![A Detailed Look into Psychology in Forex Trading](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiw4bxBV5lMD7iWZJfwrdbUEzbi8U3ziaoDti22kgRlhni02t-XZtjXTJDkbBPgl8e9e3q6vCxarSUK1pRo1PFxJ08fZBUMJNuATI62KJCii5omdClXZNE4piwS7T8nKmq1oNYzYZ8J8c_G/s320/forex-trading.jpg)
A recent study by the European Securities Markets Authority (ESMA) said that more than 80% of new traders fail. This is a worrying statistic given the huge potential that trading in the financial market has.
There are several reasons why new traders fail. They include: the lack of knowledge about forex, bad luck, lack of a good strategy, and the psychological reasons.