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 Forex trading is principally risky for the following main reasons:

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1. You don’t have strict money management rules in place.

2. You aren’t disciplined.

3. You don’t have a precise trading plan, which you stick to.

4. You aren’t trading with a reputable broker.

5. You’re studying with someone who would rather teach than trade for himself or herself because teaching is more lucrative. (Yes, Forex is filled with scam teachers like this.)

And the list of risks can go on and on.

The biggest risk to forex trading is YOU! If you don’t treat it as a business that requires commitment, discipline and significant time to master, then you are doomed to failure. Money management is an essential part of this success. Knowing how much you stand to lose on every trade you take is critical information that you need to have before you put on a trade. And analyzing your trades to find out what the best pairs of currencies are for you as well as what times are the best to trade and what strategy works most reliably for you, etc. turns an average trader into a professional one.

Adhering to a precise trading plan is essential. You have to write out your rules and then sit patiently waiting for a trade to present itself. Sometimes you might sit for an entire session and never see your strategy manifest. Patience and discipline are required. And once you’re in a trade that means adhering to the rules that you have set up. Not moving your stop, which increases your risk; not getting greedy and trying to squeeze more out of the trade; taking screenshots of your trade as you enter and then again when you exit so that you can do analysis afterwards and get insights into why it worked or why it failed. You need to build up your nerve so that you can take a trade without shaking or without cursing when it fails. This is all part of the discipline that a professional trader has.