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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.
Forex Rates In India Specific links
Forex Rates In India News
FOREX-Euro hovers near 2-month high; dollar weighed - Reuters
 Moneycontrol.com | FOREX-Euro hovers near 2-month high; dollar weighed Reuters Underscoring this, India hiked interest rates on Tuesday [ID:nSGE66Q06N], citing inflationary pressures and a firm economic recovery, while the Reserve Bank ... WORLD FOREX: Euro Bounces Around $1.30; Dollar Gains |
Forex: Indian Rupee Gains on Increased Interest Rates - Forex Rate It! (blog)
Forex: Indian Rupee Gains on Increased Interest Rates Forex Rate It! (blog) The Indian rupee strengthened versus the US dollar today after the Reserve Bank of India raised the interest rate for the fourth time during the year, ... |
Russia Leaves Benchmark Interest Rates Unchanged as Economy Gathers Pace - Bloomberg
Russia Leaves Benchmark Interest Rates Unchanged as Economy Gathers Pace Bloomberg India raised its benchmark rates this month and both China and India have increased reserve requirements for banks to avoid stoking unsustainable lending. ... |
People's Bank of China Sees 'Less Need' to Lift Rates, IMF Says - BusinessWeek
 Reuters | People's Bank of China Sees 'Less Need' to Lift Rates, IMF Says BusinessWeek China has left interest rates unchanged since December 2008, even as countries from Malaysia to Taiwan, South Korea and India lifted them. ... IMF gives ground on yuan exchange rate debate |
Colgate Announces Record 2nd Quarter Earnings - MarketWatch (press release)
 Moneycontrol.com | Colgate Announces Record 2nd Quarter Earnings MarketWatch (press release) Volume gains were led by India, the Greater China region, Thailand, Russia and South Africa. Pricing decreased 1.5% and foreign exchange was positive 4.0%. ... Colgate Announces Record 2nd Quarter Earnings |
Will combat inflation but growth focus to stay Subbarao - Moneycontrol.com
 Reuters India | Will combat inflation but growth focus to stay Subbarao Moneycontrol.com He expects both deposit and lending rates to go up. The risk of capital flows comes both ways, the RBI Governor stated. "A sudden constraint in forex flows ... No election rate rise likely after lower than expected inflation Reserve Bank of India's Monetary Policy Statement Issued in Mumbai Today A prudent policy for growth |
Forex - Asia Open - Overnight Highlights - FXMarketAlerts.com
Forex - Asia Open - Overnight Highlights FXMarketAlerts.com India: (recap) An unnamed RBI official said inflation could not be effectively tamed with current policy rates and that more aggressive monetary action was ... EUR/USD pulls back sharply from sojourn above 1.3100 |
Offshore business boosts GE Shipping - Trading Markets (press release)
Offshore business boosts GE Shipping Trading Markets (press release) The company also had a forex gain of Rs40 crore compared with a loss of around Rs100 crore in the year-ago period. This, along with a decline in tax outgo, ... |
Forex Watch: How to Buy (and Sell) the 2010 Big Mac Index - Seeking Alpha (blog)
Forex Watch: How to Buy (and Sell) the 2010 Big Mac Index Seeking Alpha (blog) Compare the Big Mac PPP to the market exchange rates, and voilà!... you see which currencies are under or overvalued. Granted, the Big Mac Index is far from ... |
Interest rate hikes starting to help ringgit - Malaysia Star (blog)
Interest rate hikes starting to help ringgit Malaysia Star (blog) The official borrowing rates of Indonesia, the Philippines, China, India and Australia are 6.5%, 4%, 5.31%, 5.5% and 4.5% respectively. ... |