Forex Trading Myths - Beware Losing Money With Them - Page 3
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Thread: Forex Trading Myths - Beware Losing Money With Them

  1. #1
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    Forex Trading Myths - Beware Losing Money With Them

    There are some common forex trading myths that have been making people lose greatly. 95% of people trading online make losses as a result of following these myths. Read them to avoid making unnecessary losses when trading online.

    1. Some people think that they will make great profits by following what others are doing. You will often receive email ads telling you on how certain signals are good. Unfortunately, most of these techniques do not work or else why would these people keep sending ads on teaching you how to trade instead of them trading themselves or managing hedge funds?

    Come up with your own ideas on trading forex since the market is unique and following what others have done will make you incur great profits. Some signal are however good but you will need to customize them.

    2. Day trading is a risky investment to trade in. Newcomers have often taken the forex trading myth that the more you trade the more profits you make. However, volatility of the market is greater on short term traders and hence investors are at a greater risk of losing their bankroll. Many new traders have ended up losing their capital since they are convinced the more they trade the larger profits they will make.

    3. Working hard will make you a millionaire is the worst forex trading myth since making profits all depends on trends taken by the market. You cannot try to force your own trades while forex is all about following trends smartly and determining when you will make profit. There is no one who can influence these factors by working hard and hence the best thing is through planning smart decisions and relaxing

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    Quote Originally Posted by Sixteen View Post
    I think you are very right. This myth is very necessary to know so we could improve on how we approach this trade. At least I can say I have learn something from this. We traders are our own enemies and this have been one reason we have fail in this business. Let's learn to work with a great plan and look forward to achieve great success for ourselves.
    Yes we have to live with a positive hope in trading and it does not matter how much challenge are coming in our way we have to accept and have to solve them slowly slowly and this type of approach would make successful one day in this business. Losses means never failure in forex there is always solution for every loss and we can do better correction with those trading principles here.

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  3. #22
    Trader cutiekc's Avatar
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    No doubt about that, a lot more traders are losing their money, therefore if you are a newbie, it is better to be careful so as not to loss money with other traders in the sense that you get to learn the reason why they have lost their money and then learn from it, it will help you so much and give you the best clue to become a successful trader.

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  4. #23
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    Quote Originally Posted by cutiekc View Post
    No doubt about that, a lot more traders are losing their money, therefore if you are a newbie, it is better to be careful so as not to loss money with other traders in the sense that you get to learn the reason why they have lost their money and then learn from it, it will help you so much and give you the best clue to become a successful trader.
    Newbies may lose money because they usually dont stop when they should. Maximum time when we will do over trading that time we will make wrong decision. We will never take enough time for analysis to open a new trade after we close our previous trade. As a result we will never find good profit and may end up with all losses.

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    Quote Originally Posted by shivanandfx View Post
    Newbies may lose money because they usually dont stop when they should. Maximum time when we will do over trading that time we will make wrong decision. We will never take enough time for analysis to open a new trade after we close our previous trade. As a result we will never find good profit and may end up with all losses.
    That is right over trading is bringing loss to many of us. The main cause of this addictive is that forex can make you a millionaire one day. Few trades won't stop people's dream to become rich in this business. They will trade, more and more, to make sure that their dream will come true very fast.

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  6. #25
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    Quote Originally Posted by shivanandfx View Post
    Newbies may lose money because they usually dont stop when they should. Maximum time when we will do over trading that time we will make wrong decision. We will never take enough time for analysis to open a new trade after we close our previous trade. As a result we will never find good profit and may end up with all losses.
    Yes this can make us poor in life sir, when we have some bad result from our current trades then there is no chance to open more trades in forex market but trader's think that they have to recover they loss very quickly so they do more mistakes instead of keeping patience in trading and this give them more harmful results in forex.

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    Quote Originally Posted by geddam View Post
    That is right over trading is bringing loss to many of us. The main cause of this addictive is that forex can make you a millionaire one day. Few trades won't stop people's dream to become rich in this business. They will trade, more and more, to make sure that their dream will come true very fast.
    Trading should not be worked with addiction, that is a way that will cause traders to fail. When you can do trading and you are getting addicted with it, you are simply writing letter to loss, trading is about what you know and how you are getting that to get you the success you wnat, it is not right to be addicted with this.

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  8. #27
    Trader shambca7's Avatar
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    Quote Originally Posted by Sylvertee View Post
    Trading should not be worked with addiction, that is a way that will cause traders to fail. When you can do trading and you are getting addicted with it, you are simply writing letter to loss, trading is about what you know and how you are getting that to get you the success you wnat, it is not right to be addicted with this.
    Addicting to forex trading would not be a bad thing but you should be careful with your discipline in trading. When you have a proper care of your business then you can do better things with your addiction, but if you will addicted to continue non stop trading then this kind of over trading can make your addiction the real cause of your failure and it can injure to your physical health as well.

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  9. #28
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    Quote Originally Posted by shambca7 View Post
    Addicting to forex trading would not be a bad thing but you should be careful with your discipline in trading. When you have a proper care of your business then you can do better things with your addiction, but if you will addicted to continue non stop trading then this kind of over trading can make your addiction the real cause of your failure and it can injure to your physical health as well.
    We have to just concentrate on our target and then we don't have to do trade any more in forex market. I mostly close my trades when I have enough profit for the month I don't have a fixed target but I look for the consistent amount of money every month. I am not a full timer for now so I am still happy with 50 to 60 pips target per month.

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  10. #29
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    Quote Originally Posted by Earnperfect View Post
    We have to just concentrate on our target and then we don't have to do trade any more in forex market.
    What you mean by this sentence above? Yes in trading trader must be focused because he is risking money to earn money. There are no bound that you do Forex long term or short term. You can do the both, but I would suggest you to do Forex trading as a long term trading. It will give you much time and will give you much opportunity.

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  11. #30
    Trader cutiekc's Avatar
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    I have studied and learned how to trade and how the market works and I have got to know that it is just us who are not able to make good amount of money from forex trading as we don't learn and also we are wanting it the fast way. Of course we can avoid losses if we should pay attention and learn.

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