forex trading myths beware losing money with them

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Forex Trading Myths - Beware Losing Money With Them

By Timothy Stevens

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There are some common forex trading myths that have been making people lose greatly. 95% of people trading online make losses as a result of following these myths. Read them to avoid making unnecessary losses when trading online.





1. Some people think that they will make great profits by following what others are doing. You will often receive email ads telling you on how certain signals are good. Unfortunately, most of these techniques do not work or else why would these people keep sending ads on teaching you how to trade instead of them trading themselves or managing hedge funds?





Come up with your own ideas on trading forex since the market is unique and following what others have done will make you incur great profits. Some signal are however good but you will need to customize them.





2. Day trading is a risky investment to trade in. Newcomers have often taken the forex trading myth that the more you trade the more profits you make. However, volatility of the market is greater on short term traders and hence investors are at a greater risk of losing their bankroll. Many new traders have ended up losing their capital since they are convinced the more they trade the larger profits they will make.





3. Working hard will make you a millionaire is the worst forex trading myth since making profits all depends on trends taken by the market. You cannot try to force your own trades while forex is all about following trends smartly and determining when you will make profit. There is no one who can influence these factors by working hard and hence the best thing is through planning smart decisions and relaxing.





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forex trading myths beware losing money with them

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