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7 Reasons Why You Should Quit Forex Trading

George Soros broke the Bank of England on Black Wednesday back in ’92, and since then, we have all become starry eyed dreaming up all those ways we can sit at the computer for a few hours and rake in millions in profits.

We have read the reviews, heard the rags to riches stories, and even known real people close to us who just quit their lucrative day jobs to become even better off trading currencies on the FX market.

Unfortunately, living the forex dream is not for everyone. Some people are simply not cut out for forex success, probably due to their personal disposition, their attitude, their personal resources, and their scope of knowledge.

If you fall under any of those categories, you probably need to forget about making your fortune on the FX market.

Reasons Why You Should Quit Forex Trading

Here are some of the reasons you should quit forex trading.

1. Lack of Trade Discipline

Do you find yourself breaking your commitments often and reneging on promises?

If you keep promising your little son a bike and keep breaking the promise, then it may point to your lacking the commitment to follow up on your promises and put in enough efforts to achieve them.

You may break such promises due to other factors such as an unforeseen emergency in your family that made you use funds for the bike on something more important or urgent, and that is okay.

However, here I am talking about those who lack the commitment to put in the necessary work to achieve their goals and objectives in forex trading.

If you cannot follow your trading strategy, you will enter into many trades on impulse and this is very likely to have disastrous consequences on your forex account.

You need to be disciplined enough to do your research and perform your market analysis each time before you make any trade decisions. Otherwise, the only bank you will be breaking is your own bank account.

2. Emotional Instability

If your forex trades and your trade decisions are usually driven by either fear, greed, or other emotions, you are better suited to the thrilling roulette and black jack tables at your local casino rather than trading on the forex market. The foreign currency exchange market needs some serious calculations based on facts and devoid of emotions.

If any time you enter a trade you find yourself glued to your computer screen afraid to go to bed or even go to the bathroom, then forex trading is clearly not for you.

If you are always shifting your stop loss levels in ongoing trade setups hoping for a price reversal, withdraw the balance on your forex account right now and go invest in something else.

To be profitable while trading foreign currency online, you need to make your analysis, set your stop loss and take profit levels, and trust your analysis to bear fruit.

It is even advisable to simply switch off your screen after setting up your trade and go walk the dog or something and log on much later to record your profits or loss.

If you are making more losses than profits, adjust your trading strategy or revise your risk management strategy.

If you are on edge each time you have an open position, those profits will end up in a heart surgeon’s pockets due to the stress you put yourself through.

If that is your MO, please leave the forex market, relax, enjoy your life, and in extreme cases, see a therapist.

3. Lack of Trading Passion

When you wake up every morning, what is your first thought about your forex investment?

Are you filled with dread or do you feel energized and look forward to watching price movement on charts?

When you watch financial news, do you find yourself dozing off or do you find yourself mentally calculating the short term and long term effects of recent announcements by governments and big firms?

If in the two scenarios your reaction falls in the former category rather than the latter, get out fast from the forex market.

You need to have a passion for what you do. It is not only good for your finances, it is also good for your heart, your morale, and your total outlook on life.

If the prospect of doing a market analysis fills you with trepidation, stop it and get out.

4. Lack of Time to Follow the Market

Most strategies in the forex market do not require you to be always at your screen watching price movements and following FX news.

However, to be a successful trader, you need to have a grasp of what is happening in the forex market.

This knowledge will make your market analysis easier and faster and your trades easier to manage.

If on the other hand you usually have no idea how your currency pair is performing, it is time for you to close your account and bid your forex broker farewell.

5. Lack of Necessary Resources

What are the basic things that a forex trader needs for success? They include some funds to run the account, a device to access your account, an internet connection to manage your account online, a good broker and a reliable trade platform, and knowledge on how to profitably trade currency online.

If you do not have a computer and your hand held device cannot access a trading platform, get out of the forex market.

If you have no internet connection or whatever you have is either slow or unreliable, you will have too much slippage and lose huge amounts of investments in the forex market. If you lack any of these resources, get them first then start trading.

6. Poor Brokerage Services

Your broker is your key to unlocking the high profits hidden within the forex market. Unfortunately, there are some grossly ill-equipped brokers offering poor services.

If your broker is serving you with too many requotes that sabotage your trades, quit now. If your broker charges high commissions and high spreads, quit working with them or all your profits will disappear in charges.

If your broker in unresponsive to your queries or makes fund withdrawals impossible, quit while you can.

Unfortunately, there are fraudsters and scammers posing as genuine brokers and if you suspect your broker of dubious practices, quit from trading and report them to the authorities.

Click here to read a review of some of the best brokers in the market.

7. Lack of Business Acumen

This world has two types of people and it has been like that since before the invention of fire.

We have risk takers and those who avoid risks. Most retail forex traders today are people who invest their own money and manage their trades at home from their personal computers or hand held devices.

If you are not able to manage your investments without strict supervision from some boss, then you can do either one of two things.

You can safely save your money in a savings bank account and earn interest or you can search through the classifieds and apply for traditional employment and wait for regular wages and salaries.

Investing in the forex market or any other enterprise is simply not for you.

Summary

The forex market is a level playing field open to anyone and everyone. However, just because you can enter the market does not mean you will do well in it.

If any of the above factors apply to you, then you have a compelling reason to get out of the forex market.

Take care of your issues first then come and trade and you will find that you will be even more profitable than before.

Photo credit: Victoryocum1

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