Topic: Why people mostly fail in trading - page 10. (Read 1542 times)

Nobody goes into trading without having the good knowledge of what it takes to trade and it's not just what you can start a day or develop it in just a week after which then go funds their trading account to start trading even though account is funded at least they need to start with little amount to test their overall performance to know if they can be able to handle such trade.
Sometimes most people encourage beginners to use Demo to start perfecting their skills, but to me it seems that Demo makes us very lazy because the action of real account is not the same as Demo account because it looks more easier to handle Demo than live account.

I think one of the most unspoken yet biggest reasons why people quit trading even if they have a high chance of succeeding later down the line is because of the fear of failure. There are a lot of traders here for instance who have taken long breaks and hiatuses all because they got traumatized by a massive loss they took in one of their trading sessions.

It's not about thinking that you're going to get rich quickly, I think anyone who had a basic understanding of trading knows that you have to put in an equal amount of effort and dedication to trading if you want to really profit. It's all about risk management and not expecting massive losses to come their way. I've been like that in the past. I lost almost all of my crypto holdings in one go and I went crazy to the point of not just quitting crypto altogether but quitting life itself. Looking back there are of course ways and opportunities that are looking at me in the face I couldn't see because I was so busy moping and sulking, and yet I don't fault myself for it, and nor do I fault people who quit trading cause they got scared.

It's a normal response, it's not like money grows on trees anyway. However, it's a massive step towards success if you are able to get past this and still trade despite the fear. If this is you, I congratulate.

Trading skills are really needed, not just charts, there is a lot to learn, and I really agree that the biggest mistake beginners make is
"by trading we will get rich quickly", this is the initial thought of beginners so they are interested in trading without any knowledge, even professional traders will still suffer losses but they can reverse positions slowly

These mistakes often occur in people who are still beginners in trade. It could be because they have not been trading for a long time so the mistake of thinking that trading is a surefire way to become rich or a quick scheme of rich.

Do not have more knowledge because it does not attend training can still be done in other ways as long as he is willing to spend hours to read trading material on the internet and watch YouTube videos every day if choosing to follow the right training requires a large fee.

After reading and hearing the explanation through the video, willing to practice it in a small amount and ready to lose. This can be a solution to control trade if done consistently for beginners. If traders who have been trading for a long time, the mind about trade is a quick scheme in my opinion no longer applies. If there is, it is not worthy of being called a professional trader but still as a beginner.

If you are really determined to be a professional trader someday, you would definitely prepare for that, not just physically and emotionally, but more likely financially as it’s a lot expensive if you hire a professional trader that is certainly knowledgeable and skillful on his craft.

While real professional traders demand for high professional fees, you can find it free in social media if you indulge yourself with these self-proclaimed successful traders. Probably that’s the reason why a lot would settle getting some tips from these kind of people, not realizing that even if they save their funds from not getting real professional traders, their bank account will also be compromised if they entrust their money with these too good to be true traders from the social media.

This vicious cycle can be broken or prevented by dummy trading and it one thing that budding traders should attempt before moving to their real game. Trading is not for everyone and identifying this necessary to prevent huge losses in the future. Gaining the knowledge and preparing the proper mindset to be able to gamble without a tick needs practice and calmness that is often inherent or acquired.

Beginners are called so because they lack experience, gaining it is through practice and observation. Dummy trading is a good way to start that and to practice keeping patience.

The main mistake of a beginner is that he starts trading without having sufficient knowledge for this. But even without sufficient experience, this knowledge is also useless. Thus, a vicious circle is formed when knowledge and experience are needed for successful trading, but at the same time a beginner always lacks experience.

Sometimes it don't necessary have to do with knowledge when people trade and fail, even with the knowledge people still fail, there's no such name as an expert when dealing with trading or market predictions. The resources matters too and without the resources no one can trade, to acquire the knowledge you mentioned you need money to learn about trading. I think we should combine patience, resources, knowledge when talking about trading.
There's nothing bad watching an online video tutorial about trading cause sometimes I watch some random videos too but the mistake people make when watching these videos they feel they've acquire the knowledge and they're good to go, very funny. Those videos and influencers can't give 100% guarantee about trading knowledge.

Absolutely, emotions like greed and overconfidence can indeed be significant obstacles in trading. Implementing risk management strategies is key to keeping emotions in check. Taking partial profits, setting stop losses, and being flexible with profit targets are all smart practices. Having a plan and sticking to it within set parameters is crucial. It helps maintain discipline and reduces emotional decision-making. For more on developing and adhering to a solid trading plan, I recommend checking out thsi blog on Crypto Trading Strategies (https://r100k.com/blog/crypto-trading-strategies-2024). This article provides valuable insights into creating a structured approach to trading that can help manage emotions and enhance decision-making.

Actually, trading is a passive way to earn without much stress, but it demands concentration and vast knowledge and understanding of both technical and fundamental analysis. It is because many people do not have the patience to learn and understand the process of trading before diving in, that is why losses are inevitable. In the other hand, people might posses the knowledge of trading but in the other hand, they might have the emotional and financial control to succeed in the trading market.

I love what you said. There are alot of gambling in the market in the name of trading. Any trader who does not know the chart, the technical and fundamental analysis, and yet the trader is in the market trading, it is nice to say that the person is gambling. It is because of many gamblers that makes the trading market to be more risky than it is.

Laziness is one of the key reasons why people keep failing at trading, because when you really stop to think about it, any flaw that a trader may have can be improved upon as long as they are willing to work hard towards that objective.

But if a person is too lazy and too set on their ways to change, it is safe to conclude that they will never improve their trading skills, and sooner or later they will fail to reach their goal to become a profitable trader, as they are unwilling to make any effort to learn.

Knowledge and experience are two complex things that can determine the success of a trader. the most important thing is knowledge, in theory we have to master it, and the second is practice, where it is not as easy as in theory to put a transaction into practice, because there will be many obstacles faced, and of course from that experience we will develop things that can lead us to become pro traders

Indiscipline; actually trading needs a discipline mind to succeed, a lot are gambling in the market in the name of trading, once you don't discipline yourself and follow rules, definitively trading will discipline you, aside this there are couple other things that contributes to why plenty of people lose money in the market, things such as impatient, greediness and approaching the market without a strategy, many traders don't have trading plans of how they will go into the market, that's entry and exiting strategy.

This is the first mistake most of the newbies entering the crypto space are making. They just think that if they can start trading, then they will be able to make a good profit instantly, maybe they will be able to double their money within a few days, but some people do follow what some signal providers post on their social media's. When you see those signal providers make advertisements, you will think you will never lose money when trading, and within a few days you will be rich. They will make you think trading is so easy, and if you use their signals, you will never lose.

Some traders do fail because they don’t even care to take their time to learn about trading. They think trading is so easy, and you can easily jump into trading and start making money, but let’s be honest, trading is kind of difficult, and you have to be dedicated if you want to learn and make money from trading.
 
Some beginners are deceived by the videos they see on YouTube, they believe trading is just like that, and they don’t know most of the videos posted on YouTube are posted for their own selfish interests. That’s why most of the videos you will see on YouTube talk only about when they are making profits, and you will never see them post when they are losing, only a few of them are doing that. People who post on YouTube are just looking for money.

That's true.

Having to watch some YouTube influencers that they've shown them their winning trades and thought that if it happened to them, they can manage to win as well those trades.

Little did they know that those trades they've made were conducted in futures and as they thought it is an easy thing. They're wrong on that assumption and instead that they've made profit, they've just gained losses.

I’d always go into lack of knowledge and education. People resort into trading thinking that’s it’s a quick way to earn a living without putting extra efforts and time, and end up losing all their funds. That’s why once you decide to trade or invest, it’s crucial to establish first even basic knowledge, because if you’re knowledgeable you will know how to instill discipline and control on your emotions, and you will know that trading without sufficient budget will always lead to possible losses. While trading requires sufficient amount of capital, but it’s also important to only trade on the amount that you can afford to lose.

We need to have enough knowledge about trading. If we don't have enough knowledge about trading then we can't move forward. Before trading we must control our emotions by checking the market and then we move forward. Trading Many times we make decisions based on emotions. If we train with emotion then we will face most of the losses so we must always control our emotions. We must face the volatility of our market while trading. We must be patient and control emotions and trade.

Yes indeed,  there are many factors that affects each traders who are trying to be successful in this venue of business,  like those mentioned examples that you provide, each of them have a weight from your decision making,  having that right balance and continously doing progress can help you  to create  good strategy and follow better process to execute your own created system.  Knowing the fundamentals and having a good grasp of what are the possibilities can help you to keep improving your trading capabilities.

It's on your own desire to succeed and how you'll going to try finding the right sets of information to keep moving forward,  those who failed to understand how the market works and what are those factors who affects the movements will continually failed with their trading participation.

Self-learning is a thing, and people need to understand this. You can't expect other people to spoon-feed you every single thing, they might give you a general idea about that thing, and the rest is your responsibility. Do research, read material, watch videos, and do every other thing required to gain the knowledge necessary for the craft, so that you get completely ready before you get into it.

As I said above, one shouldn't wait for someone else to train them and then they will make a move, the world of the internet is full of knowledge, it's up to you whether you want to get knowledge or not. It's not difficult to learn something if you have an interest in it, no matter what it is.

People needs mentorship for them to excel in trading what they mostly do nowadays instead of them getting to attached themselves with people who knows what the real deal is with trading they will go search some random youtube influencers who don't go into details with their trading guide, even those who claimed to have been an expert in trading also lose money but they won't come to air how much they have lost rather will be post little tips on youtube to build their youtube followers by the time they noticed they've gain lots of followers they began to make money through their youtube channel and totally forget about trading.