Q&A: 2 Reasons Why Traders Blow Up Their Accounts & The Power Of Consistency
2 Reasons Why Traders Blow Up Their Accounts & The Power Of Consistency
Every Friday, I host a live Forex Trading Q&A on Facebook.
In this Q&A #5, I discussed reasons why traders blow up their accounts. This topic came up after I had multiple people reaching out to me, as they felt discouraged saying they blew up their trading accounts.
In the end, there are only 2 reasons this can happen:
- You risk too much on any given trade (money management).
- You have no tested plan.
As much as aspiring traders want a quick & easy solution, there's no need to complicate things here.
Create a plan, test it, and ensure you have a way to stay in the trading game (hint: not risking too much money on any trade).
A good way to put down your trading plan is with my One-Page Trading Plan Template (you can download it for free!).
The second topic covered in this Q&A is consistency.
Simply put, most struggling traders aren't consistent and focus solely on making money.
However, once you become consistent in trading, doors open to you. As a matter of fact, I was able to trade for investors and other people because I had that consistency
In This Episode, You'll Learn…
- 2 Main Reasons Why Traders Blow Up Their Trading Accounts
- How To Create Your Trading Plan In A Very Short Period
- The Money Management Guidelines I Follow
- How To Exponentially Grow Your Consistency In Trading
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What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group!
- Interview with George Papazov
- Interview with Alwin Ng
- Interview with Ryan Herron
- How To Avoid Blowing Up Your Trading Account
- Guide To The Ultimate Trading Plan
- Download the 1-Page Trading Plan
- Online Forex Trading Summit on Nov. 23rd
DesireToTRADE’s Top Resources
- DesireToTRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist
- One-Page Trading Plan (free template)
- DesireToTRADE Academy