By Kelly Price – In this article, we will look at common Forex myths most traders believe which cause losses. If you want to avoid the 95% of losers and enter the elite 5% of traders who make big Forex gains, then this article can lead you to Forex trading success.
First lets look at the biggest Forex myth which new traders believe.
Cheap Forex Robots Work
For a cost of under $200.00 the sellers of these robots claim you can make a huge regular income with no effort. So a lifelong income for just the cost of a good night out – doesn’t quite add up does it? It looks to good to be true and it is these systems are so cheap, because they don’t make money not becuase they do! Avoid these get rich quick systems or you will lose.
Currency Trading Requires Hard Work
This is a common myth and while hard work can help you in many jobs, it doesn’t help you succeed in Forex. Traders who think the more effort they put in and the more they trade, the better the chances are of making money – are wrong. These traders make a lot of effort and take low odds trades and lose. In addition, they try and be to clever which leads me to my next point.
The Best Forex trading Systems are Simple
The trader who thinks, that complex strategies work better than simple ones is wrong – Why? Because simple systems work best and the reason – if you make a system to complex, it will have to many elements to break.
You can Predict Currency Prices in Advance
Many traders think you can predict prices in advance with science and use systems based on science which include – Fibonnaci, Gann and Elliot Wave. If you try and predict Forex prices you will find, your predictions end up as accurate as your horoscope. Forget predication and simply trade the confirmation of price action. Sure you won’t win every trade but if you keep your losses small and run your profits, you will make huge gains.
Why You can Win at Forex
As you can see, successful currency trading requires only a simple system and in addition, you don’t need to work hard or have a college degree to win. If you have a simple system which trades the reality of price change, you cut your losses and run your profits, you can enjoy Forex trading success.
You have to make some effort and learn skills but anyone can learn the skills needed to win and for effort you need to put in the rewards can be life changing.
About the Author
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