4 Fake Investment Wisdoms That Will Make You Lose Money
These 4 'traps' will lead you to the wrong path in forex trading:1) Forex Experts know best. Many of those who claim to be experts write books and make courses on how to make it big in currency trad...
These 4 'traps' will lead you to the wrong path in forex trading:
1) Forex Experts know best. Many of those who claim to be experts write books and make courses on how to make it big in currency trading. But if it is, then most people will already be successful; and besides, if they are indeed making money, they won't bother with writing books and sharing their secrets. Do it yourself and forget everyone else who claim only they can help you.
2) Market behaviours are predictable. If it is scientific and predictable, everyone will have become successful by now then, and there are no more odds in forex trading. It isn't, and there is no scientific formula for it.
3) The more complicated, the better. If you think complicated systems and knowledge will help move you forward in the market, you are mistaken. The rule is that the simpler your system is, the more it will work.
4) Protect Your Profits. Without risks, you will not earn money. The more you protect your profits and shelter yourself from losses, the more chances you will head towards the latter. Here are examples of such: a) Diversifying, or diluting profits; b) day trade; c) trail stops to lock profit; and d) small risks.
All of these are "accepted wisdoms" which, instead of helping you succeed in currency trading, will actually pull you down and guarantee losses. Learn to avoid these and you will be part of the top 10% who make it in the forex market.
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ABOUT THE AUTHOR
Timothy Stevens is a Forex Options Trader who owns http://www.NonDirectionTrading.com - He has helped hundreds of people on Trading Forex with Options.
He has recently developed a free e-course showing you a step by step process for starting your Forex Trading easier. To learn how to start Forex Trading with Options without wasting your time and losing more money, visit http://www.NonDirectionTrading.com/members/FreeReport.htm