Nearly every day, I see the information about Forex trading mentors throughout the web. People are interested in their services because they think that mentors are more professional and experienced. But it’s not always true. The market is full of sort of Forex trading mentors who offer magical trading strategies, expert advisors, and books on the subject of rather poor quality. It seems to me that there are not so many of real mentors who can share their own experience with newbies, but there are always people who want to make money on the newbies’ ignorance.
The Forex market is constantly waving. It has periods of the uprising, moving down, and consolidations. Most of the traders use systems that perform better on the rising or falling market, but there are strategies that work perfectly on consolidating one. So, it’s like… The equity curve just follows the waves of the market. It means that you shouldn’t always stop trading when the price goes wrong.
Not every trader can dedicate all his time to Forex. Even if he does, he has to plan the trading day. If a trader dedicates Forex a few hours in a week, he should do it. I can say from my own practice, that trading on Forex needs a trading schedule. The market moves chaotically, and I’d be lost in it without an order.
As we already know, proper money management and risk management can be your secrets of success. After you have defined your goals and selected a strategy that suits your psychology, create risk management rules to see how much funds will be at risk and how much money will you be able to earn with the deals.
We have already talked about the most common mistakes of traders. But today I want to draw your attention to the leader of all those mistakes, to the #1 profit killer in your trading. It’s lack of money management. Sounds easy, right? But if we look deeper, it becomes a serious problem that doesn’t let […]