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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The holy grail of trading is consistency. Become consistent and doors will open to you. Share on XWhat is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group!
Resources Mentioned
- 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
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