Avoid the 6 Biggest MISTAKES in Forex Trading!
The forex market sees 90% of its traders lose-whether they are beginners or expert forex traders. Here are the 6 mistakes that forex traders often make, making them lose their chances of making it ...
The forex market sees 90% of its traders lose-whether they are beginners or expert forex traders. Here are the 6 mistakes that forex traders often make, making them lose their chances of making it big:
1) Buying success. Many people think that success is easily bought, and is instantaneous. Most people did not become successful instantly! Checking the internet for information is not enough. The best is still the proof: a real-time track record of the profits made. You must understand the method, develop confidence and follow it with discipline!
2) Being clever. Most forex traders think knowledge is the key. While the right knowledge certainly is important, it is not enough. The deal here is that the easier and simpler the system, the better your chances in forex trading.
3) Right knowledge. As mentioned above, learning the right knowledge go hand in hand with a simple trading system. Following what other people say does not guarantee success. In foreign exchange, there is nothing to memorize, and no instructions to follow. Following the news might make your chances lower, as the people reporting about the news are not traders. You might just end up focusing on the wrong information.
4) Day trading. Many think it works, but it does not. As proof, there are no track records of profits made in day trading! It doesn't work because of the changing data, and if it is random, you won't be able to get the odds on your side.
5) Getting rich quick. Similar to the first mistake, people think in 'instant' terms. Ground yourself in reality, and take it slow; build a 50-100% earning and you'll slowly work your way to the top.
6) Lack of discipline. It is necessary to keep discipline in mind, always. Have the desire to succeed, take confidence on yourself and the system, and you will gain the discipline to follow through, especially during the low points. Avoid these mistakes and see yourself climb to the top of forex trading!
Source: Free Articles from ArticlesFactory.com
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