Forex Trading Methods - Popular Ones Traders Use Which Lose Money

in Currency-trading
In this article, we will look at some popular Forex trading methods traders use to seek currency trading success which lose money. Let's look at Forex trading methods in more detail and see why they are doomed to failure and also, look at some tips which can help you achieve currency trading success.

Lets start by looking at some popular losing strategies first.

Forex Robots

These systems are a popular choice with a lot of traders,because they offer a lifelong income, for two hundred dollars or less and no work. These systems though all fail to make money, because if Forex trading was as easy as the sellers of these robots claim, 95% of traders wouldn't lose money!

Day Trading and Scalping Strategies

Before the internet, a select few traders had the price information before the majority of traders and used this time period, to make some quick profits. Today, this advantage has gone with the arrival of the internet and instant price delivery, at the click of a mouse. All volatility in a day is now random which means you can't get the odds on your side and that means you will lose. It doesn't matter how good your system is - you can't make money in random volatility, so day trading is a lot of effort for no results.

Scientific Systems

There are many of systems which claim they can predict the future but try them and their predictions, will be about as accurate as your horoscope. The most popular ones, are ones based on Fibonacci numbers, Gann, or Elliot Wave and there loved by the far out investment crowd. What the traders who use and believe in them fail to think about is this - if you really could predict prices in advance, there would be no market! Markets move on uncertainty, not certainty and humans of course are not logical or predictable and never will be.

How to Win at Forex Trading

If you want to win at Forex trading pick a simple strategy which trades the reality of price change and always keep in mind, your system only needs to be simple; simple systems work better than complex ones, because they are more robust and have fewer parameters to break.

Forex trading can be learned by anyone and for the effort you have to make, the rewards are enormous. If you get the right education, your all set to make a great second income and enjoy currency trading success.

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Forex Trading Methods - Popular Ones Traders Use Which Lose Money

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This article was published on 2010/08/22