Aug 152014

Discover the Wrong Forex Trading Strategies

Are you guilty of employing the wrong forex strategies? Maybe you’re not even aware that you are not going about your forex trading in a way that will lead to long term success and profits. See if you don’t recognize yourself and/or your forex trading behavior in any of these wrong forex strategies.

• You trade with all of your money. You have no targets in place, no entry or exit points, and you trade as much and as often as you like. If you are losing, you stay in the game in the hope of recouping your losses, and if you are winning, you stay in the game in the hope of winning still more. You lack discipline.

• Your goal is simply to make as much of a profit as quickly as you can, even if it means waiting for your currency to reach a specific high price before you even consider selling it. You let greed drive your forex trading.

• You ignore market trends and forex indicators; you eschew business, economic and global news. You know better; you trust your gut, your intuition, you play your hunches. No one can tell you anything because you are a forex trading master. You know everything.

• You consider yourself a forex day trader, using hourly charts and daily ranges to work from… while you don’t know everything there is to know about  forex trading, you obviously know more than millions of other traders who are too afraid to give day trading a go.

• You use all of the leverage available to you. Hey, what’s the point of having leverage if you don’t use it? After all, that’s what it’s there for, right?

• You find forex trading easy. You can’t see what the big deal is and what everyone else is talking about. Who needs books and guides and study tools.

• You consider yourself a lucky person, and luck is all you need to be a successful forex trader.

So, which one (or ones?) are you? All of these wrong forex strategies will lead to your early exit as a forex trader. But, there’s still time for you to right the wrongs, now that you know what you’re doing wrong.

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