Forex Trading – How to Lose Your Shirt
Forex trading is a fast-moving, exciting way to make a lot of money, but it's also the easiest way I know to lose your shirt! Follow these few simple tips to make sure you suffer big losses trading the Forex. The first thing you must do is make sure you do not spend any time
Forex trading is a fast-moving, exciting way to make a lot of money, but it's also the easiest way I know to lose your shirt!
Follow these few simple tips to make sure you suffer big losses trading the Forex.
The first thing you must do is make sure you do not spend any time at all studying the basics of Forex trading, even though this information is available available you must make sure you completely ignore it.
It is possible to sign up for a free practice account with most Forex brokers but rather than making virtual currency trades and learning how to do things without risking real money, if you want to lose your shirt it's best to start right at the beginning using your own funds, because that way you will know what it feels like to really lose money.
Even though it is possible to receive news feeds or be alerted about items that could affect the currencies you are trading, you should not do this, it's best not to let up-to-date news affect your thinking if you want to lose money big time.
You should also make sure you completely ignore the Forex trader's forums that are available on the web. The fact that it is possible to pick up helpful tips and information on trends affecting the currency markets is of no interest to you, you know what you want to trade and you're not going to be influenced by the opinions of others.
It's best if you completely ignore any advice from the Federal Trade Commission even though they do provide information about the various frauds that could get you. The fact that the Federal Trade Commission is responsible for monitoring Forex trading is of no interest to you what so ever.
Some people suggest that when you first start trading it's best to only use small amounts of money that you do not require for any other purpose, now this is course is absolutely stupid, how can you make big money if you do not trade with large amounts? It's best to get involved right from day one trading large amounts of money.
When it comes to selecting a Forex broker do not pay any attention to other people's recommendations just go with your own gut feeling probably the one with the flashiest web site will be the right one for you.
Definitely do not bother having any trading strategy and on no account must use stop loss positions, just go with your gut feeling and you're probably right.
If on the other hand you've rather make some steady profits from your Forex trading you might just try doing the reverse of all the above tips.
Source by Roger Overanout