Forex Tanzania: Why Most Traders Are Still Losing Money Up to Date?

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Back in 2014/15 where digital currency trading started to gain popularity among the youth in Tanzania, most people thought this is it. The industry lured people with unrealistic views and expectations and somehow lots of people got scammed by service providers others scammed themselves because of lacking the right knowledge. The lesson here is NEVER PUT IN YOUR MONEY ON INVESTMENTS YOU DON’T UNDERSTAND. There is no way you can get rich overnight. Overnight success may actually take you 10-15 years and to many people, this is not the information they want to hear. Check out my other lesson on Financial Freedom and How to invest your money wisely.

The trading business is just like any other business, just because you can sit down on a computer and press BUY or SELL and make money then it should be your one-way ticket to financial freedom and success. Check out my other lesson on What Really Happens When you press BUY or Sell Button in (MT4/5) This is a skill that takes years of practice and through that, a trader develops an experience which is needed for success in this business. I have been trading for the past 4.7 years now and my trading has improved tremendously compared to my early times where I blew numerous accounts just to chase financial freedom which was not there.

I came to realize that I had a wrong approach and in order to get the success you have to be ready to eat dust and grind your way up. Most traders who approach me via social media platforms ask me questions that clearly shows they want success the next morning. “Bro how can I double my $100 account, Bro how can I get $1000 from $50 etc” I don’t get surprised because I know they are misinformed about the industry and this can be costly. It can drag your finances all the way down to the ground.

Why Traders Are Still Losing Money Upto Date

1. Lack of Purpose

To many people who find themselves in the trading business actually, don’t now know their purpose. They don’t know why they trading. When you ask them most will say they want to make money and this very wrong to be your primary goal. These people can’t afford to lose money while it’s okay to take a few losses but since your goal is to make money, Each loser inflicts anger in you and you keep fighting back which results into bigger losses. Check out my Podcast about revenge Trading

2. Capital

If many traders would save their trial money in the markets which blow each and every day and wait at least 2 years, no one would have capital issues. But the problem is most people deposit tiny amounts which seems to be normal but when you sum up, it’s an incredible amount. To me, I lost over $1200 and with other minor accounts, the value went up to $2100. Imagine if I would be saving all these, Capital would not be a problem for me. So instead of depositing a small amount which is 98% likely to blow I guarantee that, Just be patient and continue paper-trading for a year or two then come back with sufficient capital. Let me tell you, Just to sustain your lifestyle trading would require you a minimum of $2500 using risk management. Subscribe to my podcast this Friday episode 14 HOW TO MAKE YOUR FIRST $1000 CAPITAL

3. Not Continuously Learning and being Inquisitive.

Most traders are really lazy to learn new things and yet expect to be successful in trading. Once you find your edge in the market its time to uncover everything about it. Think of how you can make it better the next time. How to avoid mistakes and overtrading Check out my lesson on OVERTRADING and how to avoid it. When something unusual happens in the markets don’t go to sleep instead sit down and do some research. This way you will be better in your craft day after day. Most people talk because it’s easy but the real business is on the charts. 90% of traders lose money in the first 90 days. To be the remaining 10% work hard and you will earn your freedom. Trading success is not granted rather Earned.

Let’s DISCUSS IN TH COMMENT SECTION AND LET ME HEAR YOUR THOUGHTS ON THIS TOPIC AND WHAT SHOULD I ADD MORE IN UPCOMING LESSONS.

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Michael Ignas Chogo
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Michael Ignas Chogo

Well said brother, thank you.

Duosantos Maliva
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True