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How to avoid common mistakes
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chmivu...@yahoo.com
Mar 14, 2007, 1:43:46 PM3/14/07
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There IS money to be made in the Forex market. But it is securely
locked up in a vault with one of the thickest doors you will ever
find. The key to opening that vault is to know when to enter a trade
and when to exit.
True, you also have to conquer the six common reasons for failure:
Poor understanding and knowledge
Undercapitalization
Unrealistic expectations
Lack of patience
Lack of discipline
High risk aversion
You can have an excellent understanding of financial markets,
realistic expectations, plenty of trading capital and nerves of steel
and still fail, because you need a tested and proven entry / exit
system. You need to know when to get in, when to get out, and you need
to understand why.
Why do we keep repeating this?
Because it's important. In fact this is the only thing that is
stopping you from cleaning up the market and pushing money into your
account until it is almost bursting at the seams!
Look, if you fail in the foreign exchange markets you only have
yourself to blame.
There are no forces out there controlling prices, like you might think
after watching too many Oliver Stone movies. There's no "source" you
must get closer to in order to become a winning trader.
Although, don't get me wrong. Some people do profit from your losses.
They are:
Your dealer/broker
Your ISP and software vendors
Traders who are better than you.
And another thing. There is no easy route to accumulating a trading
fortune.
We hear people claiming you can become wealthy by trading forex for
only a couple hours a month. They're dreamers! If you are not willing
to invest your time and effort, don't even start. Trading success
doesn't come free and easy. You get out what you put in!
But also, it doesn't matter which direction a currency pair is
trending. The only thing you need to make money is volatility. You're
after are those nice fat intra and multiday swings, and as we all know
there are plenty of these large swings in today's surging forex
market.
http://forextradxh.blogspot.com/#
locked up in a vault with one of the thickest doors you will ever
find. The key to opening that vault is to know when to enter a trade
and when to exit.
True, you also have to conquer the six common reasons for failure:
Poor understanding and knowledge
Undercapitalization
Unrealistic expectations
Lack of patience
Lack of discipline
High risk aversion
You can have an excellent understanding of financial markets,
realistic expectations, plenty of trading capital and nerves of steel
and still fail, because you need a tested and proven entry / exit
system. You need to know when to get in, when to get out, and you need
to understand why.
Why do we keep repeating this?
Because it's important. In fact this is the only thing that is
stopping you from cleaning up the market and pushing money into your
account until it is almost bursting at the seams!
Look, if you fail in the foreign exchange markets you only have
yourself to blame.
There are no forces out there controlling prices, like you might think
after watching too many Oliver Stone movies. There's no "source" you
must get closer to in order to become a winning trader.
Although, don't get me wrong. Some people do profit from your losses.
They are:
Your dealer/broker
Your ISP and software vendors
Traders who are better than you.
And another thing. There is no easy route to accumulating a trading
fortune.
We hear people claiming you can become wealthy by trading forex for
only a couple hours a month. They're dreamers! If you are not willing
to invest your time and effort, don't even start. Trading success
doesn't come free and easy. You get out what you put in!
But also, it doesn't matter which direction a currency pair is
trending. The only thing you need to make money is volatility. You're
after are those nice fat intra and multiday swings, and as we all know
there are plenty of these large swings in today's surging forex
market.
http://forextradxh.blogspot.com/#
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