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| Forex Trading Philosophy |
Keen on starting forex trading? Why would you not be? Many beginning forex traders are captivated by the allure of easy money. Forex websites offer 'risk-free' trading, 'high returns' and 'low investment' - these claims have a grain of truth in them, but the reality of FOREX is a bit more complex. As with anything in life, what you put in will determine what you get out.
There are two common mistakes that many beginner traders make - trading without a strategy and letting emotions rule their decisions. After opening a forex account it may be tempting to dive right in and start trading. Watching the movements of EUR/USD for example, you may feel that you are letting an opportunity pass you by if you don't enter the market immediately. You buy and watch the market move against you. You panic and sell, only to see the market recover.
This kind of undisciplined approach to forex is guaranteed to lose you money, and have you waste your time. FOREX traders need to have a rational trading strategy and not allow emotions to rule their trading decisions.
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posted @ 10:20 PM  |
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