100 % of the people start out in forex for one reason only: to make a shitload of money as a get rich quick scheme and make money from day 1. 90 - 95 % of the people fail in forex for the following reasons: 1. no clue of what their getting into 2. no system 3. no plan 4. no patience 5. no focus 6. no discipline 7. dont treat it like a business, but more as a game/hobby/entertainment 8. dont act / work as a professional 9. no administration 10. looking for shortcuts and not putting in the effort the 5 - 10 % of the people who succeed in the end, realize that forex is not get rich quick, you need to work it study, test, train, etc etc. You think that somebody who wants to play professional basketball can join the NBA from day 1?? how much training with blood, sweat and tears, has gone into the training before even reaching that NBA level?? And how many of those young guys never make it into the NBA ??? You can change the basketball player, into doctor, lawyer, tennisplayer, golfer, forextrader .... anything... and how much training, studying these highly paid professionals do on a daily basis ??? 1. no clue what their getting into... everybody should at least have read the school over at babypips.com ONCE, twice would be better.. 2. no system they jump from system to system, make the first changes after two three trades, to "improve" the system without testing it in depth... when you test a system... any system for that matter you must test it as is presented to you, see if STEP I. you can get consistent with minimal lotsize and if that is the case STEP II. double your demo account twice That is important, because during the time your doubling your demo account you will encounter all kind of market changes, that will show you if the system can stand the test of time.. IT WILL ONLY WORK IF THE SYSTEM YOUR TESTING FITS YOUR PERSONALITY !!! Sometimes a system works perfectly for others, but not for you, there is nothing lost.. there are plenty systems that can make money... and there is one that fits your personality as well 3. no plan this includes: goalsetting plan, trading plan, business plan with regards to the goalsetting, the first thing they say I want to make a lot of money.... and then go for it.. WRONG !! These are the 6 questions you need to answer for ALL of your goals (not only forex) !! 1. Precisely (meaning precisely) what do I want (the end in mind / ideal result) ? 2. By what date ? 3. How did others get there (dont invent the wheel) ? 4. What five smaller pieces can I break this into ? 5. Who can I ask for help ? 6. What is the first measurable step I must take in the next 24 hours ? Now what to do: A. Take massive action B. See what is working and what not C. Adapt until you see its working D. Find mentors With regards to the trading plan I have attached something everybody should use. for a businessplan template there are plenty out there so do a quick google search 4. no patience I have said it before: A $1K account making 1 %/ day and compounding makes you a millionair in 3 years !! So what is so F@#king hard to understand ?? Where were you 3 years ago??? and where will you be in 3 years time if you continue like this?? 5. no focus make an excel sheet, set it up as your trading journal/log, where you log everything and add an extra sheet where you have a $1K account compounding to a million and update the file at the end of every trading day = to keep your eyes on the goal.. 6. no discipline create a daily routine, do fitness daily; eat and drink healthy, sleep enough Every time you make a trading mistake do 10 burpees...LOL (I did) In the worst case you dont get rich, but you will be fit (and still get your dreamgirl)!! 7. dont treat it like a business You are the CEO of ME Inc.... and as long you dont have a money machine you are the money machine.. See your personal situation as a company of one: ME Inc. Are you going towards wealth or bankruptcy?? Your company needs 2 things: 1. profits 2. positive cash flow (spend less than you earn) that all !! 8. dont act/work as a professional. treat it as if you go to work... and try to improve every day... not to impress somebody, but simply make yourself better 9. no administration how many of you dont have a trading journal/log, where you write down EVERYTHING ??? and i dont mean simply writing down: day/pair/ entry / exit / profit /losss I mean everything, with pics of entry, reason of entering, situation of news at that moment, ADR, feelings ... everything... this is so underestimated by way too many people !!! it helps you to analyze your trades during the weekend, see where you made mistakes (do your burpees) and maybe adjust your system rules so you wont make that mistake again.. 10. looking for shortcuts in forex are no shortcuts... you must put in the work.. As Vince Lombardy said: Success comes before work ONLY in the dictionary !!

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