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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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Fundamental And Technical Analysis On Forex Market News
Your Source for Daily FOREX Market News and Analysis
The British Pound may turn volatile in the week ahead as the Bank of England delivers the first rate decision based on an updated inflation outlook taking into account the governments austerity budget.
Read more...Your Source for Daily FOREX Market News and Analysis
The Pound was boosted in early trading as the consumer credit report posted an unexpected 0.2B gain versus forecasts of a 0.1B decline.
Read more...USD/CAD Price Action Likely To Remain Bounded By Narrow Range Ahead of Canadian GDP Report
Fundamental Outlook Economic activity in Canada is forecasted to advance 0.2 percent in July after figures were unchanged the month prior. However, traders should not rule out a disappointing reading from the loonie as household spending in Canada seems to be tapering off. Retail sales in the region unexpectedly declined 0.2 percent in May after tumbling a downward revision of 2.2 percent the ...
Read more...Your Source for Daily FOREX Market News and Analysis
Germanys unemployment rate fell to 7.6 percent for the month of July from 7.7 percent the previous month to mark the lowest since November 2008. At the same time, the number of people out of work tumbled 20K, following a revised 20K decline in June.
Read more...Your Source for Daily FOREX Market News and Analysis
Portugals government auctioned 600 million euros in 2014 bonds and 681 million euros in 2023 bonds today.
Read more...Your Source for Daily FOREX Market News and Analysis
The Basel Committee announced that it will allow certain assets such as minority stakes in other capital firms to be regarded as capital, and went onto propose a leverage ratio for the first time.
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Quite often, it is the times that investors least expect it, that the markets will once again shift and assume a different course. At the moment, it seems as currencies can do no wrong, with the USD being sold quite heavily over the past several weeks , despite ongoing concerns over the state of the global economy.
Read more...Lower Than Expected U.S. Consumer Confidence Would Validate the Bearish USD/CHF Technical Outlook
Fundamental Outlook Consumer confidence in the U.S. is expected to weaken in July to its lowest level since July 2009. Economists are forecasting the Confidence Boards index to fall to 51.0 from 52.9 in June as Americans continue to face a weak labor market paired with tight credit conditions and uncertainty in the economic recovery. Indeed, the unemployment rate for the month of June fell to 9 ...
Read more...Your Source for Daily FOREX Market News and Analysis
Crude oil is flightly lower ahead of tomorrow's U.S. Consumer Confidence figures. The bias remains higher, but a bit of consolidation is possible before prices attempt to breach the psychological $80 level.
Read more...Your Source for Daily FOREX Market News and Analysis
Consumer confidence in the U.S. is expected to weaken in July to its lowest level since July 2009. Economists are forecasting the Confidence Boards index to fall to 51.0 from 52.9 in June as Americans continue to face a weak labor market paired with tight credit conditions and uncertainty in the economic recovery.
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