Happy new month once again my dear friends! The month of February was so quick to come to an end and this is Match. Before we realized, Match will also come to an end and if you are not working on your plans, you will be behind time.

So! Today, I want to discus with you on; what makes traders fail in the financial market. I might not cover everything, of course there are so many things to discuss on when it comes to this topic.

We have been told that 99% of traders fail trading the market, within their first two (2) Month. I can't really validate this claims with reasonable data showing as proofs, but at the look of things, the way people open and closes account after few days of trading, makes me believe that the rating at 99% of traders failing might likely be the truth.

And if that be the case, then there got to be some reasons why these traders fail, and what can also be done or changed to reduce these rate of failure. So we are going to explore few reasons why traders fail and changes that you can employ or apply to your daily trading life to effectively change your experience and expose you to success.

COMMON MISTAKES TRADERS MAKE AND CORRECTIONS

Now let's discuss the most common mistake traders make below:

1. Lack of knowledge: Most newly developing traders lacks the adequate knowledge. You know, you can never be successful in any field of life without learning, and acquiring the knowledge on that. Trading is like every other profession in life, most people see it as the hardest profession that requires a very high level of discipline. Therefore, You need to educate yourself properly before you venture into trading.

2. Do the work: It doesn't just end by acquiring the knowledge, you need to work hard to develop your skills. Work hard first by paper trading. Trading is an art, consistent market involvement opens your understand to so many market behaviors that are hidden to common traders.

3. You need an edge: Now, we are here! So, you need to understand that, what gets the consistently profitable traders, consistently profitable, placing them among the top 99% of the successful traders, is an edge. The casino operators succeed because of the edge they have over their gamblers,and so no matter how much a gambler wins today, he will certainly return them back to the casino in five(5) fold someday. No business operates without an edge. Therefore you need an edge to succeed in the market place.

4. Plan is the ultimate: Even a complete newbie with a carefully drafted plan, proper timing for good application can out-perform a pro, with no trading plans. Having a plan on what to do can make a very huge difference.

We will stop there for now. But in my next post, I will be discussing on: "How having an edge looks like and how to develop and edge". And subsequently, we will discuss on: "What and what, you should have in mind while creating your trading plan". For now, goodbye!