There are so many examples of new traders who get lucky on the beginning of their trading so they made some good profits. For the beginning trader it is much better to have really limited success at the beginning or even experience some losses in order to stay away from the early success. Early success can lead to overconfidence and most likely big losses will be experienced.
early success can only hurt newbies. Many ordinary people, and do not consider forex as serious business where money is made by themselves, so that beginners need to understand – there is no easy money and learn from their own mistakes…
Well as they say it is easy to get success but difficult to hold the success. It goes same with Forex trading. if you get only early success but not failure then you haven’t seen both sides of the coin. So in your approach you are right that early success can make people go over confident and make big mistakes. One needs to have his feet always grounded in this business because markets sometime take unexpected moves.
One, early success breeds over confidence in newbies..which naturally leads to their accounts going belly up a few weeks later..same model, for the newbies doing the EA tango. However, a trader who takes the time to analyze his trades, and maintain a journal would definitely do well..
Early success can lead to over confidence . It can make the trader feel relunctant in putting effort in trade. And when the losses start rolling in it now becomes difficult to handle. Forex takes determination and courage to move on when you lose in order to survive the market.
yeah it may biggest hurt any man can afford , with daily over 4$ billion turn over, it’s more than just a game to call these as dangerous.
many new traders appear each years, the herd always came in colony, . but most of them are came to play, some just to fill their curiosity, and even just for a good glance with delusional quick-rich plan while dreaming printing their own pocket money with online trading.
but only a few who really come to stall this daily turnover and makes serious business effort and make a proper living expense resulted from daily trading activity.
I think early success is very dangerous for those people who do not want to do hard work and if they succeed in their first and early trade then they can feel relax in their next trades and can loose their money very quickly.