I would like to stimulate your appetite for a brief summary how to avoid losing money in Fx business. To be more precise there are "45 Ways to Avoid Losing Money Trading FOREX" written down by Jimmy Young, a 30-year veteran in the foreign exchange business. Jimmy traded for banks in New York and London for over 20 years. He now trains other traders how to think, analyze the markets, and trade like a professional in the banks.

“Trading is an art and timing is the key” - Jimmy Young

This appetizer is a shortened version here - feel free to download the entire summery (PDF format) if you got as hungry as a wolf! Some of you might recognize this stuff, for the others keep reading ...

  1. Knowledge Deficiency - Most new FOREX traders don’t take the time to learn what drives currency rates (primarily fundamentals).
  2. Overtrading - Trading often with tight stops and tiny profit targets will only make the broker rich. The desire to “just” make a few hundred dollars a day by locking in tiny profits whenever possible is a losing strategy.
  3. Over leveraged - Leverage is a two way street. The brokers want you to use high leverage because that means more spread income because your position size determines the amount of spread income; the bigger the position the more spread income the broker earns.
  4. Relying on Others - Real traders play a lone hand; they make their own decisions and don’t rely on others to make their trading decisions for them; there is no halfway; either trade for yourself or have someone else trade for you.
  5. Stop Losses - Putting tight stop losses ... (download PDF file if you would like to keep reading)
  6. Demo Accounts – Broker demo accounts are ...
  7. Trading During Off Hours - Bank FX traders, ...
  8. Trading a Currency, Not a Pair - Being right about ... (download PDF file if you would like to keep reading)
  9. No Trading Plan - 'Make money' is not a trading plan. A trading plan is ...
  10. Trading Against Prevailing Trend - There is a huge difference ...
  11. Exiting Trades Poorly - ...
  12. Trading Too Short-term - ...
  13. Picking Tops and Bottoms - ...
  14. Being Too Smart - The most successful traders I know are high school graduates. They keep it simple and don’t look beyond the obvious; their results are excellent.
  15. Not Trading Around News Time - ...
  16. Ignore Technical Condition - ...
  17. Emotional Trading - ...
  18. Lack of Confidence - ...
  19. Lack of Courage to Take a Loss - There is nothing macho or gutsy about riding a loss, just stupidity and cowardice. It takes guts to accept your loss and wait for tomorrow to try again. Getting married to a bad position ruins lots of traders. The thing to remember is the market does crazy things often, so don’t get married to any one trade. It’s just a trade. One good trade will not make you a trading success; rather it’s monthly and annual performance that defines a good trader.
  20. Not Focusing on the Trade at Hand - ... (download PDF file if you would like to keep reading)
  21. Interpreting FOREX News Incorrectly - ...
  22. Lucky or Good - Your account balance changes don’t tell you the whole story about your trading. Fact is if you are taking a lot of risk and making money you will eventually crash and burn. Look at the individual trade details. Focus on your big loses and losing streaks. Ask yourself this, "If I had a couple of consecutive losing streaks or a couple of consecutive big losses, how would my account balance look?" Generally, traders making money without big daily losses have the best chance of sustaining positive performance. The others are accidents waiting to happen.
  23. Too Many Charity Trades - ...
  24. Courage Under Fire - ... No trigger – no trades – no profits – no trader.
  25. Quality Trading Time - ...
  26. Rationalizing - Killer. Absolute Killer. Put your trade on and let it run. If it hits your reasonable pre-determined stop, you're out. Think of yourself as a prizefighter. ...
  27. Mixing Apples and Oranges - ...
  28. Avoiding the Hard Trades - ...
  29. Too Much Detail - ...
  30. Giving Up Too Easy - ... (download PDF file if you would like to keep reading)
  31. Jumping the Gun - ...
  32. Afraid to Take a Loss - trading is not personal, it’s business. Don’t think that a poor trade is a reflection on you. It could be you're just ahead of your time ...
  33. Over-Relying on Risk Reward - ...
  34. Trading for Wrong Reasons - ... (download PDF file if you would like to keep reading)
  35. Rumors - ...
  36. Trading Short-term Moving Average Crossovers - This is the money sucker of the century. ...
  37. Stochastic - Another money sucker. ...
  38. Wrong Broker - A lot of FOREX brokers are horrible. Get a good one. Read forums and chats in several different places to get an unbiased opinion.
  39. Simulated Results - ...
  40. Inconsistency - Every business (FOREX trading included) requires a business plan (trading plan). Unless you have taken the time to write down a set of rules that you can and will follow, it’s likely your trading will remain unfocused and directionless. Make a plan, have rules, follow them. Set goals that are realistic and you will achieve them.
  41. Master of None - ...
  42. Thinking Long Term - ...
  43. Overconfidence - Trading is simple but not easy. ...
  44. Getting Pumped Up - ...
  45. Staying in the Game - ...
Now we know how to avoid losing money. Let us now make some MONEY! Again, you can download the entire PDF file here directly: '45 Ways to Avoid Losing Money Trading FOREX'
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