| There are different human weaknesses that are | | | | There is no place for negligence in Forex. A little |
| obstacles to become a profitable Forex currency | | | | negligence can cause big losses. Account's money |
| trader. To avoid these weaknesses first we must | | | | sometimes gets lost because of tiny negligence. |
| know them. | | | | 6. Tiredness |
| The main human weaknesses are: | | | | It can be very tiring sitting in front of a computer and |
| 1. Fear | | | | following trades. When we get tired it is easy to make |
| By using leverage we can make a lot of money in | | | | mistakes and to lose a trade. |
| Forex, but we can also lose a lot of money. The | | | | 7. No Discipline |
| situation in the currency market can change very | | | | Without discipline there is no way to be a good and |
| quickly. Almost everyone is afraid to lose money. The | | | | successful currency trader. A disciplined trader will stop |
| fear of losing money sometimes paralyzes | | | | losing trades or takes profit when it is the best time. |
| inexperienced traders who miss good trades because | | | | Undisciplined trader will allow his emotions to take over |
| of the fear. | | | | and will continue trading hoping for the losing trade to |
| 2. Low Confidence | | | | turn into the profitable one. Or while winning, he or she |
| A little similar but different from fear is low confidence. | | | | won't take profit at the right time being greedy and |
| Sometimes some traders start making good profits, | | | | wanting to take more profit. It is possible to control our |
| but then, because of low or lack of confidence they | | | | weaknesses by being disciplined, but without discipline |
| are afraid to lose what they have gained. So they | | | | there's no way to be successful. |
| take only a little profit and run, wasting opportunities to | | | | There are of course more human weaknesses that |
| make a really good profit. | | | | are obstacles to becoming a successful trader, but |
| 3. Hesitation | | | | these mentioned above are the main ones. The way |
| When we hesitate we can't decide to enter a trade or | | | | to defeat these weaknesses is by following a plan and |
| not to enter. We are thinking and hesitating, while in the | | | | by being disciplined. |
| meantime missing best chances. | | | | Another way to avoid problems with human |
| 4. Greed | | | | weaknesses is to use automated Forex robots. In |
| We want more and more. When we should take 1% | | | | chess robots often beat humans; similarly good Forex |
| profit we want at least 2%. When we have 5% profit | | | | trading robots can be very good at currency trading. |
| we want 7%. But Forex market is very volatile and the | | | | Like always in Forex we should never start using |
| situation can change quickly. Because of greed the | | | | robots in real trades without testing them first trading |
| profitable trade can change into losing trade. | | | | on demo. |
| 5. Negligence | | | | |