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MAIN REASONS WHY FOREIGN EXCHANGE TRADERS FAIL

$5.3 Trillion dollars is traded daily in the foreign exchange (FOREX) market. Many attempt foreign exchange but without properly tools they fail. Here are the main reasons why traders fail:

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Fear – fear of losing your money will paralyze you into either not trying or doing it wrong.

Greed – greed makes you jump into trades that are not appropriate for you at that time.

Hope – being hopeful and not working off your skill will set you back. Execute.

Excitement – too much excitement will distract you from analyzing and executing your trades properly. Emotions should not be a part of trading real money!

Unrealistic targets and goals – many traders fail to learn realistic targets and goals. Learn how to properly leverage your account – lot size according to your account balance.

Lack of Knowledge – not taking the proper time to learn the foreign exchange trading industry can set you back a lot of money and time. Learn-Learn-Learn

Not entering proper stop loss – traders should always protect their money! This means setting a stop loss. Why? Unless you are a scalper, you will not see when your trade is exceeding the limit you have mentally set to get out of the trade. Sooooo…… set stop losses. Learn more about what stop losses mean to save you a lot of headache and money later. Professional traders use it, why shouldn’t you?
Setting stop loss is a large part of leveraging your account.

Lack of Capital – traders attempt to fund their account with a very small amount of money which limits them to the amount they can trade. Most blow their account because they overleverage due to little capital.

Lack of discipline – traders should always have a Trading Plan. Decide how frequent you will trade per hour/day/week/month, etc.. Decide what time of day, where, meaning your home office in your pajamas, at the kitchen table or what? While there is always a history of your trades, traders should always journal their trade activities to review and analyze their good and bad habits. It will help you in the long haul.

Elation – Too much confidence and overexcitement can cause a trader to lose much money in their account. Traders should remain calm and focused with their trades.

High Risk aversion – traders have the need to stick with their banks rather than risk their money and ultimately achieve greater success.

Poor choice of broker – Brokers apply spreads when you first select your trading pairs. Some spreads are more than 30 pips which automatically put you in a negative when your trade starts. Pick your broker wisely!

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Network Marketing – Is it Worth It?

After retirement I looked for something I could do from home, on my time, and not sell, sponsor, or recruit. These were my stipulations to the network marketing world. You see, I found that network marketing is the quickest, best way to make money from anywhere in the world to anybody in the world. I tried potions, lotions, pills, and thrills and nothing worked. So I stopped. Did my research and found that unless a person learns how to MULTIPLY their money instead of adding to their bank account, they would be working for money the rest of their life.

My network marketing in the travel industry was very interesting. Not profitable, but rewarding in a personal way. I shared a lot of discount trips and flights to a lot of people. Did I make money? No. The requirements was too steep and I didn’t want to sell or convince people that it was the best for them. You see, everyone traveled, and was looking for the best discount they could get. They did not care about staying at a 5-star resort versus a hotel. They just wanted a vacation at a very discounted price and I understood that. So I stopped pushing travel on people.

While I knew there was something out there that fit me, I had yet to find it. I researched, or rather googled, everything. Kept notes, explored a lot. And a year ago I found my millionaire friend, Randy. Through educational videos and presentations Randy taught me what the banks were doing with my money. And through his mentorship I learned how to do the same thing.

This is one of many blog posts on network marketing. Please come back to see what I found. Okay, I’ll give you a hint – cryptocurrency! Yes, I found the foreign exchange market. Did you know that crypto currency is traded 24 hours a day, 7 days a way.

Stay tuned for Part 2. I promise you will see this very soon. I am too excited about it not to share. However, I like to keep my blog posts short, so sign up for our newsletter so you can be notified when Part 2 is ready.

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