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Online forex trading is often promoted as a way to get rich quick and that it can be easily.
While it can be done and is one of the most financially rewarding ventures you can do for the effort, you need to know where to put your effort.
It’s a fact that in online forex trading most traders have no idea how to really make money and lose and here are the basic mistakes they make.
1. You can buy success from someone else
They buy an e-book for under $100 and expect it to make them rich.
These people are greedy, ignorant or fools or maybe all three.
There is some good advice out there (and our other articles explain this) but don’t expect anyone else to make you rich, the final judgment on trades is yours and you need to accept responsibility.
2. The myth of short term trading
Most new traders want to day trade or intra day and this group are simply guaranteed to lose.
Short term trading doesn’t work.
No one can calculate daily moves their random and all you do is have a huge amount of small losses and marginal profits that destroy your account equity over time.
Ever seen a short trader with long term track record of consistent real time gains?
I haven’t and you won’t find one either.
3. Not understanding volatility and risk
Most traders have no concept of volatility and market timing to take advantage of it.
They end up entering trades when risk is high and placing stops that have high odds of getting them stopped out.
Learn about standard deviation of price and make sure you understand it.
4. Buying low and selling high
Most traders focus on buying low and selling high. This is destined to wipe them out.
Why?
Because they should wait for confirmation and “buy high sell higher”
Not enough room to explain this in depth here, look up breakouts on the net and see for yourself, most major trending moves start from new market highs.
5. Changing systems
Traders constantly change systems or methods.
This is normally because they don’t have one they understand and have confidence in, in the first place.
All systems lose at some point, but you need to stick with it if its logic is soundly based.
If you have confidence in it you will have the major trait all successful currency traders have.
6. Discipline
Many traders have a system but they don’t have the discipline to execute the signals as they should and these people may as well not have a system at all.
Some positive advice
Don’t make the above mistakes when you approach online forex trading.
Accept responsibility (even if you follow someone else) make sure you understand and have confidence in your system, so you can apply it with discipline.
Never day trade look for long term trends then:
Use a breakout methodology with just a few confirming indicators and understand volatility so you can place stops and targets to allow you to run the big profitable trends.
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