Forex starters usually begin to use technical/fundamental analysis and forex charts in their online forex trading - and they truly can make a lot of money with these forex instruments. But there are some obstacles that forex starters usually don't see, so they fall into these bear traps. This article will discuss some of the most fatal mistakes forex trading starters usually make. I'll give you the key to escape and avoid these forex traps, so you can be profitable in your initial online forex trading.
1. Forex beginners consistently make efforts to find the ultimate online forex trading system that will fill their pockets with money at no effort at their side. For that purpose they find forex trading strategies with over 85% accuracy (at least the authors claim that), buy them and try to be profitable. There are a lot of things I can say about this, but in a nutshell - even the big banks with their advanced trading platforms, low pip spreads, huge capital sizes and experienced expert traders don't have such high percentage of success in a long-term frame. So just don't try to be right on the market in more that 85% cases, that won't work, believe me.
2. Forex trading system starters usually are likely to buy that "secret" online forex trading systems that flood the Internet today. Again, I can tell you a lot about these "secrets", but let me cut the things short for you: if these guys really knew the secret that was able to make millions of dollars for them in forex currency exchange online trading, they would not sell it to thousands of people for pathetic $59.95, $19.95 or even $99.95. Believe me - it's true. Just put yourself to their position: would you uncover that Golden Money-Making Secret to public just to generate insane amount of competition for yourself in forex online trading?
3. Forex starters very often use inaccurate data in their online forex trading accounts. They trade intraday and never make money, nor they will make it in future - why? Because the intra-day data is 95% inaccurate and 98% of all short-time-frame volatility is random. So you can't trade it profitably at the long-term basis. You need to use at least 1h, 4h or 6h time frames for your initial online forex trading. And please, don't be fooled by all that advertising that tries to push in your head the fluff about "consistent and profitable day-trading for the beginners". They just make money on your naivety and greed. Don't let the ads cloud your mind and mislead you.
So if you want to be profitable short-term as a forex starter on your online forex trading account and long-term as a professional forex trader (using the best forex broker of course), try to avoid the deadly forex trading errors mentioned above. Don't make happy the scammers who's trying to sell you that "get Rich Quick and Easy on FOREX" stuff. Instead - become an expert in forex trading online and Make Happy Yourself!
About the Author
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