Did you know that 9 out of 10 people will NEVER make money trading Forex?
Are you afraid that you might be one of the 9 that lose money, instead of the 1 that makes money?
Well, as you continue reading this article I’m going to tell you the 3 most common mistakes, which, when corrected, will ultimately allow you to start profiting from the currency trading business.
Or at least stop losing money!
3 Mistakes Keeping You From Making a Profit
As I said above, these are the 3 most common mistakes that I see beginning and intermediate traders making.
Think back to all the trades you’ve made that LOST you money, and see if you can’t find out where you may have made mistakes. After all, if we don’t examine our failures we’ll never grow from them!
Here we go!
#1. You Forgot that Forex is Not a Person
Wow, what do I mean by that?
What I mean is that most people for some reason think that logic or reason should apply to something that literally has no emotion.
Whether or not you lose money doesn’t matter to anyone else but you; you’re the only one that gets emotional when a trade goes bad.
Therefore, stop getting emotional. It will impair your ability to make profitable decisions with your money.
#2. A Complex System is Not Necessarily a Good One
Sometimes the simplest and most basic of indicators can be the one that profits the most for you.
Many people think that if they chase it long enough, eventually they’ll be able to identify some sort of ‘silver bullet’ type of system or indication that will allow them to manipulate their way into massive amounts of easy cash.
This just isn’t how Forex works. When starting out you should be nothing but exuberant with ANY gain on your investment. You shouldn’t expect much at first, it will take practice for you to find the edge that you need.
Which actually brings me to my next point:
#3. All It Takes is ONE Competitive Edge
If you can find just ONE consistently profitable indication in just ONE currency pair, then you can slowly build yourself a nice small, but regular, profit.
From there you can find another edge in another currency pair, and build yourself up a templated system that you KNOW will on average bring you in a profit.
As time goes on you’ll only make more and more money, but you have to be patient.
So, Where Should You Start to Make Money With Forex?
Listen, I know that you’ve probably still got a couple questions about Forex, or about what things you might be doing wrong. Unfortunately, I just don’t have enough room to answer all of your questions in a single article…It’s just the name of the game.
But! Here’s what I can do:
Source by Steven Odwal