3 Forex Mistakes 90 of Currency Traders Do
Over 90% of Forex traders lose most or all of their money. Ever wonder why that is? The reason is that most traders make fundamental and stupid mistakes which cost them money each day and let the 10% successful traders laugh all the way to the bank.
Here are 3 Forex Trading Mistakes You have to avoid
1. Trade unfamiliar Currencies - Even though it's possible to trade virtually every currency pair, and you can make money with each of them, there is no reason to trade currencies of countries you know nothing about. Few of the main things which influences the value of a currency are political, micro-economical, and local news of the currency's country. It's a Forex mistake to trade a coin if you're not familiar with all these things.
2. Making a lot of transactions - Bad traders make a lot of trades because they let their emotions make their decisions for them. They sell too early when they see a profit and they sell too late when they lose. Also, for each transaction there is a commission to your broker, so you're eating into your profits. Unless there is a change in market conditions, you should trade according to your predetermined stop loss and take profit prices.
3. Trading Blind - Most losing traders trader blind and this is by far the worst forex mistake to make. Many traders base their decisions on outdated tips, articles, and a vague understanding of economical terms. You need to trade according to some sort of system. I recommend using some sort of forex trading software to support your decisions and help you avoid costly mistakes. There are some excellent and affordable softwares which people are using with great success. Stop trading blindly and you will do better.
Avoid these 3 forex mistakes and you should make more money on the currency market.
To read more about forex softwares, click
Source: http://ezinearticles.com/
Added: April 29, 2008
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