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Forex Mistakes – 5 Common Mistakes Novices Make Which Lead to Losses

PostDateIcon June 7th, 2009

Here we will look at some common Forex mistakes which wipe traders out and of course you need to avoid them to win. The majority of novices make them so let’s take a look at them.

In a moment we will show you how to win at currency trading but first, here are the Forex mistakes to avoid if you want to become successful.

1. Buying Sure fire Systems

Most traders think they can buy a cheap software package, make no effort and join the winning 5% and make huge gains for life. Alas, it’s not that easy to win and these traders are very naïve to say the least. If you want to win, in an industry where 95% of traders lose, you need to make an effort.

2. Swapping Systems

Traders use one system and it start to lose, so they swap to another one and just chase their tail and lose time after time.

There is no perfect system and if you want to win, you have to learn to lose in the short term and keep your losses small, until you hit a winning run again. Don’t look for perfection simply look to make money long term.

3. Trying to be Clever and Complicated

Traders think they can win by being clever or making their system complicated but Forex trading is simple and simple systems work best – want proof?

Well over the last 50 years, we have seen huge advances in technology and news sources, speed of delivery but the ratio of winners to losers remains the same – 95% so it hasn’t helped!

4. Not Understanding Volatility of Price Movement

If you don’t understand it and its significance, you will never win at Forex trading so make it part of your essential Forex education. We don’t have time to discuss it fully here, simply look up our other articles but you need to understand volatility, to enter your orders with the best risk to reward.

5. Lack of Discipline

If you can’t execute your trading plan with discipline, you don’t have one. Most traders can’t take losses, get annoyed or frustrated and deviate from what they should be doing, they either swap systems (which we looked at earlier) run losses, or quit.

You need to trade with discipline to win and this means – accepting your losses and keeping them small, until you hit profitable trades again.

Winning at Forex Trading Requires

Just a simple trading system, you have confidence in and can trade with discipline. To win you need a simple robust system and more importantly, the mindset to execute it with discipline.

You don’t need a college degree to win and you don’t have to spend months learning or executing your system, you can learn in a few weeks and make big profits in just 30 minutes a day; understand the message in this article and your all set for Forex trading success.

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Article Source:http://www.articlesbase.com/currency-trading-articles/forex-mistakes-5-common-mistakes-novices-make-which-lead-to-losses-958065.html

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Why I like Robominer
In the Forex marketplace, almost every week we see the release of some new trading system or Expert Advisor (an EA is an automated forex trading robot). Some of them work while most of them don't. However there is one EA that has been constantly making profits over the last year, generating over 86,908.00 pips in profit, and generated a 314% return in just 12 months, according to company figures.

This system that only a few seem to know about is RoboMiner. The RoboMiner EA is a long term investment system that pumps daily small profits into your account, it always closes trades with a profit. That's right, you will never have any trades close with a loss.

The RoboMiner EA uses a proven grid trading system that is so safe, it's as if your money is in you IRA account. This system generates a minimum 6-10 % return monthly, with compounding that's 100% return a year.

Let's do the maths here. If you invest $2,000 today, in 9 years from now that will turn into $1,000,000 minimum. Where else can you find such a safe investment that will give you this kind of return?

Best of all you can download a free demo of this EA, test it for as long as you want and see for yourself how it performs.

So go ahead and try the RoboMiner EA today. Click here to download a FREE copy of RoboMiner. You will never have any trades close with a loss.
What Are The Best Forex Robots?
Watch out. The only thing that some "autopilot" forex software products will do for you is... analyze the market. Sure, that's great because when a computer does all the analytical work for you, you don't have to sit in front of a screen looking at charts and candlesticks for hours on end.

But a ROBOT program goes much further.

Forex robots will actually DO THE TRADING for you, as well as the analysis work. A well-written Expert Advisor (EA) will buy at the right time and sell at the right time. It's the ultimate in hands-free currency trading... as long as it's a well-programmed forex robot.

So what are the best forex trading robots available today? I've tried several but only identified one I am happy with at this point... RoboMiner. It primarily works with the AUD/NZD currency pair and is programmed to only trade when you will make a profit. It takes profit when a trade has reached a 1.5% profit.

Why I don't like these EA's

PipsMiner. I first used the wrong settings and as a result lost money. Then I corrected my mistake and entered their recommended settings but still lost money with PipsMiner SE version. Here endeth my very brief PipsMiner user review.

Forex Megadroid. I was running the default settings in demo mode and it didnt turn a profit for me, so I got a refund from ClickBank. That's the nice thing about buying through ClickBank. Although the site promises world class support, it fell far short of that in my experience.

ForexBling. Support was inadequate. I had several questions about setup, but they were answered in just a few words when my questions really needed more info. Even the brief answers did not address my actual questions in some cases.
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