i just think that the most important thing to success in forex is to learn what to avoid or be aware of in trading forex and then you have better chance to be successfull in it!!!
this thread is for us newbies and i`ll be pleased if those who fail post here what the newbies should avoid or be aware of in trading forex.
thanks
i believe there is many of you who had some nightmare in forex.
my worst nightmare and thing that ill never forget and will have always on my mind when i trade is to avoid entry when the price is in the highs maximum or lowest minimum especially when its creating new maximum or minimum.
this position is very dangerous for either long or short entry and i`d rather be aware of.
try to avoid it
It is right that in forex trading is a very serious business and in this business you need to learn what not to do very sharply. Things which u shouldn’t do to keep your money safe in good opinion are
Don’t over-leverage your account
Don’t trade without a stoploss
Don’t trade without risk management plan
Don’t trade with the money which you cant afford to lose
Avoid making decisions unless and/or until you have gathered enough relevant information and relevant options, so you can pick the least of the evils. Trading is about the decisions you make. The better your decision making, the better your chances to be successful long term. Most of the information you get will be opinions and not facts. Learn to take the time to decide that information before you, is fact or opinion.
Avoid wasting your time to try and come up with something new. Highly unlikely, all most everything a human can conceive has already been thought of and tried, sometime before. Take the time to build a strong foundation of basics and practice, practice and practice it will be much easier to understand and adopt the more advanced information if you have a strong foundation of basics. My last and most favorite. Don’t just except fish from other people, take the time to learn how to fish on your own. Good Luck
Gp