You might be quite asking did I really mean reasons to consider quitting Forex trading or something else? Yeah, I did mean to quit forex trading. It doesn’t encourage trading when you are not making anything from Forex trading
Instead, it is better to do away with it, if you don’t follow the strategies of Forex trading. Below are the reasons to quit it.
If you don’t have the discipline
- Do you fulfill your commitments? If not then just quit forex trading.
- Whether it is small or big, in your day to day life?
- Not able to fulfill one or two commitments is a common occurrence.
- But, forex trading is not for the habitual breaker of promises.
- Because it depends on how strictly you are following your strategy.
- As the market always tempts, you should not go by impulses.
2. You lack emotional stability
- Do you allow emotions to get in the way of your decisions?
- Emotions like fear, greed, anger, sadness, and depression
- In forex trading, emotions have no positive roles to play.
- It’s a business of speculation based on real calculations.
- Emotions would lead you to leave your analysis at the back shelf.
- Changing take profit, stop loss, and withdrawing balance would happen.
- Then, making a series of losses will offset your day to day life.
- So, forex trading is not suitable for emotional people.
3. Lack of passion
- Do you start your day enthusiastically?
- Are you always looking for price movements?
- Do you participate in forex forums eagerly?
- Every morning should bring you new positive energy.
- You should feel happy for you as a growing trader.
- If you find the routines as grinding job forex is not for you.
4. Lack of time
- You need enough time for your trading.
- even if you are a part time trader.
- You should have time to know the happenings in the market.
- Then only you can form and follow the right strategies.
- Engaging in other jobs and not finding time for forex is not good.
- Then, it will be better to quit trading altogether.
5. Insufficient capital
- You should have enough capital for forex trading.
- Brokers open accounts even for a small capital but this is not enough some even give a $30 deposit bonus.
- But trading with a small fund is not advisable.
- It will end as a non-productive laborious task.
- At the same time, allocating all your resources is not a good idea.
- So, have the right amount of capital to go seamlessly.
- Otherwise, concentrate on the job in your hand.
The Forex market is open for all. But, you should have the right attitude to enter into it. Just trying it won’t do any good for you. If you fit into any of the above, Forex trading is not for you.
Vincent Nyagaka is a Professional Trader, Analyst &. He has been actively engaged in market analysis for the past 7 years. He has a monthly readership of 100,000+ traders and has taught over 1,000 students since 2014. Vincent is also an experienced instructor and public speaker. Checkout Vincent’s Professional Trading Course here.