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Author Topic: The Most Common Forex Myths  (Read 3428 times)

sidewalk-star

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Re: The Most Common Forex Myths
« Reply #15 on: May 28, 2019, 03:54:34 PM »
With regard to #4.

Copy trading for me was an essential part of my journey. I managed to find somebody who was trading the types of strategies I was interested in myself and then I studied every one of his trades for nearly a year, to see where I was going wrong and where he was getting it right.

Without copy trading, I would probably still not be profitable or have the confidence to pull the trigger on my own trades. And I certainly wouldn't be in a position to offer my own copy service, as I do now.

Of all the online courses, forums, EA's, etc.. that I tried... Copy trading turned out to be the most useful part of my journey to becoming profitable. So, Copy Trading gets my vote as a credible way to learn the ropes in Forex trading! You've just got to find the right person, with a trading style that fits your own personality, then apply your own techniques to make it truly your own.

Considering the amount of money I wasted on online courses and all the other stuff newbie traders do, spending $30 a month copying somebody else's trades proved to be the best investment I've ever made.

And yes, I have made my gratitude known to the person in question.   ;)

Offline drunkfx

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Re: The Most Common Forex Myths
« Reply #16 on: June 03, 2019, 08:19:37 AM »
With regard to #4.

Copy trading for me was an essential part of my journey. I managed to find somebody who was trading the types of strategies I was interested in myself and then I studied every one of his trades for nearly a year, to see where I was going wrong and where he was getting it right.

Without copy trading, I would probably still not be profitable or have the confidence to pull the trigger on my own trades. And I certainly wouldn't be in a position to offer my own copy service, as I do now.

Of all the online courses, forums, EA's, etc.. that I tried... Copy trading turned out to be the most useful part of my journey to becoming profitable. So, Copy Trading gets my vote as a credible way to learn the ropes in Forex trading! You've just got to find the right person, with a trading style that fits your own personality, then apply your own techniques to make it truly your own.

Considering the amount of money I wasted on online courses and all the other stuff newbie traders do, spending $30 a month copying somebody else's trades proved to be the best investment I've ever made.

And yes, I have made my gratitude known to the person in question.   ;)

What do you learn from copy trading? Using signals from the vendor you can't restore the original strategy he uses to generate signals. The best what you can expect that trading signals will be profitable and you earn something. Probably if you are vendor itself then copy trading is a good option for you to make money.

sidewalk-star

  • Guest
Re: The Most Common Forex Myths
« Reply #17 on: June 03, 2019, 08:58:30 AM »
With regard to #4.

Copy trading for me was an essential part of my journey. I managed to find somebody who was trading the types of strategies I was interested in myself and then I studied every one of his trades for nearly a year, to see where I was going wrong and where he was getting it right.

Without copy trading, I would probably still not be profitable or have the confidence to pull the trigger on my own trades. And I certainly wouldn't be in a position to offer my own copy service, as I do now.

Of all the online courses, forums, EA's, etc.. that I tried... Copy trading turned out to be the most useful part of my journey to becoming profitable. So, Copy Trading gets my vote as a credible way to learn the ropes in Forex trading! You've just got to find the right person, with a trading style that fits your own personality, then apply your own techniques to make it truly your own.

Considering the amount of money I wasted on online courses and all the other stuff newbie traders do, spending $30 a month copying somebody else's trades proved to be the best investment I've ever made.

And yes, I have made my gratitude known to the person in question.   ;)

What do you learn from copy trading? Using signals from the vendor you can't restore the original strategy he uses to generate signals. The best what you can expect that trading signals will be profitable and you earn something. Probably if you are vendor itself then copy trading is a good option for you to make money.

Simple answer to that; you can learn a LOT from copying somebody else's trades.

If you put in the time and effort to completely analyse how they trade, then it can be very beneficial. Of course, you will need to find somebody who trades with a similar style in which you would like to trade yourself.

I was very close to becoming profitable myself but I knew I needed a bit more guidance, so I spent considerable time searching out a signal provider who was trading a similar strategy to me. This helped me enormously, and I have been profitable ever since... simply by applying a few of the missing ingredients to turn my strategy into a winning one.

The key to being successful in business, (not just in trading), is to take the bits that work for you from multiple sources and then use them to create your own strategy, product, service. Copy trading allowed me to take on a mentor, if you like, for very little financial outlay. I consider that a very good investment.

With that said, I am not advocating that you simply copy somebody else's strategy. We all have our own take on things and must apply our own personality and thinking, if we are to make a success of our trading journey. Copy trading is just one tool that can be beneficial...
« Last Edit: June 03, 2019, 09:33:45 AM by Balanced FX Portfolios »

Offline Nikolas

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Re: The Most Common Forex Myths
« Reply #18 on: June 14, 2019, 11:23:35 PM »
Trading the News can be very lucrative, although agree it is riskier than trading other times. Trading definitely is not a get-rich quick method, it is more like rich get richer method, but that's other subject. One of the most common myths not discussed here is the myth that everyone can become a trader. There is a deep psychological reason forcing people to cut their winners quickly and keep their losses longer and that's why 90% of traders lose money. One way to avoid this is by using automated or semiautomated systems, other way is to train yourself to act opposite to human nature every single time, which is hard.

Offline Ggeyda

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Re: The Most Common Forex Myths
« Reply #19 on: August 26, 2019, 09:47:21 AM »
Nikolas, I appreciate your opinion. However, I dont think that there is any trader who makes 100% profit deals. In this sense, your statistics of 90% does not fit reality. Certainly, new traders will lose more in the beginning from experienced ones, but this is also part of learning path

Offline Eliza Abrams

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Re: The Most Common Forex Myths
« Reply #20 on: September 01, 2019, 03:43:43 PM »
I think so too. Not even robots are 100% successful.

Offline y5nitro

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Re: The Most Common Forex Myths
« Reply #21 on: September 25, 2019, 06:15:10 PM »
I think that trading on news is the most profitable method. But, at the same time it is also the most hardest way of trading as you need to have significant knowledge about financial market, finance and economic theory. This is probably why you will not see too many traders trading on fundamentals

Offline Ybendakin

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Re: The Most Common Forex Myths
« Reply #22 on: July 30, 2020, 12:37:06 PM »
The one forex myth that we have to get rid of rught now is that forex trading is hard. Forex trading has ever been hard. it is just that some people are ot capable of learning. If you cant learn then you are not fit for forex. Forex is like math. If you take it to be hard then it will be hard. It is all in your mind.

Offline Nuadaris

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Re: The Most Common Forex Myths
« Reply #23 on: July 30, 2020, 01:50:50 PM »
The one trading myth that peole need to get rid of fromt heir minds is that forex will make you rich. Ther are alot of people that belive i this myth and it eventually leads to their downfall. When you join forex you should take it to be kjust like any other business. Do not have very high expectations.

Offline Eliza Abrams

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Re: The Most Common Forex Myths
« Reply #24 on: August 13, 2020, 04:11:06 PM »
Here is a myth that has been debunked - forex is only popular in Western and Asian countries. As it turns out, it has become incredibly popular in Nigeria of all places. Between the lack of regulation, high leverage and commodity trading, it seems to be attracting foreign investors too.

Online fxopen78

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Re: The Most Common Forex Myths
« Reply #25 on: August 14, 2020, 12:33:09 AM »
The one trading myth that peole need to get rid of fromt heir minds is that forex will make you rich. Ther are alot of people that belive i this myth and it eventually leads to their downfall. When you join forex you should take it to be kjust like any other business. Do not have very high expectations.
In fact, forex is not such business that giving all trader become rich from this business, there are so many traders losing money, usually, a newcomer in forex expect to make easy money, just click buy and sell button then the profit will come, but in fact, without good learning forex will bring people in bankruptcy

 

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