Thank you 4 this post,a must read for intermediate and above traders !!!
DislikedFunny thing is I figured out excatly what he said after about 1 year.
If you are a complete n00b and heard about FX just yesterday this will probably not help you much. You will make these mistakes anyway.
After that you might learn something. Maybe not.
Reading something does not make you an Expert. An Expert is someone
who has made every single mistake you can imagine.Ignored
DislikedVery good points given. Anyone who read this, do any of you actually use two indicators or less to trade? If so, let me know, my charts are overloaded as it is, not so good to have so many. I would like to know what indicators or system you use....Ignored
33) Over-Relying on Risk Reward – There is zero advantage in risk reward; if you put a 20 point stop and a 60 point profit your chances are probably 3-1 that you will lose; actually with the spread its more like 4 to 1 (from entry point if it goes down 17 points you lose or up 63 you win; 17/63 is close to 4-1).Ignored
Disliked6) Demo Accounts – Broker demo accounts are a shill game of sorts; they’re not as time sensitive as real accounts and therefore give the impression that time sensitive trading systems, such as short-term moving average crossovers can be consistently profitably traded; once you start dealing with real money reality is quick to set in.Ignored
DislikedCan anyone elaborate on this please? With out pointing me to step one "knowledge deficiency"
What I think it could mean is that demo accounts are not as time sensitive as real accounts, therefore sometimes order execution will experience delays in a live account, with could affect your strategy if you are a short-term trader (or scalper).........
But I think it could be referring to something else that I am missing.