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Saturday, February 23, 2008

Forex Trading Myths - More Traders Fall for This One Than Any Other

Forex Trading Myths - More Traders Fall for This One Than Any Other

It is incredible that the forex trading myth enclosed is believed by the majority of traders who start trading forex. If you believe the enclosed myth, you are 100% destined to lose all your money. So what is it?

The myth is that a track record designed and tested in hindsight will make real profits. Each year traders buy forex trading systems and courses, with great track records on paper and believe that they will pile up huge gains with them.

In fact many traders don't even realize the track record is not real!

They simply don't read the disclaimer below which you will find on 99% of supposedly profitable track records on the net - read it carefully:

"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".

Having read the above would you now trust a system which presented a track record with the above on it?

Think about it.

The track record is done in hindsight, knowing the closing prices and making money knowing yesterday's closing price is easy, a child could do it - however forex trading is far harder.

When it comes to forex trading, people simply let their greed get the better of them and think they have an instant road to riches - but the simulated track record doesn't help in real time and the market teaches them a lesson.

The problem is most forex trading systems are sold by marketing companies NOT traders and these marketing companies simply rely on great copy to sell their course or trading system.

You wouldn't take driving lessons from a person who hasn't passed their test so make sure you don't buy a system that has not traded - its common sense really!

In forex trading you can make big profits but like in all aspects of life you need to make money on your own and no one is going to give you success so easily. So get back to basics, do your homework and learn currency trading the correct way and you will soon be making big profits.

There are no short cuts to success, so never believe the above forex trading myth instead, go and get some proper forex education and enjoy currency trading success in real time.

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