Do You Make These Top 6 Forex Mistakes?

There are some specific mistakes traders keep on making over and over again that keeps them on the losing end. You might be also committing some of these forex mistakes. But maybe its not your fault. No one ever showed you what you were doing wrong.

You maybe losing money hand over fist in forex trading with these repeated mistakes and maybe no one showed it how to do it right. You must be thinking what mistakes. Let's discuss these simple mistakes:

First Forex Mistake: Thinking that a forex robot is going to make you rich. Now can a simple forex robot costing something like $200 make you rich. Definitely not! Think it like this if there was a forex robot that worked, won't the broker's use it 24 hours to make tons of money.

Second Forex Mistake: Searching for a holy Grail Forex Trading System. To tell you the truth there is none. If there was one, everyone would copy it and become rich. As a trader, you need to understand this that not every trade will be a winner. There will always be some losing trades no matter how experienced you become. You just need to learn how to put the odds in your favor in each trade to make more winning trades against losing ones.

Third Forex Trade: Trusting your Forex Broker. Let's face it most of the brokers you will come across will be unscrupulous. You need to develop a method that tells you how to choose a good broker. Choosing a wrong broker is one of the main reasons why most new traders fail.

Fourth Forex Mistake: Overtrading. Spending too much time on the charts trying to find the perfect trade is going to make you fatigued and burned out in the end until you learn this simple 10 minute a day swing trading strategy.

Fifth Forex Mistake: Trusting a forex software with it's blinking red and green signals. Buying currency pairs when the signal is green and selling the currency pairs when the signal is red is never going to make you rich. Without understanding the underlying reasons for making each trade, you will not be able to make winning trades.

Sixth Forex Mistake: Waiting for the economy to recover to start trading forex. Forex markets are huge. More than $3 trillion get traded in the currency markets daily. There is neither a bull market in forex nor a bear market. If one currency goes down, the other currency in the pair goes up. This is just the way the market functions. You can always trade forex no matter how bad the global recession. And the best time to trade forex is now! So stop your procrastination and start trading forex. This is the best home business opportunity of the 21st century.

Article Source: http://EzineArticles.com/3258714