Many people fall into this trap when they start trading Forex. They go in with so much excitement. There is a lot of hype in the Forex industry and you will find many people telling you left and right how you can stat making thousands of dollars after 10 Forex trading days. That is simple not true. Making money from trading Forex will take some time, and hard work.
Another reason people fail in the Forex industry is the lack of training. Many people think that knowing the names of the major currencies in the world is enough for them to start buying and selling them. It takes a lot more than that, and unless you are ready to seat down and learn the trends and movements of the various markets, you would find it difficult to make money from trading Forex. My advice to you is not to go into Forex trading unprepared. Buy some cheap Forex manuals, read and understand what it is all about before you step foot in it.
Set your expectations low. This is a very vital point in trading Forex. If you go in to Forex trading with a lot of expectation, you will probably give up quickly. Because of the hype existing on the internet about trading currencies, many people think they would start making huge sums of money once they set up an a Forex Trading account. Well that is actually possible, but only if you have spend some time to study and understand exactly what you are getting into. Success can never come easy. There is no free money anywhere; you have to work for it. And be ready to learn and learn, make mistakes, correct them and keep on improving at all times.