It is a fact that 95% of forex traders lose money, here is the 1st beliefs most of these losers hold. Currency trading for beginners can be difficult because there are a lot of myths promoted online so learn them, avoid them and join the 5% of winners …

Here are ten beliefs slashing their earnings.

1. You can predict the direction of currency prices

Probably one of the biggest myths out there, the prediction is another word for hoping and guessing and you do not get rewarded in this life, let alone currency trading.

Only act on the reality of prices rather than predict.

2. Buy low sell high is a great way to make money

Do not trade in currencies – the best and biggest trends from breaks to new high or low. Wait to buy low and sell high and miss these great movements. If you want to learn a lot of money to buy and sell ruptures.

3. Move To scientific formula markets

Really related to point 1 and loved by the multitude of those who believe that scientific systems Gann, Fibonacci and Elliot will help them win but the fact is if markets did move to a scientific theory, there would be no market as we all know the price in advance.

Common sense really, but its surprising how many people fall for this myth.

4. Complicated systems are the best

The reverse is true – simple systems are best because they are more robust with fewer elements to break in the brutal world of trading. Further complicate the system and will have many elements to break.

5. You can follow the experts and the news and win

News and experts reflect what the majority lose and believe that, in addition, markets do not move on the news that happen in human perception of them. It is a story of how it is perceived by traders to determine the course of events.

If you could trade and experts in news stories much more than winning and people do not. Will Rogers once said – “I only believe what I read in the papers” He was joking, of course – but its surprising how many people see a feature on NBC or CNN and think that will help them win.

6. May day trade and win

N can not – the time is short and the data is invalid! Same goes for leather currency. You can not get the odds in your favor so you can not win – period.

7. The more effort you put in more exit

If you work in a shop maybe – but in forex, the only criterion that is judged is how accurate your trading signal. You can take 5 minutes and 10 hours or a package and give you a shock loss.

The key to winning at forex is to work smart not hard.

8. You need some way of stopping the benefit of blocking

Trail too close and never follow trends and make big money. Most traders try to restrict risk so much in fact is to create and guarantee to lose.

Take calculated risks at the time and you win. Note that you must have dips in open equity to make money long term.

9. You can follow a forex robot with a simulated track record and win

Many in the network with all the track records that are large and are simulated. One of these trade and its potential losses.

10. Forex easy

Learning the basics of trading is easy, but to win is much more difficult. You of course, we hope it will be with the rewards on offer. So do your homework and can make a huge life changing or even income.

Just remember that you need to put in the effort.

Therefore, you have to avoid 10 common myths and make part of their education in foreign currency. The expiration of this article for currency trading for beginners.

In Part 2 we will give you 10 beliefs that could make a super operator and put on the path to huge profits in foreign exchange.