Early success in forex is worse than early failure

Discussion in 'General Forex Discussion' started by Rambo35, Sep 8, 2014.

  1. MillerTrade

    MillerTrade Trader

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    For sure is better to have a steady income is everyone's dream I believe.
     
  2. Jason Watson

    Jason Watson Trader

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    I have seen according to my trading experience that by and large traders in particularly the newcomers try to achieve success from this market place without learning. As a result, almost 90% traders are loser due to lack of exact trading knowledge. Actually, for acquiring success very rapidly first of all have to achieve most powerful analyzing trade knowledge by learning. and, we also have to a reliable support from a regulated trading broker which always make sure best trading environment for acquiring proper trading knowledge by providing exclusive educational facilities.
     
  3. myfxpt

    myfxpt Master Trader

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    Likewise, up to 90% of new businesses fail within the first 5-years for similar reasons!
     
  4. radex78

    radex78 Active Trader

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    Early success in trading if for newbie, still possible it only as lucky in trades, often I am hear if they become over confident after making frst profit easily then add capital to making better profit, but what happen is trader get failure and loss all money
     
  5. myfxpt

    myfxpt Master Trader

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    That's right! You cannot measure success based on early success, because there is not sufficient trade data to measure. If all you've had to date is winning trades, that's good, but you still don't know what a losing trade looks like...and trust me, the inevitable losing trades will come sooner or later. If early success results in over-confidence, more capital, and bigger lot sizes, when a losing trade does come along it has the potential to take you out quickly.
     
  6. radex78

    radex78 Active Trader

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    Of course having steady income is better, while forex not offer steady income, because result in trading always vary, today mght we can easily making profit but not sure for tomorrow, but forex still very promising business
     
  7. Mark Fahad

    Mark Fahad Trader

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    By and large traders in particularly the newcomers try to make money very rapidly from this volatile trading place without learning. Practically they fall a great loss when trading. Actually, before earning money we the traders first of all have to acquire most powerful analyzing trade knowledge by passing a long time.
     
  8. Brads

    Brads Active Trader

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    I don't think so, Failure is the key to become a successful trader. With the each and every failure we earn a more valuable think and that is Experience.
     
  9. myfxpt

    myfxpt Master Trader

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    That's right! Learning what not to do is just as important as learning what to do!
     
  10. Andrew101

    Andrew101 Active Trader

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    I agree completely, Early success in forex is worse than early failure. It is impossible to live or do anything in this world without failing at something. Every successful trader knows that early failure is the key to success, and each mistake made earlier while trading teaches us a valuable lesson that must be applied in a subsequent trade. Once a trader knows that failure is inevitable, then he will definitely achieve success.
     
  11. nikita sharma

    nikita sharma Trader

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    early success lead you to over excitement an over confidence and thats what you need to avoid if you want to eb a successful trader. better to succeed slowly by gaining significant experience and knowledge and it ll be help you always to succeed.
     
  12. wisetrada

    wisetrada Active Trader

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    Well for forex, early success is good to give you the encouragement to keep trading. But early success in the forex does not mean you have learned all there is.
     
  13. jameswilliam

    jameswilliam Trader

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    It can be the one fact that early success can help you keep going further in trading. But there are likely chances that it can lead to over confidence. Sometimes trader do start feeling that they have learnt all that is required, but actually it is not so. Forex trading is an ever learning process. Also some losses are necessary as they encourage one for working hard and keeping the confidence in balance.
     
  14. The most important thing that a trader who is successful from the start shouldn't conceited, and kept studying. And the trader who receives a bitter experience early in his career, shouldn't lose heart. Although usually, beginners luck :)
     
  15. darren greg

    darren greg Trader

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    When you began gaining success in Forex, you win one trade after another. It boosts your confidence. But after some point you feel be over confident about your trading and always expect to win.

    This might create a trouble for you. You may start trading recklessly, neglecting the trading plan and not paying attention to details which will end up crashing all the gains. So it is better to have limited but CONSISTENT gains or even a few losses in forex to keep you realistic.
     
  16. Alexfx79

    Alexfx79 Active Trader

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    In this case the strategy may help.
    The plan is created to stop a trader if it's necessary. If one continues to trade if he is on the winning wave, it's not the common sense, but greed controls him.
    So, can such confidence be true if it's driven by greed?
     
  17. ashouq

    ashouq Active Trader

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    Greed and other emotions only distract us from trading and it also leads to losses so better to set these emotions aside while trading forex.
     
  18. darren greg

    darren greg Trader

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    Agree with you mate! One needs to follow a good trading strategy and take calculated risks. Confidence backed by greed can take you nowhere but to the roads to ruin your trading career.
     
  19. buzzfxbroker

    buzzfxbroker Trader

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    Early success without little knowledge can be seen as a fluke. It's only if the trader doesn't notice this then it can become very risky later on.
     
  20. ema watts

    ema watts Trader

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    Early success for a newbie trader may be a lucky break if he really doesn’t know what he is doing. I advise to go slow initially and focus more on gaining knowledge and adopting a strategic approach in your trading than focusing on making fast bucks.
     

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