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3 Mistakes That Will Guarantee You Won't Succeed in Forex
from: TradingMartin Miller
There are three major mistakes too many newbies make as they dip
their toes in the wild waters of foreign currency trading. Make
these blunders and you'll blow your chances of forex success.
1. DON'T miss the step of trading on a demo account
before using real money. Reputable forex brokers have the
technology that allows you to open a demo account and operate it
exactly as you would a real trading account. You'll find out how
to place your orders, how to follow what's going on with your
trades, when to get in and out of positions, etc.
Every forex trader wins some and loses some. But in your demo
account you won't mind losing "demo" cash as it won't hurt your
bank account.
It can be difficult for newbies to believe it's OK to lose some
of their trades, but it is. Don't believe anybody that tells you
they never lose, because they are lying. The key is just to
accept that, and your long term goal is to win more than you
lose.
So DO practice with a demo account before trading for
real.
2. DON'T rely exclusively on a robot to do your forex
thinking for you. Forex trading robots can let you trade even
when you can't be at your computer, and that makes them a great
tool.
But there are good robots and not-so-good robots. Some will work
well for you and others won't. A robot is just software, and
sometimes it will come up with bad answers. If you can't
recognize that, your trading will suffer. You need to know when
the robot you are using is coming up with the right trading
signals, and you'll only do that when you have educated yourself
about forex.
So DON'T let the robots do all your thinking before you
know the basics of trading. DO use a robot as part of
your trading business after you have gained some education and
experience. Here's some information about a robot that really
does work.
3. DON'T trade on emotion. Lots of unexpected things can
affect currency prices, and sometimes quite dramatically. You'll
often see big spikes or drops right after a major world event,
for example, such as an earthquake or other natural disaster,
major political upheaval or even the sudden illness of a world
leader.
It's easy to panic when these things happen and sell
prematurely. At the same time, it's easy to be euphoric over
great economic news and start buying inappropriately.
Emotion-based forex trading is the way of disaster. Don't do it.
Making good use of technical analysis and trading charts is one
way to guard against this. The charts don't lie.
So DON'T trade on emotions or hunches. DO set your
trading strategy and stick with it, regardless of world events
or runs of "luck".
These principles may seem self-evident, but you'd be surprised
at how many novice (and even not-so-new) traders fall into these
trips, to their cost. Don't you be one of them.
About the author:
Click here to get Martin
Miller's free 7-part forex mini-course now.
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