These are the 5 Forex Mistakes you can commit:
Forex Mistakes: Don't Day Trade
It doesn't work as all short term volatility is random and prices can and do anywhere in a day and you have the odds firmly against you and will lose longer term. Ever seen a day trader with a long term track record of success? No neither have I avoid it and trade longer term trends where you can get the odds on your side.
Forex Mistakes: Don't Try and Predict
Predicting is simply hoping and guessing and won't get you far - trade the reality of price change. No one knows the future and your predictions will end up as accurate as your horoscope!
Forex Mistakes: Don't use Science
Don't believe anyone who tells you markets move to a scientific formula they don't - if they did we would all know the price in advance and their would be no market. Trading is a game of odds - not certainties but you can win if you know and trade the odds. You won't win every trade but over the longer term you can pile up huge Forex profits.
Forex Mistakes: Don't Trade Scared Money
If you can't afford to lose stay away, forex markets are extremely risky and if you are worried about losing your discipline will break down and you will lose.
Forex Mistakes: Don't follow a guru blindly
To follow a forex trading system you must have confidence in it and know how it works or you won't be able to follow it with discipline - if you can't follow it with discipline you have no system at all.
That's sums up the tips for today, the 5 killer mistakes you should NEVER make!
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