THE 8 MOST DANGEROUS MISTAKES OF FOREX

neotrend

Trader
Feb 23, 2011
11
0
17
Lagos
THE 8 MOST DANGEROUS MISTAKES OF FOREX
(AND HOW TO AVOID THEM) PART 2

2. OVER RELIANCE ON EXTERNAL SOURCE
This is another problem of traders and investors, because investing successfully is a difficult task, so the bias that every trade or investment that they make must be right makes the investor or trader begin the search for the HOLY GRAIL.
They (traders and investors) now begin to fall prey to those predators that gives mouth watering advice/ advert. I don’t know many people who have made money consistently following other peoples advice- be it the advice of Brokers or Investment advisors. Generally, most people either lose all their capital or get discouraged and get out of the picture.
When others teach you how to approach the markets, chances are they only superficially teach you what they actually do. It is not that they mean to deceive you. The only problem is that they usually find it difficult to transfer that information to someone else. But what I believ is that if at least two people can do something well, then that skill can be taught to other people with that person developing and improving on the skill.

SOLUTION
To unlock the “HOLY GRAIL” you need to appreciate your own ability to think and be unique. People make money by finding themselves, achieving their potential, and getting in tune with themselves so that they can follow the flow of the market. Getting in tune with yourself means finding a balance between your profits and losses and still remain calm.
So don’t sell yourself short! Practice, practice and practice in a demo account till you gain the confidence in yourself(showing a consistent pattern of profit) and not on an external source for trade executions.
If you want any advice , please seek advice on skills and not what to do in the markets.

To be continued……………
 

neotrend

Trader
Feb 23, 2011
11
0
17
Lagos
yes. thats true. i usually post the same article to some other forex forums. this is simply to show consistency which is very vital. Thank you for reading my post.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
3
49
All right, going to ask the obvious - when can we expect the next installment?
And thanks for the post, sure it is going to be helpful to a lot of beginners..
 

UWC Neeraj

Active Trader
Apr 27, 2012
674
0
32
Cyprus
yes. thats true. i usually post the same article to some other forex forums. this is simply to show consistency which is very vital. Thank you for reading my post.

As time passes by we will have to learn and understand that not all the times are same and the possibility of earnings will not be the same always.

But somewhat regular income will make things easier for traders.