I see numerous advertisements from gurus and system traders who say they can predict prices in advance with science – but this is impossible and if you try it you will lose. Avoid this forex myth and learn a better way to trade…
Predicting is another word for hoping and guessing and if you predict, your prediction in forex will be as accurate as your horoscope! You don’t get anything in life for hoping or guessing and the same is true in forex trading.
Why there is No Way to Predict
There is a huge industry online that sells courses and currency trading systems based upon the law of human behaviour.
Human nature is constant they argue and they know the law – follow it and you will predict and win but there’s a problem with this logic:
If there was a scientific law of investing everyone would know where prices were going and there would be no price movement! Furthermore, if a law is based on science it needs to be totally objective and work all the time – that’s the scientific definition. If someone had found the law of market movement they wouldn’t tell you or me they would simply make themselves billionaires.
The theories Of The Far Out Crowd
The most common methods that are sold which are supposed to be scientific are based on:
- Elliot Wave
- WD Gann
- Fibonacci
Are any of them scientific and tell you what to do?
Of course not, there all subjective and that’s not scientific by definition. Elliot died poor, Gann made a lot of money then dumped it and poor Fibonacci – his theory (which was to solve a puzzle of multiplication) has been hijacked for something it was never intended.
The far out investment crowd, love all the above theories and there mystical connotations – but they are not scientific and are not objective.
If it’s not objective and doesn’t work all the time – it’s not scientific – PERIOD
The REAL Way to Win
Trading is not a game of science it’s a game of odds. Just like the poker or blackjack player doesn’t win every hand you won’t win every trade but you can make a lot of money by trading when the odds are in your favour.
Trade the reality of price change as it happens and don’t predict. Sure you will miss a bit of the move but you wouldn’t be able to see that anyway so there is no point in trying.
Can you make a lot of money doing the above?
Of course you can – it’s the only way to make big gains.
Try trading a breakout method – this means basing your forex trading strategy on buying new highs and selling new lows. It’s a fact that most major forex trends start from these levels and if you wait for them and trade them, you will make a lot of money.
Leave science to the far out crowd and get a forex trading system that’s based around trading the truth and reality of price change and trade the odds.
The scientific theory of human nature is one of the biggest forex myths out there.
Sensible and logical people in other walks of life for some reason believe them despite the fact there obviously isn’t one – don’t make the same mistake.
By: Monica Hendrix
Forex Trading Myths – The Myth You Can Predict Forex Prices In Advance
by adminIs Forex Automoney a Scam Or Worth a Try?
by admin
Forex Automoney is a membership service which provides Forex trading signals. But is Forex Automoney a scam or does it work?
If you ask different people you get different answers to that question. Why? It’s all due to perspective and action.
I say this is a matter of perspective since Forex Automoney provides 3 types of signals for 18 currency pairs. This makes it extremely difficult for the individual home trader to monitor the outcome of each of these signals, especially the intra-day ones. It’s just too much. Since not all of the signals end in a profit (yes, ForexAutomoney doesn’t work 100% of the time) one trader can select the losing signals of a specific day while another can choose the winning ones. Therefore, one will be satisfied while the other may feel cheated. It’s all a matter of perspective.
It is also a matter of action because you have to diversify your trades and so diversify your risk as well. What I mean by that is that if you trade according to just one signal, you have a much higher chance of losing than if you play on several of the trading signals which Forex Auto Money offers.
Again, if you choose one signal and it’s a losing one, you’ll end up dissatisfied and may believe that Forex Automoney is a scam. However, if you trade widely, you’re likely to see that this isn’t the case.
So you see, the question of whether Forex Auto Money is a scam or not cannot be answered with a simple Yes or No. One thing you should be aware of is that you can try this service for 3 days for just $4.95. This makes it a very affordable way for you to see for yourself whether you like this service or not.
By: John J. Drummond
Help a Forex Newbie Day! – Forex Mini Trading
by admin
Hallelujah! Opportunities like these do not come often, so I am more than willing to put in my two cents worth in order to help out newbies in the trading business. First up: it’s true that you can make mucho mucho dinero with this kind of business. However enticing this potential is, you need a lot of guts, patience and perseverance to make even the slightest dent in this market. (A little help now and then is also welcome.) Forex trading, even forex mini trading is all or nothing. The more you work on your skills as a trader, the more likely you will reap the benefits of your hard work.
Here are a few sane advices you may want to adhere to:
1. Avail for yourself of the Automated Forex Trading Software. This software is a god send to newbies and pros alike. For newbies, the software demo is a great tool to practice your underdeveloped trader’s skills. This is also a great tool to use as a way of gauging as if you have the ability to deal in riskier forms of trade.
For pros, on the other hand, the software can give you the much needed monitoring system that can help you detect movement in the market in a 24/7 basis. The Automated Forex Trading Software now comes with a Forex Tracer that allows you to trade on autopilot.
2. Find yourself a broker you could trust. It really does not matter if you like to trade in conservative measures, or would like to experiment with forex mini trading.You would still need a broker you could trust. If you prefer to deal with all the pressures required of brokerage, then go ahead. After all, that is your choice. However, as a newbie, finding a great broker means that you have someone to ask when it comes to more difficult decisions. You could always dispense the broker’s services when you think you can stand on your own.
By: Fred Jay
