Here are 6 common forex mistakes that if you made, will ensure an
equity wipe out. 95% of forex traders lose and most make these common
errors, so if you want to learn forex trading correctly avoid them at
all costs.
1. Not Having Confidence
An obvious one - if you don't have confidence in what you are doing
you won't have the discipline to execute your trading plan. Most
traders never get confidence in what their doing, as they never learn
the right education and trust a guru, e-book or news story. If you
want to win, you must fully understand what you're doing and why it
works - so you have the confidence and discipline to trade your
method.
2. Believing Simulations
How many traders buy a mechanical forex trading system off the web
with a simulated track record and expect it to make them money? The
bulk of novice forex traders fall for this but of course, a simulation
done in hindsight, knowing the closing prices is easy - but trading
not knowing them is the hard part!
All simulated track records make money in hindsight and 99% lose in
real time trading. Most are simply made up by vendors and combined
with some copy to appeal to the greedy na?ve investor who buys the
system and gets a wipe out in the market.
3. Predicting Forex Prices
If you try and predict forex prices in advance you're going to lose,
as it's really another word for hoping and guessing. Never predict
what might happen, trade the reality of what is happening on your
forex charts.
Predictions in forex will be as accurate as your horoscope and forget
anyone who tells you they have a scientific theory of market movement
- They don't. If such a theory did exist, we would all know the price
in advance and there would be no market - Period.
4. Using Invalid Data
How many novice traders try forex day trading? The majority.
How many lose? ALL of them.
Day trading is simply a way to wipe out equity quickly.
All short term volatility is random and you cannot get the odds on
your side so you will lose. If you want to trade successfully trade
valid data and trade longer term.
5. Trading The News
If you could get rich listening to the news then a lot more traders
would make money - but you can't.
News is discounted instantly and furthermore reflects the greed and
fear of the majority, who always lose. News stories are simply
opinions and you won't make money trading them.
6. Trying To Be To Clever
On the one hand there are forex traders who don't do enough work and
on the other hand, there are traders who think they can make money
being clever or working hard - neither however will ensure your
currency trading success.
In forex trading you get paid for being right with your forex trading
signal and not for how clever you are, or how much effort you put in.
The fact is the best forex trading systems are simple and they always
work better than complicated ones, as they are more robust and have
fewer elements to break.
FINALLY YOU MUST KNOW THIS!
If YOU ARE trading the major error most traders make is NOT Knowing
their trading edge. A trading edge is the reason you should succeed at
forex trading when 95% of traders fail.
It doesn't matter what your trading edge is but you must clearly
define it and have confidence in it to lead you to currency trading
success. So if you don't know what your trading edge is - its back to
your forex education until you do.

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