autotrading

Forex - The Truth

by Inga Maree on Oct 20, 2009

I am going to cut to the chase and tell you the truth about the Foreign Exchange (Forex).......you WILL fail unless you: 1 - Start with a healthy account ($5000 or more). 2 - Have a proven trading plan. 3 - Use disciplined money management. Simple...yes? So, why do so many new traders blow their accounts? New traders tend to start with a small account of $500 or less and try to develop their own trading plan. They study forex, create their own strategy and then spend days, weeks, even months paper trading their system. When they feel confident they trade live. They find that their gains are very small and so they don't use money management rules and soon after completely wipe their account. This process is time consuming, exhausting and very demoralising. But strangely, new traders will do it over and over.....and I should know, because I did it. It took me a while, but I eventually realised that it wasn't the system that was the problem...it was me. But there is a way to turn...Read More >>