Forex is known for taken eager traders, chewing them up and spitting them out. Hopefully, this article will save you from being another meal for the sharks that circle the deadly seas of Forex. Forex is a competition, it is a zero sum game, someone has to lose money for you to get paid, normally, it is the new traders who are the losers. The big winners are the global banks who run super computers and who have mathematicians from Ivy League schools on their staff. The average trader doesn’t have any advantage in the competitive world of Forex.
Since we do not have an advantage in Forex, we should do everything not to give any more of an advantage to the professional traders. There are several ways that new traders spew money. The first way they spew money is by not having a money management strategy. All you trades should be of the same size and you should never try to make up losses by trading bigger, that is what losers do. Don’t be a loser.
Losing trader also give more edge to the professionals when they trade to often. Over trading is a reason why many new and experienced traders lose money. Do not trade just for fun, Forex trading is not a game, and it shouldn’t be used for entertainment. Treat Forex like a business and not a money making hobby.
Another way that new traders hand over their money to the professional is by not having a trading plan. You have to trade using a system or a plan that removes all in-trade decisions. You need a system which tells you when to open a trade and when to exit a trade. You should never have to make these decisions on the fly. Discretionary trading is a slave to fear, greed and other human frailties. The professionals use computers to make their trades so that they don’t have to deal with emotions or human subjectivity. Computers don’t feel fear and don’t have greed, they just do what they are programmed to do.
New traders also foolishly try to scalp the markets and they try other short-term strategies that are low probability. It is my belief that they are attracted to these losing strategies for two main reasons, they want instant gratification and they want excitement. Successful trading is boring! Remember that! If you want fun go hangout with your friends.
As you can see, Forex trading should be treated like a business and not used for fun or entertainment. Successful trading is anticlimactic, it’s boring and it becomes mundane. Entertainment traders are those who want to put half their account at risks and gamble, they always end up losing their shirt.
Do the opposite of what the losers do and try to imitate the winners and their no frills approach to trading Forex. Making your trading so rock solid, steady and boring that you know everything that is going to happen in every trade.
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