The 2 x forex mistakes we will look at here are made by the vast majority of new traders and they simply guarantee you will lose so here they are and make sure you avoid them or you will join them...
Trading a Forex Robot with a Simulated Track Record
The bulk of traders don't even bother learning forex they simply buy a forex robot from a vendor and believe the hype they can get rich with them. They see the track record and think they will do as well in real life but what they don't realize is the system doesn't have a real track record - it's simulated! This means it's never been traded and made up using past data.
Most forex robots are junk and it is unbelievable that people who are sensible in other areas of life fall for them and the exaggerated claims they put forward but they do and it's a huge proportion of new traders.
If you want to make money don't believe spending $100 on a piece of software and knowing nothing will help you win it won't.
Using Short Term Trading for Profit
Most traders who want to trade forex don't pick sensible time periods and go for forex swing trading or long term trend following but go for short term trading strategies such as day trading and scalping and these don't work! Why?
It's pretty obvious that all daily price action is of a random nature so you can't use daily levels and the idea that you can tell what a vast diverse of traders is going to do in a few hours is na๏ve. You can't and while it may look low risk it's a very high risk form of trading, as you will never get the odds on your side.
HOW TO WIN
If you want to win at forex trading forget following others and forget forex trading strategies that are destined to lose and get the right forex education.
Anyone can learn to trade forex but you need to put in some effort and learn logical ways to trade and get a method you can apply with discipline - do this and you will be well rewarded for your efforts and can enjoy currency trading success.
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