There are so many examples of new traders who get lucky on the beginning of their trading so they made some good profits. For the beginning trader it is much better to have really limited success at the beginning or even experience some losses in order to stay away from the early success. Early success can lead to overconfidence and most likely big losses will be experienced.
Early success in forex is worse than early failure
- Thread starter Rambo35
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early success can only hurt newbies. Many ordinary people, and do not consider forex as serious business where money is made by themselves, so that beginners need to understand - there is no easy money and learn from their own mistakes...
Well as they say it is easy to get success but difficult to hold the success. It goes same with Forex trading. if you get only early success but not failure then you haven't seen both sides of the coin. So in your approach you are right that early success can make people go over confident and make big mistakes. One needs to have his feet always grounded in this business because markets sometime take unexpected moves.
Yes, it's like a moto "Hope for the best and prepare for the worst." You need to be confident but with an clear head to know that some unexpected trading conditions can cause u losses.
One, early success breeds over confidence in newbies..which naturally leads to their accounts going belly up a few weeks later..same model, for the newbies doing the EA tango. However, a trader who takes the time to analyze his trades, and maintain a journal would definitely do well..
Early success can lead to over confidence . It can make the trader feel relunctant in putting effort in trade. And when the losses start rolling in it now becomes difficult to handle. Forex takes determination and courage to move on when you lose in order to survive the market.
In my opinion failure is part of forex and beginners should learn from both success and failure. No success comes with out a couple of bumps and all forex traders (beginners and experts) should always be cautious and stick to a decent risk management plan in order to avoid big loses.
You are right. Forex can hurt, and the sooner you get hit, the sooner you realize it a dangerous game.
yeah it may biggest hurt any man can afford 🙂, with daily over 4$ billion turn over, it's more than just a game to call these as dangerous.
many new traders appear each years, the herd always came in colony, 🙂. but most of them are came to play, some just to fill their curiosity, and even just for a good glance with delusional quick-rich plan while dreaming printing their own pocket money with online trading.
but only a few who really come to stall this daily turnover and makes serious business effort and make a proper living expense resulted from daily trading activity.
I think early success is very dangerous for those people who do not want to do hard work and if they succeed in their first and early trade then they can feel relax in their next trades and can loose their money very quickly.
I have been in the markets for many years, and I am still failing. I can say that failure is a big part of success, and rather than be discouraged, accept it and embrace it. Unfortunately, we live in a society where failure is frowned upon and is seen as something that is weak. Nothing can be further from the truth.
If you fail and continue to push through and learn from your mistakes, you will come out much stronger on the other side. This is what growth and success is all about. We also live in a society where we are taught to expect that success should happen overnight. This is also a dangerous myth that does nothing but make people feel bad about themselves.
So don't be discouraged if you fail. Only be discouraged if you fail and stop trying. And in the end, I can promise, success is that much sweeter when you have stumbled along the way. After all, what kind of person is the guy who has attained success without stumbling along the way? Probably not someone you would be interested in being or meeting for that matter.
So keep at it and don't feel discouraged the next time you make a mistake. It's supposed to happen that way. Stop being so hard on yourself. 🙂
If you fail and continue to push through and learn from your mistakes, you will come out much stronger on the other side. This is what growth and success is all about. We also live in a society where we are taught to expect that success should happen overnight. This is also a dangerous myth that does nothing but make people feel bad about themselves.
So don't be discouraged if you fail. Only be discouraged if you fail and stop trying. And in the end, I can promise, success is that much sweeter when you have stumbled along the way. After all, what kind of person is the guy who has attained success without stumbling along the way? Probably not someone you would be interested in being or meeting for that matter.
So keep at it and don't feel discouraged the next time you make a mistake. It's supposed to happen that way. Stop being so hard on yourself. 🙂
I agree with the thread starter, if any person gets an early success then he will not practice thoroughly on a demo account. I once met a trader who made good cash from very start but then he lost a lot because he had started with big account without having a proper training in demo account.
I totally agree with you. Succeeding at the beginning without really understanding how it happened is a vary dangerous game. It gives you the ability to feel like you are in control and that you have the upper hand and will always succeed. However this is not the case and it is a lesson everyone should take. It is not so much succeeding at the beginning but succeeding without understanding how you did it. If you fail you tend to look at the reasons why and try and correct them, so you learn. If you succeed then you dont really look into how this happened and you may feel like the next trade you make will have the same result but it can hurt you.
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