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Online Trading Tips

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2009
30
Jun

2 Pitfalls in Forex Trading

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by Bart Icles

Have you ever wondered why majority of traders in Forex trading fail miserably – and end up on the losing side often, and that only a countless few really ever get to succeed in turning a profit. Whatever the answer is, I’m sure if you knew then you wouldn’t be reading this article. What if we took a step back from this harsh reality, and look at it from another point of view: instead of looking for the best ways on how to succeed in Forex trading, why don’t we instead try looking out for the things to avoid in Forex trading? Maybe it’s better to shine the limelight on the industry’s main pitfalls, identify each one, and then take it from there. Have you ever tried doing it this way? If not, then read on.

Keep searching for the Perfect System

Most traders, from neophytes and even to the most experienced ones are always trying out the various systems readily available on the market, even if the system in question is new and vague to them, hoping that it might be the ultimate system they’ve been looking for that will be their magic ticket towards untold riches.

Truth be told…there is no magic formula or system in the industry ever to make anyone get rich quickly. Since the market is very volatile, at any point in time it will go up or down on its own accord. All Forex trading systems is bound to fail from time to time. The secret is to find a system that fits your trading needs, and then follow through with it.

Be always on the lookout for an easy deal

Don’t be reeled into starting a career in Forex trading based on these false assumptions because if you do, you’ve doomed yourself into certain failure even before you’ve even started in it. Public ads showing or making a show of how easy Forex trading is and one that can be accomplished easily with almost anyone willing to risk diving into its murky deeps is in for the shock of their lives…and saying goodbye to their life savings.

It’s not easy in a sense because it doesn’t take just a click to put you on the winning circle just like that. It’ll be possible, not easy (would be the correct way to say it) to get continuous and consistent profitable results once you’ve learned all the basics of the trade, and then go on to learn more about patience, discipline, commitment, perseverance, and quick-thinking…and etc.

To play the game you have to learn all the rules completely, and some more. And to win the game, you have to play by the rules.

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