Forex Trading Errors - 3 Mistakes New Traders Make
Published Monday, August 11, 2008 by bloggerblognet22596 | E-mail this post
The lure of Forex trading is the massive profits that can be achieved with a relatively small investment. That is not to say there is no risk. Forex trading involves plenty of risk for the new investor. New forex traders owe it to themselves to educate themselves in order to reduce their errors and risks in order to maximize their gains. A little effort to learn Forex trading can go a long way in helping you to achieve the financial freedom that Forex trading promises.
The three main mistakes I see new Forex traders make are:
Taking advice freely:
Any advice you get should be taken with a grain of salt. Even some of the more experienced traders can make a mistake and lose money. Just because someone has a bit more experience than you does not mean you should blindly take their advice. It is your responsibility to educate yourself on Forex trading. Learn why a currency will fluctuate in value, learn how the Forex system works. Being able to analyze information properly will help you to better evaluate any advice you are given.
Making decisions based on the news:
Should you consider the information received through the news as it relates to your Forex trading? Yes, but this should never be a substitute for your own analysis and evaluation. Just like advice, do not act on information from the news until you have analyzed the information and understand how it relates to Forex trading.
Buy Low, Sell High:
This is where almost all beginners make a mistake. Many newcomers will buy a currency when it reaches a low point and then hold it until it surges to its highest rate. Forex trading is about buying low and selling high, but not the highest it has ever been. You want to set a realistic sell point and stick to it. In Forex trading, you want to achieve a relatively quick exchange of currency. You don't have to wait until the currency maxes out at its highest point.
New to Forex or looking to gain an edge? Learn the ins and outs of Online Forex Trading.
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