30

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

Filed in: Forex Articles Tags: , , , , , , , , , , ,

Share This Post

Related Posts

30 Responses to "7 Reasons Why You Should Quit Forex Trading"

  1. sonic producer free download full version crack says:

    It is paϲked full of all the fеatures thаt radio DJs and anyone
    who cгeates bacкground music for public places needs.
    Some of thе note-woгthy tracҟ samples іnclude The College Dropout,
    Throսgɦ the Wire and Jesus Walks. This style of music composition has
    cɦanting, rapping, break dancing and graffiti as its unique features.

  2. BF 4 Crack says:

    Great post! We are linking to this great content on our website.
    Keep up the great writing.

  3. vigrx plus accent tables contemporary says:

    Thanks for sharing your thoughts. I truly
    appreciate your efforts and I will be waiting for your next write ups thanks once again.

  4. Clash of Clans Hack says:

    This blog was… how do I say it? Relevant!! Finally I’ve found something
    that helped me. Thank you!

  5. Spencer says:

    Keep on working, great job!

  6. 2014 Silverado MPG says:

    I delight in, cause I discovered just what I used to be looking for.
    You have ended my 4 day long hunt! God Bless you man. Have a
    great day. Bye

  7. Cheap Stock Images says:

    I am truly delighted to read this blog posts which includes plenty of
    useful facts, thanks for providing these statistics.

  8. stairlifts says:

    Hi! I’ve been reading your website for a long time now and finally got the bravery to go ahead and give
    you a shout out from Huffman Tx! Just wanted to mention keep up the great job!

  9. Trade Options says:

    I was recommended this blog by my cousin. I’m not sure whether this
    post is written by him as no one else know such detailed
    about my trouble. You’re wonderful! Thanks!

  10. 2013 Cadillac Escalade says:

    I love reading through a post that will make men and women
    think. Also, thanks for allowing me to comment!

  11. 2013 Camaro ZL1 says:

    It is in reality a great and useful piece of information.

    I am happy that you shared this helpful information with us.
    Please stay us informed like this. Thank you for sharing.

  12. boost your bust review says:

    There’s definately a lot to learn about this issue.
    I really like all of the points you made.

  13. iOS 7 Jailbreak says:

    Hi there to all, because I am really eager of reading
    this website’s post to be updated daily. It consists of
    good data.

  14. spider extermination tips says:

    I’m impressed, I have to admit. Seldom do I come across a blog that’s equally educative and entertaining, and let me tell you, you’ve hit the
    nail on the head. The issue is something which not enough people are speaking intelligently about.
    Now i’m very happy I came across this in
    my search for something concerning this.

  15. web page says:

    This paragraph provides clear idea for the new users of blogging,
    that truly how to do blogging.

  16. pistolet a bille says:

    This is really interesting, You are a very professional blogger.
    I’ve joined your feed and stay up for searching for extra of your wonderful post.
    Additionally, I have shared your website in my social networks

  17. Boer Goats Book says:

    Wonderful items from you, man. I’ve understand your stuff prior to and you are just extremely excellent.
    I really like what you have acquired here, really like what you’re stating and the way through which you are saying
    it. You are making it enjoyable and you still take cre of to stay it sensible.
    Ican’t wait to learn much more from you. This is really a tremendous site.

  18. website says:

    When someone writes an paragraph he/she keeps the idea of a user in his/her mind that how a user can understand
    it. Therefore that’s why this article is great. Thanks!

  19. Antonietta says:

    For latest news you ave to viszit the web and on the web I found this
    web page as a most excellent site for newest updates.

  20. Mario says:

    I really like it when individuals come together and share
    views. Great site, keep it up!

  21. hostgator review says:

    Hey there! I could have sworn I’ve been to this blog before but after browsing through some of the post I realized it’s new to me.
    Anyways, I’m definitely happy I found it and I’ll be book-marking and checking back often!

  22. UNITED NATIONAL MOVING AND STORAGE REVIEW says:

    Hi, this weekend is fastidious designed for me, since this time i am reading this impressive
    educational article here at my residence.

  23. d1499 says:

    Thanks with regard to offering this sort of terrific post.

  24. Clemmie says:

    I’m not sure where you’re getting your information, but good topic.

    I needs to spend some time learning more or understanding more.
    Thanks for wonderful info I was looking for this information for my
    mission.

  25. weight loss says:

    It’s an amazing piece of writing designed for all the online viewers; they will take benefit from
    it I am sure.

  26. weight loss says:

    Hey There. I found your blog using msn. This is a really well written article.

    I’ll make sure to bookmark it and come back to read more of your
    useful info. Thanks for the post. I’ll certainly comeback.

  27. cheap auto insurance says:

    Thanks for sharing youг thoughts on forex trading.

    Rеgaгds

    Here is mmy web-site cheap auto insurance

  28. Rafael Domingo  says:

    great blog I am a huge Blackjack player from Holland

  29. Forex Auto Trader says:

    Thank you for the auspicious writeup. It in fact was a amusement account it.
    Look advanced to more added agreeable from you!
    By the way, how can we communicate?

Leave a Reply

Submit Comment

© Forex Trading Big. All rights reserved.
Website designed by Opidue Services.