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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.
Euro Currency Trading Specific links
Euro Currency Trading News
PRECIOUS-Gold nears record as economy bears circle markets - FOXBusiness
 Reuters India | PRECIOUS-Gold nears record as economy bears circle markets FOXBusiness On the wider markets, currency trading pointed to aresurgence in risk aversion. The yen struck a fresh 15-year high against the dollar andthe Swiss franc an ... PRECIOUS-Gold nears record as economy bears circle markets Gold trades higher to $1261, settles $1259 Gold Approaches Record Price on Investor Demand for Protector of Wealth |
FOREX-Euro rises after auctions; Canadian dollar soars - Reuters
 Reuters | FOREX-Euro rises after auctions; Canadian dollar soars Reuters The euro was last up 0.4 percent at $1.2736 EUR=, trading between a peak of $1.2763 and a low of $1.2660 earlier. The single euro zone currency tumbled 1.5 ... FOREX-Euro recovers and trades higher vs dollar and yen Swiss Franc Weakens Versus Euro as European Stock Gain Cuts Haven Demand GLOBAL MARKETS-Stocks rise on Europe relief, yen eyed |
FOREX: Bond auctions boost euro currency trading - iFreshNews (blog)
 The Hindu | FOREX: Bond auctions boost euro currency trading iFreshNews (blog) Government backed auctions in France and Spain helped increase the trading price of the euro but many traders became less confident of the currency's ... Dollar slips as ECB's Trichet says recovery to proceed Euro Pares Gains Ahead of ECB Rate Decision, Euro Zone GDP Report Dollar Drops Versus Most Major Currencies as Pending Home Resales Increase |
Top Weak Euro Stock Plays - TheStreet.com
Top Weak Euro Stock Plays TheStreet.com The euro currency was sold off sharply as investors feared the worst like complete financial chaos for one of these troubled European nations. ... |
Euro May Decline 4% If Support Broken, Citigroup Says: Technical Analysis - Bloomberg
Euro May Decline 4% If Support Broken, Citigroup Says: Technical Analysis Bloomberg In technical analysis, investors and analysts study charts of trading patterns and prices to forecast changes in a security, commodity, currency or index. ... |
China Yuan Down Slightly Late On Euro Weakness Overnight - Wall Street Journal
 MarketWatch | China Yuan Down Slightly Late On Euro Weakness Overnight Wall Street Journal "The yuan tracks the euro-dollar's moves more closely than other currency pairs, so although the dollar is down against the yen and other safe-haven ... China Dlr-Yuan Parity Set Lower At 6.7907; +0.55% Y/Y China Backpedals on the Yuan China Knows the Fate of the Euro |
FOREX-Dollar hits 15-yr low vs yen, euro struggles - Reuters
 Boston Globe | FOREX-Dollar hits 15-yr low vs yen, euro struggles Reuters "The euro looks precarious again. The dollar will be weak ahead of the mid-term election. That leaves the yen as the only currency to buy especially after ... Yen Drops From 15-Year High Versus Dollar as Debt Sales Ease Risk Aversion Dollar just above 15-year low vs Japanese yen WORLD FOREX: Yen Hits New High Despite Japan Warnings |
Dollar, Yen Decline as Gain in US Private Payrolls Boosts Risk Appetite - Bloomberg
 International Business Times | Dollar, Yen Decline as Gain in US Private Payrolls Boosts Risk Appetite Bloomberg “The market has taken this quite positively,” said John McCarthy, director of currency trading at ING Groep NV in New York. “Risk sentiment has improved ... US Dollar Falls After ECB Comments FOREX-Dollar falls vs euro, higher-yielding currencies Euro Gained Support From Successful Bond Auctions |
Dollar losses mostly intact after Beige Book - MarketWatch
 Forbes (blog) | Dollar losses mostly intact after Beige Book MarketWatch The US dollar rebounded versus the Japanese currency (US:USDYEN) to trade at 83.94 yen, up from a 15-year low of ¥83.32 set during Asian trading hours and ... Yen and dollar retreat ahead of Fed Beige book survey |
Oil Rises for First Time in Three Sessions as Equities Gain, Dollar Drops - Bloomberg
 The Hindu | Oil Rises for First Time in Three Sessions as Equities Gain, Dollar Drops Bloomberg The dollar fell 0.3 percent against the euro. The US currency traded at $1.2719 per euro compared with $1.2682 yesterday in New York. ... Euro falls hard on renewed European debt concerns Euro pulls down oil prices as its struggles continue against the US dollar Crude Oil Falls for a Second Day on Speculation US Fuel Demand Will Drop |