Why you may never become a profitable trader - forex trading demo accounts

Why you may never become a profitable trader ~ forex trading demo accounts

Finding a boggey man to pin the blame on is probably the safest avenue for escapists all over the world who live in the illusion of perfection. Most people rarely find themselves at fault and never believe that they could be wrong. That false sense of infallibility is what most forex beginners bring to the markets. And the consequence is often dire.

Trading the markets as I have come to know it requires making decisions in an instant. And every decision is important because it rides along with a repercussion- either profit or loss. Most traders find themselves with the latter repercussion.

The first phase of trading for anyone is characterized by loses and it is at this point that new traders blame everything and anything- including the weather, for their losing streak.

Whereas forex beginners will always take credit for any profitable trade ( even if it was a result of guesswork and luck), they will always have dozens of excuses that they provide whenever a trade goes wrong or after failing to obtain their set target (which is rarely ideal). The market is not a place that you come to lock your brain or to dance to the tune of greed. Unfortunately, that’s what most forex beginners end up doing. And when things fail to work the way they planned it, they end up heaping blame on some other body or person.

One of the beginner’s victims is the forex instructor or the person that introduced them to trading. For any trade that goes wrong, they begin to question the part of the ‘holy grail’ that the tutor did not reveal to them. They behave like you owe them even if you taught them everything for free. They expect the forex instructor to share in their pain of losing- which is normally as a result of taking dozens of trades in a single day.

Forex beginners do not understand that money management is part of trading. Once given or taught a trading strategy like for instance VSA, they expect money to begin flowing by the next trade. When this is not the case, they will ask for free signals from the person that taught them. Afterall you introduced them to this ‘burden’ and you must therefore help them carry the York.

The truth is that no one has your interest at heart. We are striving to perfect our own lives. If you lie to yourself that the signal provider or forex instructor or broker will always be there when you need them then you are in for a rough ride. Be that as it may, it will not hurt to try and appreciate those that taught you how to fish- even if you still only manage to catch the small fish. But don’t go hunting for the shark with a small hook. You probably need a trawler. My point is that do not dream of a million in a week if your account is not well funded. Set your goals right- that way you will stop the bad habit of apportioning blame to others except yourself.

 Bottomline: even if you apportion blame all over, try and face the facts. There must be something you are doing wrong. For instance are you facing the markets with an attitude of a sprinter? You need to change and adopt the marathoner’s tactic. Think not of the day’s outcome but the outcome at the close of the week or month.
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This article is follow up to ‘is time ripe for a forex broker’s anti defamation league?’ which we published a year ago today.

 Read: How price action traders can benefit from VSA Indicator  
            The complementary nature of great trading systems
            Why you should also be trading binary options 

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