Friday, December 12, 2008

Learn Forex Trading - The Number 1 Mistake Novice Traders Make that Professional Traders Never Make

When you first learn Forex trading and then begin to trade the currency markets, the adrenaline rush from making that initial successful money making trade can be over whelming. After all, in most cases you have all ready invested both your time and your money in this new method of acquiring wealth and are wondering if your effort is going to pay off or just be one more wasted attempt.

There is a famous quote that says, "Its funny, the harder I work, the luckier I get." Nothing ever stated was more applicable than that saying to the Forex markets. As soon as you tell your friends, family and co-workers about the money your making in the currency markets, you know what they are all going to say, I do, because I heard it. It will be something like this, You were lucky, let's see you do it again, or be careful investing is difficult.

Now after a few million in the bank, all I hear from the same people is, Will you teach me how to do it? I tell them, "How hard can it be, a currency can only go one of two ways, up or down. That is a fifty percent chance of being right if you just throw darts at a board."

Let's get back to the issue at hand, the mistake new investors make after making there first few profitable trade. They forget, they don't remember why they made money in the first place and just want to jump back in quickly to get that same feeling that had when they sold and cashed out the big profit the first time.

The number one mistake new financiers make is LACK OF DISIPLINE! They get caught up in the game and don't realize that this is real money we are talking about here and not monopoly money. For those of you that have never traded and made a big score, it is impossible for you to understand what I am talking about. But, for those of you that made money and then got wiped out, you are saying, "He is so right. I got caught up in the moment and forgot the purpose of this whole pursuit."

It is not a game and if you let it become a game you will NEVER be profitable. Here are a few things you can do to help you realize that this is real money you making and not play money. First, always take some profits off the table and enjoy yourself. You don't have to take much, just enough to buy a new car, maybe a BNW, take a three week vacation to the Fiji Islands or put a new addition on the house. Just enough so you never forget this is REAL MONEY!

This is not rocket science we are talking about here. Millions of people worldwide are making a fortune trading the Forex markets and there is no reason you can't be one. Just remember all the things you learned in the Forex educational courses you took and never forget it is not a game, but a path to wealth and you will do fine.

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