Statistics will tell you that 80% of profitable forex forex traders leave, disappointed, after the first 6 months of trading. You read it and think, ‘I don’t want to become a part of this statistic.’ There’s every chance that you will not that is, if you trade wisely and have a solid plan backing you. In this piece we talk about some technical and psychological reasons why traders fail or lose money.We have put together a list of the 5 most common reasons. Have a look if you’re interested. 1 Trading without a solid goal or plan If your plan for the average day is to just start trading and then see where the day takes you, you’re doing it wrong. Your overall income will not be a one. Why? Without a plan you will make inconsistent amounts of profit and not have a set risk management strategy (and hence a stop loss) to cut losses.So if you make a small profit one day and a big loss the other day and then an average sized profit and then a loss…altogether you will notice your account is definitely not growing.No one makes a lot of money by chance in the forex market. Since losses are an inevitable part of trading, there has to be a with statistics and numbers all calculated to make sure the account grows.