What we see more than often these days are Forex brokers offering advice and trading tips. They are beamed to us in forms of videos or written educational content that looks pretty good to a naked eye. On the odd occasion, we could even receive emails that provide fundamental or technical research which is backed up with historical facts and figures, further pushing the argument towards taking a trade.
Unfortunately, trading success cannot be achieved by tips, low grade research or a piece of advice. They certainly create a snippet of understanding but in no way do they contribute fully to the cause.
On top of that, there are hidden agendas behind this ‘friendly’ attempt to educate and help traders. That is to make us trade more. The more we trade, the more income we provide for the broker but unfortunately, the more ‘friendly’ and helpful they seem the more traders fall for it.
It is crucial that traders do not take advice from Forex brokers or from any broker for that matter. The reason why is that brokers are not traders. If they were any good at it, they would not be brokers. Trading on advice from a broker is exactly the same as taking advice from a person we don’t kn…