Forex Trading - Commonly Held Views That If You Believe Them

Author: Sonia Kristina

Article:
Here are some commonly held views on forex trading that if you
believe them will see you lose and most traders do, so don't be
with the majority avoid these beliefs at all costs - here they
are...

1. Forex Robots Work

You have seen them, present great track records but there all
simulations in hindsight!

If you want to lose use one and you can do it quickly, by buying
a forex robot with a simulated track record!

2. Trade Short Term

Day trading and scalping is destined to lose as all movements
within a day are random. Again when you see a track record of
someone saying they win at it - look for the world "simulated in
hindsight" Day trading is a mugs game.

3. You Need to Predict to Win

If you think about this it's simply guessing and no one knows
what will happen next, so don't predict, trade the truth and
reality of price change only.

Before I forget don't be taken in by all the scientific theories
of market movement, if there was one, there would be no market
as we would all know the price in advance!

Forget predicting and trade the truth of change of price as you
see it in black and white on a forex chart.

4, Trading Breaking News

Waste of time - markets don't move on the news, they move on how
traders perceive it, that's why markets rally when there most
bearish and crash when there most bullish. If you think you can
make money trading news, think again.

4. You can Make Big Profits on $100.00!

The amounts that many brokers ask for today is tiny and with the
leverage and volatility in currency trading it's like tossing a
coin.

No one should consider trading less than $1,000 and preferably
$5,000.

5. Use Leverage Available

This is the one that traders hang themselves with. Brokers give
200:1 as standard and even 400:1 and most traders like to use it
- but volatility kills them.

Over leveraging wipes out the bulk of new traders 10 - 20: 1
leverage is enough for most traders.

6. All You Need to Win Is a Good System

Not true, its like having a high performance racing car, if you
don't have a careful disciplined driver, the car will crash.

In forex terms you can have a good system - but its going to
lose and you are going to have to stick with it and ride out the
losses. If you cant execute your trading strategy with
discipline in these periods, you will never hit the home
straight and win.

Think discipline is easy - think again, its not, even for
experineced traders its hard to stay on course, when your losing
money and the market makes you look stupid.

HOW TO WIN!

As you can gather you need to avoid the majority and get a
simple system that's logically and you can apply with
discipline. It sounds easy but its not you need to work at it
but don't be dismayed your effort will be well worth it and you
can soon be enjoying great forex profits on a regular basis.

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