For most of the novice traders, the market will suck up their account fast. Ironically, most people play forex like high return and treat it like casino, it end up they lose all the money. For experience traders, calculation is very crucial in determining the survival in Forex market. We don't expect making 100% in a month, but instead look for opportunities to come. Once mistake is made, we will hedge or cut lose immediately. I personally don't like to cut losses but instead apply hedging methods. It is all depend on the trader psychology aspect. Patient is another element for successful traders but sadly most of the people come in Forex market want fast results. The faster you think you can make money, the faster you will lose. Other side of experience players will easily knock you down when you lose control.
No trader is perfect and win all the times, in fact I feel worry when I strike 9/10 of my trades which give me an awesome 40% return in first 2 weeks of January 2010. I start worry when I will be making mistake and sometimes feel over confidence when placing the trade. When the ego comes and rules are broken, you are in trouble. (I write this based on my personal experience and dare to challenge those who want to see what I have explained) Do you know why Non Farm Payroll and Unemployment Rate of US is being released on Friday? Simple, it gives time to calm down the market and the participants.
