Best Forex Education - The 10 Top Mistakes New Traders Make Which Lead to Losses

If you want the best Forex education, you need to know the top 10 mistakes novice

traders make which lead to losses - the majority of new traders make them so let's take a look at them.

The mistakes are in no particular order of importance - there all important!

Trusting a Cheap Forex Robot

Anyone who seriously believes the laughable message that you can get rich by spending a hundred dollars or so and make an income for life, should not bother trading Forex. If it were as easy to make money, as the vendors of these systems claim 95% of traders wouldn't lose money.

Trying to be to Clever

Forex trading is simple and simple systems work best, those traders who think because their smart or have a college degree, that their guaranteed to win are going to be disappointed. Make a system to complex and it will have to many elements to break - simple systems work best and anyone, can learn one which can lead them to currency trading success.

Working to Hard

Many traders think the more they trade and the more effort they make the more money they will earn but there is no correlation between the effort and profits in fact, if you trade to much you will take low odds trades and lose.

Day Trading and Scalping

In a world of instant communications, all short term volatility is random, you can't get the odds on your side and if you can't trade the odds you will lose.

Trading Breaking News Stories

The news is not important, its the investors view of it which is. It's a fact that prices don't move to the news, that's why every major bull market collapses, when the news is most bullish and every bear market rallies, when the news is most bearish.

Trying to Predict Prices in Advance

Prediction is another word for hoping or guessing, try and predict in advance and you will lose - trade the reality of price action and let the move prove its started before getting involved.

Believing the Markets Move to Science

Leads on from the above point and the "far out" investment crowd love the theories which tell you the markets move to some order which is scientific. Problem is they don't and if they did, we would all know the price in advance and there would be no market!

Not Keeping Losses Small

You probably knew this one already! Even though trades know they shouldn't run losses, they let their emotions come into play and let losses run and get wiped out.

Not Having the Courage to Run Profits

You need courage to run big profits - but most traders simply can't do it, as soon as they see a profit they snatch it before it gets away and then, see the trend pile up thousands of dollar and their not in! They knew they should have done but lacked the confidence to do it.

Not Having Trading Discipline

Trading discipline is following a logical system and executing it in line with its signals and running losses and cutting profits, show a lack of discipline always remember - if you can't follow a system with discipline you don't have one.

All the mistakes above are easy to avoid, if you get the right Forex education and adopt the right mindset you will avoid them and furthermore, from the above mistakes you will see how you can win, while 95% of all traders lose money.

Best Forex Education - The 10 Top Mistakes New Traders Make Which Lead to Losses

By: Kelly Price

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