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Mistakes in Trading Forex
There are little mistakes in trading Forex and there are big mistakes in trading Forex. The big mistakes are more noticeable but it just may be the little mistakes in trading Forex that are keeping you from making money trading currencies! Really big mistakes include falling for Forex scams in which turn out to be pyramid schemes. If someone promises to trade your money in the Forex markets and promises limitless and continually great returns they are simply lying. The biggest mistakes in trading Forex are to believe in the proverbial free lunch. Similarly, when you trade your own money you need to treat it as a business and pay attention every minute. This is where the little mistakes in trading Forex start.
Homework and Practice
Someone asked a famous pianist why he practiced the piano eight hours a day when he was world famous. He replied that if he did not practice for a month the audience in the concert hall could tell the difference. If he did not practice for a week his accompanist could tell the difference and if he simply skipped one day of practice he could tell the difference in his skills. Think of this example when you are uncertain about a trade, forget to set your stops or do not research a tip before acting on it. You can have what has been proven to be the most successful Forex trading system in the world. And you can lose money if you do not pay attention to the basics. You can know everything that you need to know and you can have a great system but if you do not practice you are making one of the biggest mistakes in trading Forex.
Trading Live and Simulation Trading
Many traders think of simulation trading as what you do in order to learn the mechanics of trading foreign currencies. For many it is how to master the skill set