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Common Forex Trading Mistake
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sao188pm3b...@gmail.com
Apr 13, 2008, 10:27:41 AM4/13/08
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Insufficient capitalization. Forex trading is already highly
leveraged. Insufficient capitalization just magnifies the potential
problems you can face. If you read about the famous and big name
traders, they never use more than 1% - 2% of their trading capital on
a position. Get out a calculator and let's see... 1% of $10,000 is
$100. So as a position trader who might have a stop-loss order of 100
pips, you can only trade one mini lot of one currency pair for each
$10,000 in your trading account. That is, if you want to trade like
the pros. Do you have $10,000 in your account? Why do forex dealers
boldly advertise you can start trading with only $250 then? Because
they are in business to make money, and if they can convince you to
commit trading errors, they stand a much better chance that they will
soon have your money.
leveraged. Insufficient capitalization just magnifies the potential
problems you can face. If you read about the famous and big name
traders, they never use more than 1% - 2% of their trading capital on
a position. Get out a calculator and let's see... 1% of $10,000 is
$100. So as a position trader who might have a stop-loss order of 100
pips, you can only trade one mini lot of one currency pair for each
$10,000 in your trading account. That is, if you want to trade like
the pros. Do you have $10,000 in your account? Why do forex dealers
boldly advertise you can start trading with only $250 then? Because
they are in business to make money, and if they can convince you to
commit trading errors, they stand a much better chance that they will
soon have your money.
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