You might think that this is just another Forex trading tutorial which teaches the basics of trading. However, this tutorial will actually cover what you should NOT do in your trading. Take the initiative to learn from the common mistakes made by novice traders, and strive to do better without going through the heartache and loss they went to. These are among the common mistakes made by novice traders that you should avoid.
Most novice traders make the mistake of trusting in Forex robots, purchasing them and thinking that they could just sit down while these Forex robots work on autopilot making them money. This is wrong, and causes more loss than it could ever give you winnings. It is pretty obvious that if it is too good to be true, most of the time it is. If it was really that easy, plenty of people would be millionaires now, having these “robots” trade for them.
Another mistake most novice do in Forex trading that you should avoid is trusting cookie-cut formulas sold by so-called trading gurus. There are no such thing is surefire way, or formula that will 100% allow you to win at all time. Once again, the simple rule of “if it is too good to be true, it is” applies here as well. The trading market is an unpredictable one, and it is impossible to come up with formulas, patterns or so-called surefire ways to always win. You need powerful and intricate strategies to be successful.
Avoid the mistake that most novice traders do, which is following Forex trading tutorials blindly. Tutorials are meant to help and educate, however, in order to succeed in Forex trading, it requires for one to invest time, energy and effort making proper planning, intricate strategizing, and calculating risks as well as following the latest news on the Forex market.
This brings us to another mistake – which is the lack of research, planning, strategizing and practice. There is no excuse to be lazy in the world of trading. Unless you do not mind losing money, you should put in effort and once you have a plan set, practice it. Never compromise in studying and researching as trading is a never ending journey.
Hope you learned a thing or two from this Forex trading tutorial – and what is most important is to continue learning and researching and find more sources to learn from.