7 Major Reasons Forex And Crypto Traders Blow Their Accounts

7 Major Reasons Forex and Crypto Begining Traders Blow Their Accounts

Why beginner traders blow their trading accounts.

This is the biggest challenge faced by traders and most especially new beginning traders. It will be a long read but it will be worth your time.

You can’t be a profitable trader when you keep blowing your account and here are few reasons why beginner traders lose accounts.

1. Lack of adequate knowledge:

A lot of people jump into trading for the sole aim of making money and as such miss the key points of what trading entails such as the analysis, risk/reward, psychology of trading etc.

2. Trading pressure:

It’s common that a lot of traders flaunt their trading skills online.

This cannot be controlled as most of these skilled traders use this method to acquire new students who will be under their mentorship.

Placing yourself into undue competition with them and trying to replicate what they do is the fastest way to kill your account.

There is a saying that goes “the house that pounds noisly thinks the silent house don’t eat”.

You don’t have to show off to become profitable and you shouldn’t allow such pressure get to you.

3. Psychological imbalance:

Everything about trading revolves around profit and loss, getting used to winning some and losing some is the only way to become a balanced trader.

Winning and losing is inevitable in trading.

4. Financial pressure:

The goal of every business owner is to make profit and solve their problems.

While this is true it is pertinent to know that it isn’t the same for traders.

Trading should be a long term process, it’s not something you flip to solve basic needs.

It can only serve this purpose in the long run.

5. Ignoring stop loss:

Stop loss gives protection to your equity.

Unfortunately traders avoid it because they feel stop loss can hinder their profit should a trade reverse.

We have seen trades hit SL before going towards your direction while this can hurt, it is also good to note that, there will be other setups, better to incur little loss than risk your entire account.

6. Lack of a proper exit plan:

Holding a losing trade with the hope of it reversing is a bad trading strategy, learn to give up on a losing trade, and look out for what is to come.

7. Lack of confidence:

Never allow other people’s voice drown out your own voice.

Learn to trust your knowledge.

There is no wrong or right in the market until the market says so.

What you see might be different from what someone else sees and it doesn’t make either of you right or wrong until it plays out in the market.

Changing your views and focusing on someone else’s analysis can be a fast way to kill your account.

Investments are a necessity , making them early is important.

But what’s better is having a company that guarantees minimum risk of losing.

And then you have this platform that helps beginners

XM Capital

For forex or crypto trading at

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I hope you were able to learn something from this and equally know where it affects you and then you make changes to your way of trading.

It’s about time we revolutionize trading in a professional civilized manner where we only talk charts and not lifestyle showbiz.

Risk management measures volatility and the likelihood of negative outcomes to a trade.

However, a successful trader should never run away from risk.

Bitcoin now has the support of presidential candidates, regulators, legislators, money managers, bankers, investors, and the general public.

The future will bring a parade of positives for those intent on proliferating bitcoin as an investment.
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If I was to begin forex trading today, this is one of the things I would do to avoid wasting time.

I would only focus on one pair and get married to it.

Backtest and create a strategy around that pair.

Avoid multiple pair trading if you are a beginner in forex.

You will never see the fastest long distance marathoner Eliud Kipchoge competing for the swimming championships medal or Lewis Hamilton competing in chess.

Focus. Concentrate.

Specialization is key.

Focusing on one currency is always good for beginners in forex.

They learn how euro/usd (mostly this is advisable) behaves under different circumstances.

It’s less volatile and easier to learn for technical purposes.

https://one.exness-track.com/a/c_7hfrg0krwc

The only profitable trading strategy is to know the direction/trend of the market and to avoid trading against the trend

Most importantly patience is the key, don’t chase a trend wait for pullbacks and place trades at the end of a pullback.

Old and mature traders follow international news eg. Fox news to keep up with the current world events and can trade anything as long as an opportunity showes up.

There is a difference between “Trading every day” and “Showing up every day”.

Not every day is a trading day.

But you still have to show up and look for your setups.

Show up – day in, day out.

And when you can’t, it’s advisable to get a good AI software that can do the trades for you.

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Also, when you have made a little money from the markets, keep some aside offline in a safe secure place, for further investing in the future.

Check this out:

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So these are the 7 major reasons Beginners in Crypto and Forex Trading blow their accounts…. with a little bit more advice, to help you along.