If you think about going into the currency trading business then you need to know this: 95% of all people who tries currency trading end up losing money. In this article we will point out the 7 most common mistakes beginners make and what you can do to avoid them.
Common Mistake #1 Trading Currency’s Instead of Trading Currency Pairs
A common mistake among people who try forex for the first time is currency versus currency pair.In forex you trade currency pairs. You need to find out how these two currency’s impact on each other. If you just look at one currency things will go very bad. You need to know the both sides of the coin when you trade.|
Solution: Research as much as you can about the two currencies and not just one.|
Common Mistake #2 Not Keeping Focus
Another mistake among beginners is not being focused. Don’t do the mistake of “thinking” that you going to make alot of money and then spend it before the profit has become reality.
Solution: Focus on what you are doing right now. Then set reasonable stop losses when you do the trade. Now there is nothing more you can do. The market will do what it wants. Just enjoy.
Common Mistake #3 Doesnt Have a Strategy
Many newcomers doesn’t have a strategy. They just think: Ok my strategy is to make some money on forex.
Dont do the [...] Continue Reading…
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