Forex Advice

By: Sonia Kristina

There is a huge industry in selling forex advice and it normally comes with a track record of gains so how do you figure out what is good advice and the majority that will burn your equity? Simply look for the following warning...

This is a warning you will see on the majority of course, forex robots, trading signal services and other services sold and you would be wise to read it carefully as the odds of you winning are dramatically reduced if you see it:

"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".

The above blows any track record presented out the water because it's been done knowing all the price history and data.

Most forex traders are either greedy, trusting or naÃ?ve and don't ever read it and its normally tucked away in the small print anyway and you have to think - if it really is that good as forex advice why is there no real time track record of profits?

Anyone can simulate in hindsight with all the facts at their disposal but it's a lot harder trying to do it without all the data at your fingertips.

Most forex advice sold is not actually sold by traders, who trade their own advice but by marketing companies, who rely on enticing copy and you always see statements that don't ring true, such as the following:

- Trade with 90% accuracy!

- Make $5,000 dollars Each month

- You don't have to know what your doing to make money

- $100,000 a year income

- Pinpoint market tops and bottoms in advance

ETC

Any experienced forex trader knows the above statements are a lets say, a little bit exaggerated!

Forex trading is NOT easy if it were, then 95% of traders wouldn't lose and everyone would pack in their jobs and be traders.

Forex trading has high rewards and that means it's not easy and it suits a certain type of person.

It suits the person who knows they have to pay their dues and get the right forex education and learn from the ground up.

You can only win at forex trading, if you have discipline and this comes from understanding and confidence to apply a forex trading strategy with discipline.

Success comes from within, not following others and following someone who presents a track record that has never been traded is probably not the best forex advice to follow.

So if you want to make money at forex trading, understand you are going to have to work to succeed, just like you do in all other areas of life.

Foreign Exchange
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 

» More on Foreign Exchange