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

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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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    I must admit that; this is a great thread you have created sir, but I suggest it to be on another section, not this one, you can tell moderators to help you move it to "Trading from A to Z". Beside, traders that are coming newly to the market are not fully informed until they experience the business by themselves. What I can advice them on this regard is for them to learn well and know what they are really doing in the market, that will save them greatly.

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    one of the most dirty myth of trading is that you can be rich overnight. Yes it is true that with trading it is possible to make money faster but not overnight. Overnight things happens only when you are playing with your luck not with trading strategies so be aware of that.

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    Well, trading in forex trading is a business and it has to be managed as a real business, therefore whether we make money from it or not, it all depends on the traders and how they have been able to take the business. To me I think forex trading is a business that we have to learn, there is the demo account where we have to learn things from.

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    [lang=id]there are many thing that should understood by traders, and so good if they are based on their experiences, so they can take the conclusion for how to decide the right thing for them, that is about the choice, and they are free for this, and with the experiences will get the way to work in it,
    and i see that forex is hard work also smart work too, it does not mean we need to keep trading for more and more, but the hard work here is how to make enough knowledge and get the right skill and implement them with well where at the same time we need to keep stable the emotion in mind[/lang]

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    Quote Originally Posted by splash View Post
    Well, trading in forex trading is a business and it has to be managed as a real business, therefore whether we make money from it or not, it all depends on the traders and how they have been able to take the business. To me I think forex trading is a business that we have to learn, there is the demo account where we have to learn things from.
    it is a business, and it should be well used by traders that knows it, when you do not know this business, you can not do anything correctly through it. and the workings of traders is to make sure they do not lose, and they should decide in the best possible way.

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    Trader layigold's Avatar
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    Quote Originally Posted by sabeeh287 View Post
    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.
    What a wonderful contribution you made through this thread but a topic like this is not meant for this section. This kind of topic is better discussed under "Trading from A to Z" but all the same good lesson can still be learned. Those who advertise the so called "fire proof trading strategy that will give you 1000% return on investment" are only looking for those who are gullible who would buy that which did not worked for those who sell it. No one has ever succeeded in forex trading by threading that path, if you want to be successful in this trading industry, you must create good and quality time for learning and practice

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    Quote Originally Posted by layigold View Post
    What a wonderful contribution you made through this thread but a topic like this is not meant for this section. This kind of topic is better discussed under "Trading from A to Z" but all the same good lesson can still be learned. Those who advertise the so called "fire proof trading strategy that will give you 1000% return on investment" are only looking for those who are gullible who would buy that which did not worked for those who sell it. No one has ever succeeded in forex trading by threading that path, if you want to be successful in this trading industry, you must create good and quality time for learning and practice
    I don't know why you are this exited concerning this thread, but the thread is so meaningful if we think of the comment well. Traders will have to be careful with their growth in the market, this is a good part which traders will feed with learning, and that is going to make traders have what they wnat to achieve in this trading when they can do things with common sense.

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    Trader cutiekc's Avatar
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    Of course this are some similar things we we all know but then some of us are not just so serious about them, we think that we can make money that fast but in the real sense of it, it is not so true. Forex trading is a risky business and when you have the mindset, you will ensure to have learned the business before investing.

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    Quote Originally Posted by cutiekc View Post
    Of course this are some similar things we we all know but then some of us are not just so serious about them, we think that we can make money that fast but in the real sense of it, it is not so true. Forex trading is a risky business and when you have the mindset, you will ensure to have learned the business before investing.
    We don't have to look for quick money and this is the biggest problem for all new trader's because when they enter as a new trader that time they have only one money making goal in trading instead of learning and practice. It give them more greed and impatience in trading. The goal of earning should be only adopted after getting the good skill and learning of forex.

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