Desire To Trade Podcast | Interviews with Highly Successful Traders23 Nov 2016

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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