Enclosed in this article you will find some common trading mistakes which you must make a part of your essential Forex education or you will lose and lose quickly.
Let’s start with how many traders lose money and its 95% and that’s a big majority! This leads us to our first point which most trades ignore and try and get rich quick.
1. Forex Trading is Easy
Forex trading is not easy and you wouldn’t expect it to be with the rewards on offer. If you want to win, you need to learn skills and this leads me to the next fact about Forex trading and its:
2. Forex Robots and Expert Advisors will Make You Rich
All the cheap, get rich quick Forex software you see sold online will lose you money. These systems offer you financial freedom for paying out a couple of hundred of dollars or less but if they worked 95% of traders wouldn’t lose. They are sold so cheaply because they simply don’t work.
3. Effort or Intelligence Leads to Success
This is a common mistake to make, because you rewarded for these traits in society but you don’t get rewarded for them in Forex trading. You are only rewarded for the accuracy of your trading signal, it can take you 5 hours or 5 minutes it doesn’t matter how long it takes, profits are all that count. You don’t need to work hard or be smart, just get the right education and mindset and trading should take you just 30 minutes a day or less.
4. Forex Price Movement can be Predicted
No they can’t and if they could there would be no market as we would all know the price ahead of time, markets move on uncertainty not certainty. If try and predict you are hoping or guessing and that won’t make you money, so simply trade the reality of price change and you will have the odds on your side.
5. Not Trading with Discipline
This is something the vast majority of traders do and it leads to a wipeout of equity. If you cannot trade your system with discipline you simply don’t have one.
You are going to lose for long periods, all traders do and you must keep your losses small in these periods and take them cheerfully. If you get frustrated and angry like most traders, you will start to run losses and that ends in disaster you need to stay on course until you hit a home run.
How to Win at Forex Trading
The above are all common mistakes and you need to avoid them and if you do and get a solid Forex education, you could soon be making some great profits, in 30 minutes a day or less.