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In this Forex trading tutorial, we will look at common errors made by most novice traders which cause losses and also look at some tips to help get you on the road to Forex trading success. Now, lets look at how to enter the elite 5% of traders who make big gains trading currencies. Before our tips for success, lets look at the main reasons traders lose money. 1. A huge number of novice traders buy cheap Forex robots and think they will make money with no effort and they lose. It' should be pretty obvious to anyone, you don't get an income for life, in a market where 95% of traders lose for two hundred dollars. 2. Another group of traders rather than making no effort make to much! You get the intelligent person who thinks he can beat the market with a clever system but all he does is make a system with to many elements to break. The best systems are simple and robust so you don't need to be intelligent to learn one of these. Other traders think the more they work and the more they trade, the bigger the profits are they will make and they lose too. If you trade too often you will take low odds trades and increase your chances of losing. 3. Leverage is the buzz word which attracts traders to Forex because it creates big gains but on the other hand it also creates risk. Brokers give 400:1 or more in leverage so traders use it and lose! If you are a novice trader 10:1 leverage is a good amount to start with and you should never use more than 50:1. Nearly every novice trader over leverage's their account - don't make the same mistake. 4. Most novice traders hate being wrong and run losses and this even with moderate leverage leads to disaster. In Forex trading, you need to cut losses quickly and you can have far more losers than winners, so long as you keep your losses small and run your profits. If you are an emotional person who hates being wrong, don't trade Forex. How to Win at Forex The above are not the only reasons novice traders lose but their the main reasons and if you understand them, you will now know how to enjoy Forex trading success. You need to learn the basics and not trust automated software but because the best systems are simple, anyone can learn how to make profits with them. You also don't need to work hard and trade a lot to win which means, you only need to spend 30 minutes a day on your trading strategy. Finally, you need a disciplined mindset to succeed but anyone can choose to be disciplined if they want too. If you want to enjoy Forex trading success you can and for the effort you have to put in, there is no more rewarding business than trading global Forex from home. NEW! 2 X FREE ESSENTIAL TRADER PDFS
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