Forex Trading Myths - Beware Losing Money With Them - Page 4
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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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  2. #31
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    Quote Originally Posted by cutiekc View Post
    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.
    Forex is an opportunity and also it is risky and it is we who get the profits and losses as we deserve it. Without practicing forex properly, nobody has ever earned anything out of it and nobody ever will. so its always better to practice as much as you can and train yourself properly before starting real trading.

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  3. #32
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    Quote Originally Posted by ANANDCHENNAI View Post
    Forex is an opportunity and also it is risky and it is we who get the profits and losses as we deserve it. Without practicing forex properly, nobody has ever earned anything out of it and nobody ever will. so its always better to practice as much as you can and train yourself properly before starting real trading.
    Forex trading is really an opportunity, while the risk in the forex is not that high when traders have the good way to do the trading of the market. It is the traders that did not know the market well that will have the high risk, and that is going to cause them to lose money more than the way they are gaining in the business.

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  4. #33
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    All the risk is in our own hands you can increase the level of risk and can decrease the level of risk any time in forex market. Yes forex trading is an unique trading opportunity and we can earn huge from here if we have a proper idea to enter and exit on the right timing. Market is risky but trader's can make this business profitable for them. Furthermore we also need hard work and regular evaluation and fixing in trading.

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  5. #34
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    Lets don't make it loss as though loss is a really bad thing, I mean, in all business people loss their money, if we do read or watch the news too, we will see prominent business rich men, losing at some quarter of the year, but that does not mean that they are losers, apparently they do recover back up strong again.

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  6. #35
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    Quote Originally Posted by sharegistFX View Post
    Lets don't make it loss as though loss is a really bad thing, I mean, in all business people loss their money, if we do read or watch the news too, we will see prominent business rich men, losing at some quarter of the year, but that does not mean that they are losers, apparently they do recover back up strong again.
    There is no way losing will not be in any business, because there will be no perfect one. That is the same thing i am seeing with the forex business too, the trader have to understand this business to accept their fate of trading, and that is going to help them to prepare for the best in the way they are making their money from the market and preventing losing.

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  7. #36
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    trading is not a get rich quick scheme and this should be an important note for every potential investor in forex. There is a lot involved other than just pressing the buy or sell button, and proper self education is needed before one can call him or herself a forex trader

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  8. #37
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    In forex trading we need to make plan , and at the same time trading our plan, we need not to trade with emotion or fear of going with our previous plans before we enter into the market in the name of seeing other peoples's plan, when we trade with our set goal , success is always sure.

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  9. #38
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    Quote Originally Posted by better View Post
    In forex trading we need to make plan , and at the same time trading our plan, we need not to trade with emotion or fear of going with our previous plans before we enter into the market in the name of seeing other peoples's plan, when we trade with our set goal , success is always sure.
    we have to prepare everything with good, then here is the main function of plan, where traders need to get the understanding from the first step and master it, those are so many steps and points that should understood with well, and forex trading itself is long term business where we have to stand at strong foundation to work as the traders

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  10. #39
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    Quote Originally Posted by newcomer View Post
    we have to prepare everything with good, then here is the main function of plan, where traders need to get the understanding from the first step and master it, those are so many steps and points that should understood with well, and forex trading itself is long term business where we have to stand at strong foundation to work as the traders
    Planning is the crucial thing in trading but not all starters can make a good plan. Before understanding the advantages of forex it is important for the trader specifically newbies must understand the importance the studying and knowledge about forex. There are various online sites that help during newbie phase in forex, these sites are good to get valuable information regarding forex.

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  11. #40
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    I believe forex trading is about the state of a man's heart or what you believe.If you believe you'll not be among the 95 percent of traders that lose money in forex,there you have it.It all depend's on what you believe.Eventhough i know that forex is very risky,yet i never accept that i can lose my investment.What we believe for me and what we conceive and what we confess matter's alot in our journey to greatness in the forex market.

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