Why Most Newbie Traders Fail? - Forex Forum

Why would some guy from etoro post that?

I think newbies don’t explore as much as they can. There are many ways to learn in here, getting a demo platform is a first step but the hardest one is exploring it, it requires discipline. Then, keep in mind there are many services provided by brokers which are really useful, way to go!

i agree with you all
i am a newbie and i lost and was loosing my 100Euro.
for me it is not lost money cos i went forward every time.first 100 i lost instantly.
Second one i arrived to 250Euro but i did not learn what to do when the rally is finished so I got a bad idea over the real situation.After loosing it i went again on your site and saw that the analisis were renewed from a dangerous trade it has changed to the advice to male NO trade and i missed this advice so I lost my money cos Iwas in a market that had absolutly no direction and without enough money its impossible to get out well in this situation.
so the money i give is just like paying for school cos i know i will not give up until i make it right.
i knew even before that its better to make 100 trades and win 70 dollars than make one trade and win 70,cos there are always trades you loose and a little amount is closed more easier than a big one when the trade goes against you.
Thank you for your work here and for all of you who are rich dont forget the poor ones on earth!
GOD bless you
mcrious

The best advice for new forex traders is to not waste time reading forums. Instead read everything you can find on currency trading and the trends which effect prices of currency. Then you need to play at least 24 hours of solitaire or blackjack and record your results. The results will closely emulate your return at trading currency. You must understand stops and limits otherwise you will be overcome by the nature of the beast.

Are you serious? Blackjack is a gambling game unless you are able to count cards. You don't want to gamble when trading because your results will be horrible.

How many of you see forex as a business and how many of you see forex as a gambling game?

A business of course. Gambling is based on hope and trading on work.

Yeah i agree with you everything nowadays is gambling & ofcourse it is based on hope & faith.
Trading is not a get rich quick scheme. You will be better served opening a 401k or buying shares to hold than trading thinking that you are going to make a million this year. I had those hopes but discovered to keep my sanity; I trade to buy time to do other things that I like not to be a millionaire.To know if you are gambling or trading, you might ask yourself these questions.
1. Do you have a trading plan?
2. Do you have a money management plan?
3. Are you disciplined?
4. Do you review your trades?
There is a big difference between a gambler and a trader. A trader is a businessman at heart and knows he needs to work. Most forex traders are gamblers that is why the lose rate is at 90%. Now where are you?

Following vik macks...
As part of your trading plan, the most important thing is setting realistic goals based on your budget and the risk/reward ratio you are willing to trade with.