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Thread: Learn Currency Trading - 5 Common Deadly Mistakes

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    Default Learn Currency Trading - 5 Common Deadly Mistakes

    If you want to learn currency trading you need to get the right forex education and avoid the mistakes of the losing majority. The mistakes below are common ones but there easy to avoid and you must do so if you want to enjoy currency trading success.

    1. Following a Vendor Blindly

    One of the most common errors is to think someone else can give you success - they cant.

    Most systems sold are junk - but even if you do find a good one, how can you follow it with discipline if you dont know how it works?

    You cant to have discipline to follow a system you must have confidence in it so you need to take the time to develop your own trading system or have total confidence in someone elses logic.

    2. Trading News Stories

    We have more news at our disposal than ever before and all those stories are very convincing - but thats all they are stories. The news reflects the greed and fear of the crowd and they lose longer term - try and trade news stories and you are guaranteed to lose as well.

    The best way for any novice to trade is to simply follow the reality of price action on a forex chart and trade it - your trading the truth not an opinion and that is the only way to win.

    3. Day Trading

    Simply the dumbest way to trade.

    It doesnt work as all short term volatility is random and you cant get the odds in your favor.

    Dont believe me?

    Try and find a forex day trader with a real ( not simulated ) track record thats made real dollars over the long term. Let me know if you find one I have been searching for 5 years and still not found one!

    Avoid day trading at all costs!

    4. Trying to Predict Forex Prices

    If you try and predict prices in advance youre hoping or guessing and that wont get you anywhere in life and certainly not forex trading.

    You must not predict wait for momentum to confirm a turn and you can look up how to do this in our other articles - it is essential to confirm a price turn, rather than simply guess when it might come.

    5. Markets are Scientific

    Its amazing how many people buy into this myth yet its obviously not true.

    Why?

    Because if prices did move to a scientific theory, there would be no market, as we would all know the price beforehand and there would be no market. The reason a market moves is because we all have different opinions of where the price may go.

    The far out investment crowd love scientific theories and like to follow the works and methods of gurus such as:

    Gann, Elliot and Fibonacci.

    Well they made no money with their theories in forex trading and neither will you.

    So if you want to learn currency trading correctly avoid the common mistakes enlcosed and work and getting a simple forex trading system which will help you trade the odds, you can understand and can apply with discipline.

    If you learn currency trading the correct way ( and 95% of traders dont ), then you can enjoy currency trading success and create a life changing income - good luck!
    blogger.2bull.com

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    Default

    at first tnx for very useful article. I am referring your point No. 3. You told not to do day trading. But i m swing trader. So do u suggest to trade targetting longer?

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    one of the things out of your artilcle
    About Gann , Elliot and fibonacci
    they did not make money with it
    but we must be thankful to them for there great contribution that has helped many make a living trading forex
    SIGN UP UNDER MY REFERRAL LINK BELOW AND GET A GREAT trading method with indicator with autoprice and tp and sl levels that will make you daily 40 pips or more for sure
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    AND YOU GET THE EA FREE
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    First of all you must know that you must use fundamental and technical analysis in conjunction, both complete each others, so dont rely on one and leave the other. Fundamental is one of the reasons which influence the market, so if you are in a long trade and suddenly the trading currency went down so go and see if a report was released and see what its forecast and what was the released data and compare this data to your chart and you will have your first tool to control your business.

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    I agree on one thing, it is better to wait for a price turn before entering trade. I got first hand experience of how bad it may be if one doubts the truth of this statement. But am not saying that it can't be predicted.

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    4. is by far the most common mistake new traders make..using analysis or trading signals are two great ways to predict the market, blindly "predicting" forex prices is financial suicide.

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    There was no forex market in their times.(Gann , Elliot and fibonacci.)

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    Hi, this is a useful articles. I will try to avoid the mistakes to that I can make profit consistently in forex trading.

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    the fact u mensioned about forex day traders scares me...i am day trader hope i;ll be the frist one to sucsed

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    Hi Guy's surely we can look at the signals services other offer, discuss their tactics and trading methods to work out an average profit/loss report against each other there has to be a prefered method or are we all just peeing in the wind and get lucky 75% of the time???

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    Thanks fxcat, there sure is truth in all you said. It needed a great deal of confidence to take your position, I am happy I found your writeup
    Angba Victor
    2348026691532

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    I'm agree with you especially no.1 ..for no.3 in my opnion it's not 100% correct..we have to do day trading sometime depend on the market..

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    Hi FXCat 789

    Some of the points that you shared seem valid - not following a vendor blindly for example.

    But some of them just sounded like an opinion. Perhaps from experience, but an opinioin none the less.

    You said that day traders can't make any real money - do you make real money in the forex market?
    If yes, would you care to share your system?

    I for one am looking forward to it.
    DDaze

    Just adding my 2 bob.

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    Thats a lot of "don'ts"

    anybody got some "dos"

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