Forex Trading Myths - 4 Common Mistakes Traders Make That Cause Losses
In this article, we will look at some common trading myths which cause the vast majority
of traders to lose money, they're easy to avoid so let's take a look at them in more detail...The mistakes are in no order of importance, you need to avoid them all to achieve currency trading success.
1. Using Cheap Forex Robot Software
There are a huge number Forex trading robots for sale and they all make big claims which include the claim you can make an income for life, with no effort and the cost for this income is around a hundred dollars. These systems all lose money and that's why there so cheap, so avoid them or you will join the 95% of losers.
2. Forex Trading is Complicated
Forex trading is not complicated and is actually easy to learn and to win at Forex trading, you only need a simple system. Anyone is capable of learning a simple system and you should avoid trying to make your system to complex because if you do, it will simply have to many elements to break and you will lose money with it.
3. You Need to Have a High Percentage of Winning Trades to Make Money
Most traders are obsessed with winning all the time and when they get losses their discipline breaks down and they run their losses. If you hold onto losses, you will soon wipe out your account. Your going to get a lot of losses so you need to keep them small. Don't believe the myth, that you can win 90% of the time with your trades, you can't. Many of the best traders in the world, make profits on around 30 - 50% of their trades but they make big profits overall, because their winning trades are far bigger than their losing trades.
4. You Need to Buy Low and Sell High to Make Money
If you try and buy low and sell high, you need to predict in advance which impossible. Traders who try to predict price moves in advance continually get stopped out and lose, You cannot predict what humans will do in advance, so don't try. The way to make money is to wait for the trend to be confirmed, you may miss the low but that doesn't matter, just focus on how much money could be ahead of you.
If you want to become a successful Forex trader from home, simply avoid the above mistakes and get the right education and you will soon be making some great profits in the exciting world of FX trading.
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