Why do some traders fail when they start doing online trading?

Some traders fail when they start doing online trading. Why is it happening? How can they avoid it?When we say that some traders fail when they start doing online trading, we do not mean to lose money: everyone who trades can lose money, this is part of the rules of the game. The traders who fail are those who lose (very little, no matter), they are discouraged and stop trading. Why is it happening?

Not everyone was born to do online trading

Online trading can be a source of great earnings but you should not think about trading as a machine to make easy money. When you start, the online trading does not take a big capital (you can start with a capital of just 10 euros) but it takes courage and winning mindset.

Making online trading means doing market operations, many transactions. Some of these will close in loss, others with earnings. Even millionaires traders lose money on some operation.

Those consider any loss as a tragedy, they are not really fit to do online trading. Better for them to do something else.

The winning trader is not the one who knows complex strategies, after all the strategies you learn or you can copy automatically using a social trading broker. The winning trader is the one who is capable of dominating the emotions.

And unfortunately not all are capable of it. To avoid loss as a trader is important, then, do an analysis of your personality to figure out whether you are able to withstand trading stress or not.

The wrong trading platform

Needless to go around: The online trading platform that you use it really makes the difference. In many cases, you can lose money because of a wrong choice.

The most striking case is that of unauthorized platforms: choosing a platform like that means losing all your money, because in most cases they are real scams.

scam-tradingBeware of scams

The worst way to start doing online trading is to believe the promises of easy earnings. Systems such as 1k Daily Profit, safe and instant gains. In fact, they are systems that do not work and that, indeed, they make you lose all the invested capital.

Those who start doing online trading should never believe, for any reason, to that kind of promise. They are fake and deceptive promises, designed to drive the trust and money of the less experienced.

Online trading is not a way to make easy money: to earn it requires an authorized and regulated platform, it takes commitment and takes time to devote. Anyone say something different, probably, is trying to cheat.

Author: Editorial staff of 70 trades reviews blog


How To Choose The Best Forex Broker

Even though Forex broker scams are less common nowadays, they still exist. So, as always, it is better to be safe than sorry.

Before you actually choose a Forex broker, you need to take some steps that will ensure you that you are making business with a reputable company.

#1: Since you probably already have a list of the best Forex brokers (according to your search), the first thing you need to do is to find online reviews about them. However, not all reviews are the same. You will find reviews where the website owner is trying to get his affiliate commission when you open an account with that specific broker, there are others from people who made bad trading decisions and are now blaming the broker, and there are even reviews from brokers that appear under individual names.

#2: Your list is probably decreasing in size which is a good thing. So, now, you need to find out if any of the Forex brokers that are still on your list have any outstanding legal actions against them.

#3: Within your search, you will probably find many people complaining about numerous things. One of the red flags that you really need to spot is if any of these things include difficulty in withdrawing funds. If you find someone complaining about it, try to reach out the user and ask him about the entire situation.

#4: When it is time to finally open your account, make sure that you print all the contracts that you need to sign and read them carefully. Some of the things that you need to be particularly careful about is about bonuses for opening an account as well as withdraws. In case you take a monetary bonus that is added to your trading account when you open your account with the broker, make sure to know what happens if you lose part of that money and want to withdraw all your money from the account. Some companies will discount the bonus they offered in the first place and will only allow you to withdraw the one that was actually yours (minus the loss you had).

#5: If you finally found a forex broker that seems to be a good, you should open a mini account or a very small account with them first. Just trade a bit with it for about a month or so and then try to make a withdrawal. If everything works well, you can then deposit the amount you were first considering. In case they keep delaying the withdrawal, you know you are dealing with a dishonest broker. So, if this happens, just spread the word about them and their service. Tell others about your personal experience.