Forex Decisions That Result in Failure

By: Charles Nash

New players to the business of forex seem to make the same decisions that put them in financial loss and failure. By identifying these decisions, you can better arm yourself for success in forex.

1. These people trade with their emotions. This is the worst thing you can do. You don't want to be going with your gut feeling because as a long term strategy you're going to lose. The winners in this game make cold calculated decisions.

2. Practicing, but not applying the same techniques. It's funny how this works. People practice trading by "pretending" to buy a currency and watching what it does. People will do this and make a profitable trade. They decide to put their own money on the table and they come cautious and hesitate, losing all their money. When you practice doing something, do what you practiced. That's the point of practicing to see if it works.

3. There is no long term strategy. It's amazing how often people just get up in the morning, roll up to their computer and try to figure out how to make a profitable trade. This is no way of doing business. You need to develop a strategy that you're going to apply everyday. You need to know what you're looking for and you're going to buy when you find it.

4. They do all the work themselves, stressing themselves out. You need to confess to yourself that you can't do it all. There's just too much information to go through. The market is open 24/7, so you're going to have to sleep sometime when money is on the table. The best thing to do is get software like Forex Killer that can automatically monitor the currency and make profitable trades for you. If you're doing everything, you won't be able to handle it for the long term.

These are the decisions that bad forex traders make. Don't be one of them. Make sort profitable choices that work for the long term.

Share this article :

Most Read
• 5 Result-Getting Time Management Tips, by Steve Brunkhorst
• Result of Preventing Foreclosure, by MJ Jensen
• Better Decisions: Balancing Efficiency & Buy-In, by Andrea Corney
Top Searches on Foreign Exchange
•  Tax On Software•  Tax Cut Software