Reasons Why Many Beginner Forex Traders Fail
There really is, Forex traders who are able to profit 600% in one position opening. But the amount is not much and we cannot make it a benchmark of success instantly.
In this forex trading business we know the name LEVERAGE and this term causes most forex traders to fail to run this business. Why? because they are not wise to use this leverage!
So, the cause of many forex traders failing to run this business is not because they do not understand how to trade forex well but because they are only small capital so their account is unable to withstand price fluctuations in the market and also because they do not know how how to use the right leverage .
To get around this, just ignore the LEVERAGE! And if there are so many forex brokers that offer small capital requirements, only $ 5, to be able to open an account, do not immediately open an account with such capital, but deposit with sufficient funds.
For our capital, we give a recommendation of $ 100,000 for the standard account type, $ 10,000 for the mini account type, and $ 1000 for the micro account type, that’s the minimum capital, right?
So if you have a capital of $ 60,000 then please open a mini account, if you have a capital of $ 8,000 then please open a micro account.
If you have a capital of $ 250 (please look for an additional $ 750) then please open a Demo account first and learn forex trading until it is able to record profits consistently. And please open a micro account if your capital has collected $ 1,000.
If you only have capital of $ 1 or $ 5, please find another job first 🙂
And if you have the goal of wanting to be able to meet the needs of life through this business or the cool term Trading For Living then you must really pay attention to this. Don’t not! or only loss that you will get along with regret.
Why are we saying this? because if there are forex traders with only $ 5 capital and want to be wealthy from this business then we are sure that they don’t understand the meaning and meaning of leverage and margin, let alone understand how to use it. This of course will only make them useless and surely their capital will just disappear.