Forex Trader’s Worst Enemy

When a newbie trader enters the world of Forex trading he barely knows anything and often isn’t very successful. But after gaining some basic experience, reading some educational books on Forex and mastering some of the simple position management techniques a trader becomes confident in his skills. Unfortunately, such confidence can be premature as there are many enemies of success in Forex trading. Some traders don’t have enough understanding of the market, some have a poor discipline and others simply choose wrong Forex brokers. The first step in eliminating the obstacle on your road to success in Forex is identifying it. For example, I suffer a lot from my lack of patience — even when I test new strategies I tend to change them before I get some long-term results, or sometimes I would close the trades in small gain just because I don’t have a patience to wait for more profit. And how about you?

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If you have some interesting comments or questions about the enemies of the trader’s success in Forex, please, feel free to reply using the form below.