Forex trading can be a very profitable feat. Every year,
there are more and more people making profit from the
Forex markets. If you take your time and work hard at learning the skill of
trading, there is a very good chance you can become one of these people and
become financially independent.
It is not a get rich quick market however. It actually does take time and
hard work to master the skill. This is a disappointing fact to many newer
traders, but if you avoid the following mistakes, you can potentially cut years
off of your learning curve.
The first mistake that many new traders make is not testing
out their Forex trading strategy. They read about a system on some forums and
decide that it's the right system for them and start trading real money with it. Unfortunately, even if the system is
profitable, it will be very hard to have the confidence to make intelligent
decisions once in the trade if you have not tested it out for yourself.
If you read about a trading method that you are interested in, you need to
do your due diligence and test it for yourself. Once
you can see that it is in fact profitable, your confidence in that method will
increase tenfold and even if you take a couple of losing trades it will not
bother you because you have proven in your testing that it works!
Another mistake that traders make is that once they have a
losing trade or a string of losing trades, they ditch their current
strategy to look for a "better" one. This ties back into the
previous point. If you have proven to yourself that the method is profitable,
then why would you look for another method? The fact is that every system or
strategy will have losing trades. It is bound to happen. Just because this
occurs does not mean that you need to change strategies!
You need to give your method time for its edge to work out. Some traders do
this for years searching for the "perfect" system. Unfortunately they
will eventually realize that they have wasted a lot of time that they could
have been using to become profitable with a single trading strategy.
One more very common mistake among many traders is that
they risk too much per trade. They have read about a system
and feel that they understand it completely so then they jump in the market
risking 10% or more of their account hoping to strike it big. Again, trading
does not work like this. Imagine the emotions you would go through if you lost
10% of your account on a single trade.
Not to mention the nervousness you would feel while you are
in the trade, whether or not it's losing. This is simply too much risk to place
on a trade. Most professional traders don't place anywhere near that amount of
risk. Professionals typically risk 1 to 3% on their Forex trades.
If professionals who have been doing this for years risk just 1 to 3%, then you
would be wise to do the same!
There can be a large learning curve to Forex trading. However if you avoid
these mistakes from the beginning, you will be able to cut that learning curve
down significantly and be trading profitably much faster than the average
person. Treat Forex trading like a business and you have a good chance of
becoming profitable.
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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Admin
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