Forex Trading Tip - The Fatal Errors Novice Traders Make Which Lead to Losses
Forex Trading Tip - The Fatal Errors Novice Traders Make Which Lead to Losses
These traders believe they can be led to success and they buy systems and methods which clearly don't work and engage in strategies which are doomed to failure - here are just a few:
Losing Forex Strategies to Avoid
Systems based on mathematical algorithms which generate automatic buy and sell signals. Systems which claim to be based on cycles, neural networks, fractals, artificial intelligence and other mathematical models which have no place in Forex.
Another group believe thart the future can be foretold and follow, a whole load of dead traders such as Fibonacci, Elliot and Gann, who apparently could see the future and help traders get an edge. It's not true and anyone who thinks about it logically knows its not true - but greed gets the better of these traders, they follow these systems and lose.
The amount of new traders who believe the above methods of trading will lead them to profits is huge and they buy them to stop them taking responsibility for their actions. However in life, you need to rely on yourself, in life and in Forex trading. You need to do the right research and have you own money making plan. You can do this anyone can but if you don't like responsibility, forget FX trading.
Don't Join the Crowd
Another problem is that we like to go with the crowd anyway, this has nothing to do with responsibility -but to do with social acceptance. If you are wrong on your own, you look stupid but if everyone else is wrong that's OK. It sounds illogical and it is - but most traders like to feel comfortable and that means running with the pack and trading news or running a losing position because someone else agrees with them.
If you like to be with the majority and are afraid to be seen to be a loner don't trade FX, as you will lose. You need to stand away from the crowd and go it alone to win and it's a simple fact most traders can't do this.
How to Win at Forex
You can win at Forex with a very simple strategy so what you need to do is research one and trade it without worrying about being part of the crowd and have the courage to stand alone. If you can take responsibility and stand alone and away from the crowd, there is nothing to stop yu making huge gains trading Forex.
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