7 Mistakes you must avoid on Forex
by John on 09/02/09 at 11:26 am
1 - Never think in forex as a get rich quick opportunity. This market is difficult and risky, and you need to take the time to learn it before you start making money in forex.
2 - Beware with all the “Automatic Systems” that promise to make a fortune overnight. Most of these systems don’t work, and that’s why they sell them in the first place.
3 - Before you buy any system or course, make sure you make a good research about it. There are some good products on the market but most products are a waste of time and money. Visit regularly Forex reviews websites so that you know what are people talking about each product. This will save you time and money.
4 - Beware with unregulated brokers or those that trade against their customers. Make sure you’ll be able to withdraw your money when you want to before you decide to send money to any broker.
5 - Don’t ignore your results and never blame the market for your losses. The market is always right, and if you lost money than you done something wrong, not the market.
6 - Don’t try to test multiple systems at once. Test 1 or 2 different systems at a time to avoid all the confusion that happens when you test plenty of different systems at the same time.
7 - Don’t try to trade plenty of different currencies. Each currency has a different personality, so if you try to trade 10 different currencies at once, you don’t even know how each currency trades. Try to trade 1-4 currency pairs.
