Why do we have more of unsuccessful traders ?

A lot of people out there have been trading Cryptocurrency and forex for over 5 years and haven’t achieved anything in their trading journey, why is this common ?, and What could they have been doing wrong?

Should we conclude that trading is pure luck?

I personally don’t think trading is luck, because I was unlucky when I started trading, i saved up for some months to fund my trading account and I lost the money within some days.

But I learnt from all my experience and mistakes, I got a book where I document my trading experiences and mistakes.

My major problem when I started trading was over trading ,Overtrading is another major reason why most traders fail. Overtrading refers to taking too many unconfirmed trades with too much size.

Markets can be difficult to understand at times, especially for inexperienced day traders. When looking at a chart, you’ll see almost an infinite number of profitable trading opportunities that could have been winning trades. Undisciplined traders feel an urge to take those trades on huge size, which inevitably leads to large trading losses.

So, what can you do to prevent overtrading?

Controlling your emotions and having a strict and well-defined trading plan can be a huge part of the solution. Fear and greed often lead to overtrading. After a losing streak, you’ll feel the urge to enter into average setups in order to return your losses.

Similarly, after a winning streak, greed may kick in which again leads to taking low-probability trades. Try to control and resist those emotions by creating and sticking to a set of trading rules.

If you find this educative,helpful and entertaining, please like,share and comment your thoughts below, and I will be there to reply you.

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