get the right forex education and avoid these common mistakes - make
one or all of them and you will lose all your money...
Here are your 10 forex mistakes, in no particular order of importance:
1. Day trading or scalping
All short term volatility is random and all forex day trading and
scalping systems lose money longer term. You can't win at it so don't
try. If you want to know why so many people claim to make money day
trading, check out point 5.
2. Trade news stories or expert opinion
News stories are just that - stories and opinions and should not be
traded.
All forex news is instantly discounted in the price and therefore
cannot be traded Furthermore, the news always reflects the opinions of
the crowd and the majority always lose.
3. Try to predict forex prices
If you try to predict forex prices in advance and what they might do,
you are simply hoping or guessing and you will see your forex
predictions become as accurate as your horoscope.
Trade the reality of price change only and confirm every move.
4. Using scientific methods
You will see vendors selling forex trading strategies based around
such methods as Gann, Elliot Wave and Fibonacci and they all don't
work - think about:
If forex prices were predicable with scientific accuracy, we would all
know the price in advance and there would be no market.
Leave the above to the dreamers and the far out investment crowd and
concentrate on trading the odds.
5. Following a mechanical System From a Vendor
This is true in 99% of the cases.
The huge majority of forex trading systems sold on the net come with
the disclaimer "simulated in hindsight" in plain English this means
the vendor made the track record up. Avoid these trading systems
6. Using to Many Indicators
20 indicators are better than 2 right? Dead wrong!
If you use too many indicators in your forex trading strategy you will
lose, as your system will have more elements to break.
Simple systems work best and always will so keep it simple!
7. Using indicators incorrectly
How many times have I seen traders buy dips to moving averages and
execute a trading signal? I have lost count - hundreds of times but
moving averages are a lagging, not a leading indicator and should not
be used in this way.
The above is the most common example but there are many more.
8. Working to hard
In many occupations the more effort you put in the more you get out -
not so in forex trading, you get paid for being right with your market
timing and that's it.
Don't make the mistake of working to hard and thinking you will win -
you won't.
Work smart and get the right forex education and forget about working
hard.
9. Over leveraging
Forex brokers will give you leverage of up to 400:1 - this is way too
much to be using. De leverage, so you can take more risk per trade and
this leads me on to the final point:
10. Placing stops to close and trailing to fast
Most forex traders because they over leverage, have to put their stops
to close and then get taken out by the market noise. They try so hard
to avoid risk, they actually create it and guarantee they will be
stopped out. Most traders also trail their stops to quickly and never
manage to run a profit.
The 10 mistakes above are made by most losing traders if you avoid
them and get a sensible, simple, trend following method which trades
the odds, you can enjoy currency trading success and make big
profits.
The Next Generation of Forex Robot: http://www.theacyclone.tk/
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