Why do so many people give up Forex Trading?

Podcast: Why do so many people give up Forex Trading? In This Video: 01:28 The Leading Cause of Forex Dropouts 02:46 Education is the Problem – not the Market 04:18 Where do you Get that Education? So why do so many people give up Forex trading? Let’s talk about that right now! Hi traders, it’s Andrew Mitchem here, the Forex Trading Coach and today is Friday the 29th of May and I want to talk to you about that really important topic and conversation because I want to help you avoid being in the 95% group! I want you to be in the 5% group that are making money who are enjoying their trading and doing really well. Forget the 95% - that’s where the majority are. But why are so many people in that 95% group? Why are so many people losing money? Why are so many people giving up? The Leading Cause of Forex Dropouts Well, to answer that question, we need to come back to the beginning. You see, with Forex, it’s such an easy market to get into, it’s all over the Internet; it’s just made out to be so easy to get into everything you need – even a demo account – an easy to open live account, even choose a broker from pretty much anywhere – they’re not all good but you know, you can choose a broker from wherever you like and you need an Internet connection! You can try trade from your phone, from your iPad, from your desktop – whatever it might be, it’s so easy. The barriers to entry are very, very low and everybody makes it out to be so easy itself because, you know, you just need this magic indicator, you need this robot, whatever it might be, or this signal service or something and it’s going to make you a fortune and solve all your problems. The problem is, in reality, it’s not quite like that – as so many people find out – and that’s why I think so many people give up. But the problem is, and it’s not like any other industry out there at all, why is it that so many people get into this business and this market of Forex trading, yet very few seek education? You know, I can’t think of anything else that you’d do that’s brand new to you, that you have very little knowledge or understanding of, but you don’t go out there and seek some form of knowledge and some understanding, talk to someone – some education you know. Education is the Problem – not the Market Why do people just throw money at a Forex account with no strategy? They don’t have any goals, they don’t have any understanding of the market; they don’t really know what they’re doing but they’re happy to throw money and because they’re happy to throw money at it, it’s no wonder that 95% of all traders are losing money and then consequently give up through losing interest or losing faith in the market. And then, the problem is people start blaming the broker, they start blaming the market; they think that the market is trading against them, you know, whatever it might be and this is as a result of people not investing in themselves – that is the biggest problem! So, I’m here to tell you that it does take time to be a good trader! You know, I‘ve been there myself, I’ve been right there from the absolute beginning – I just wish that when I started trading, I had someone good to go to, who I could follow along and gain a strategy from, to help me along and to shortcut those initial few years where I really wasn’t making any money! Doing a lot of research and going a lot of up and down on my account but I was making nothing really. So, look at education as an investment. If you really are serious about starting trading, look at spending some money first on education. You know, you can have a huge account but it means nothing if you don’t know how to trade it.