Forex Mistakes - The 3 Biggest Myths Novice Traders Believe Which Cause Equity Wipeout

Author: Kelly Price

Here we will look at 3 mistakes traders make yet there easy to avoid there myths and have no facts to support them, yet traders continually make them and lose money. If you don't want to join the 95% of losing traders, you need to avoid these mistakes, lets take a look at them.

Cheap Forex Robots and Expert Advisors make Money These systems are laughable in there claims of a huge income with no effort and NOT one of them can produce an audited track record of real money gains. All you get are simulations backwards on paper and figures from the vendor, he pastes up on his site your supposed to believe without any audit. It's obvious that to win in market where 95% of traders lose you need to make an effort and learn skills.

Hard Work and Intelligence will Help a Trader Win Many traders think the route to making money is working hard and others think the cleverer they are, the more likely they are to succeed but in Forex markets hard work doesn't guarantee success. Forex trading is essentially simple and simple systems work best, being intelligent and making a system to complex, simply creates a system which has to many elements to break. Don't work harder than you need to in Forex trader and always keep your strategy simple and robust.

You can Predict Forex Prices in Advance Most traders believe that to win they need to predict in advance where Forex prices may go so, they constantly sell into highs and buy into lows, get stopped out and lose. Predicting is a mugs game and your predictions in Forex will end up as accurate as your horoscope. Instead of predicting and trying to catch the exact turn, wait for the level to hold first and then get in sure you miss the exact low but you can't predict that anyway so wait for confirmation.

Always remember the old traders saying " a bottom picker becomes a cotton picker" and it's true don't worry that you can't predict prices in advance, if you got just 50% of every major trend you would be very rich. Why You can Win at Forex Trading If you want to win at Forex trading the errors above are easy to avoid and they also give you some pointers to success which are - get a simple system, work smart not hard and base it on the reality of price change, rather than prediction and if you do this, your well on the way to achieving currency trading success.

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