answered and confidence boosted.
10. Looking for Excitement
Some other forex traders may think it is very exciting to trade the forex market, but to me, forex trading is boring if I want to be profitable and stress free.