Have you ever wondered why 95% of retail traders are losing money? In this modern world, learning something new is not that difficult. Being a new trader, you can easily learn the details of this business from a free resource. Just browse the internet and you will get tons of high-quality articles which will give you a precise guideline to trade the Forex market. Even after having all these elements, people still find it hard to make money consistently. Some novice traders in Singapore often blame the market. But the market has nothing to do with your losing trades. Those who are smart are leading their dream lives just by trading currency pairs.

Let’s discuss some of the key reasons why the majority of the traders are losing money.

Lack of knowledge

Knowledge is the most essential thing you need to consider when it comes to success. No matter which profession you chose, you must educate yourself properly to do become better at your desired profession. When it comes to Forex trading profession, the rookie traders don’t really spend enough time educating themselves. In fact, they start to trade the market just after learning technical analysis. But what about the fundamental factors of the market? Fundamental factors are often considered to be the most powerful price driving catalyst. In order to ride the market trend, you must learn the proper way to assess the fundamental data.

Trading with the low-end broker

Very few traders actually understand why the pro traders prefer to trade with the best online trading account. If you ever trade with brokers like Saxo, we can guarantee, you will never trade with a low-end broker. Though the associated trading cost and initial investment at a low-end broker are very low, the quality of the service offered is horrible. In fact, you might not have access to a real-time price feed. Some of you might think this is not a big problem but those who scalp the market with a big lot is most likely to lose a huge sum of money. Unless you ensure a premium trading environment, you will have a tough time developing yourself as a professional trader.

Find your weakness

You need to find your weakness to become a better trader. The new traders often suffer from ego problem and they never admit they are losing money. They keep funding their trading account and making their financial condition much worse. But smart investors try to find the weakness in them and solve this issue with top-level priority. Analyze your trading result and try to find the faults. If there is a fault in your trading strategy, switch back to the demo account and try to create a balanced trading strategy. If the faults are related to psychological factors, take a small break and train your mind. Unless you learn to fix the existing issues, you will not be able to become a successful trader. You need to act smart to become better at trading.

Stop following other traders

A big portion of the rookie traders is biased with the signal service provider. In fact, some of the retail traders often buy expensive trading strategy. If this was a valid process of trading, no one would have sold their strategy. However, there are some experienced professionals who truly offer a quality service to retail traders. Finding such a person is really hard in the investment industry. So, it’s always better to learn the manual art of trading. If necessary, go for a paid trading course and see how the professional traders analyze the market data. Practice hard in the demo account and try to come up with a solid trading strategy. But never rely on other people’s opinion as it will ruin your trading career.