Six mistakes losers do!

If you want to learn Forex trading make sure you don't make these common mistakes made by the vast majority of losers or you will join them. Avoid them at all costs, learn Forex trading correctly and enjoy currency trading success - here they are...

1. Trusting $100 Forex Robot

Want to lose money? Then this is simply one of the best ways to wipe out your money.

The cheap, heavily promoted Forex trading systems you see online, have never been traded and only have back tests that are made up in hindsight. They have made no real gains, despite claiming you will make some if you use the system.

Think you will make money with one? Try it and see the market doesn't allow you to make up your track record in real time.

2. Scientific Theories

These are loved by the wacky far out crowd and the theory goes like this ...

Human nature conforms to some mystical law which means there is a scientific theory and if you follow it you will win.

Well of course there is no such theory that works - because markets don't move to science! Markets only move to odds and if there was a scientific theory that worked, there would actually be no market, as we would all know the price in advance.

This doesn't stop traders though they love theories like Gann, Fibonacci and Elliot Wave which claim to be scientific but are not.

3. Prediction

Goes with the above you have lots of predictive theories that tell you they can spot price changes in advance but they will about as accurate as your horoscope, as prediction is just guessing.

If you want to win trade the reality of price change and don't guess!

4. Day Trading and Scalping

The dumbest way of trading you can get - let's try and predict what millions of traders will do in minutes or hours - hard job? It's impossible!

Sure you get lots of day trading systems that say they can make money - but guess what? There track records are all simulated backwards.

5. Trading Breaking News

The traders who do this need to learn the following - markets move to perception of the news not the news itself and how far it is already discounted. Markets always crash when the news is most bullish and rally when its most bearish and trying to trade on the back of it is a waste of time.

6. Not Understanding the Importance of Discipline

Most traders are followers and hate responsibility for their own financial destiny and never have confidence in what there doing.

When they hit some losses they cannot trade with discipline let their emotions take over and lose. Trading discipline is vital - if you have a trading system, you must execute it with discipline or you will lose.

Understand this and Win!

Most traders believe the rubbish they are told that Forex trading is easy and its obvious its not and they fail to understand that success is built on a solid forex education and confidence in what their doing which leads to discipline.

If you understand the above, you can achieve currency trading success and avoid the losing majority