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lose your forex moneyTen Ways to Lose Your Money in Forex

There is a variety of trading strategies to make money in FOREX. There are also many ways to lose money. Some of them work for beginners of Forex but others even for experienced traders.

Do not use loss stop orders

Many forex traders especially the beginners do not use a stop loss so they don't get stopped out of an anticipated trade move prematurely. The drawback is that the market may move against your trade position before it turns around and becomes profitable. But your stop loss has been already executed.

Therefore, the stop loss can cause you to get stopped too early stopped out of a good profit move. However, and this goes especially for forex beginners, unless you are a very focused and experienced trader, don't experiment with how to lose money in Forex without a stop loss.

Trade when you sleep

When you left the trade open overnight, the market may move in your favor….or not.

If it went wrong during your sleep time, you might be looking at closing your trade the next day at a loss. This is an excellent way to lose money in Forex. Well, you may also decide not to use a stop loss of any kind (see above). Just go to bed and sleep! Wake up the next morning and if your position is deep and wrong do not close it ! It will come out right… Sooner or later.

Do not employ any strategy or plan

Have no trading plan and no trading strategy. This is because you just want to lose your money, right? You can lose is fast and efficient by setting random trades, starting and stopping arbitrarily. Do not think at all. Just rely on the beginners luck and when you are out of it and your money, you can bet even more money. Just stay away from those trading plans!

Trade Against the Trend!

You have heard all that but "trend is your friend" is for beginners. Be the contrary trader! Just go against the trend at every opportunity, because all trends turn eventually. As soon as your money is gone, bet again!

Trading is a game

Do not treat forex trading as a business. Individual wins and losses and short run success is what matters! Be emotional, greedy and fearful at the same time. Do not think about planning, setting realistic goals, staying organized and learning from both successes and failures. Just play the game! This is another guaranteed way of losing your money in Forex.

Do not keep any records

Forex is random right ? Especially the day trading. So it does not make any difference whether you keep any records of your activities such as a trading journal, Excel worksheets, graphs of good and bad trades, etc. All these things do not matter! This is an excellent trading strategy to become a loser!

Grab one of those day trading e-books and follow it to the point

There are plenty of e-book or systems on the net that promise you "90% success", "regular profits each month" or trading tops and bottoms with scientific accuracy. If you believe them, ask yourself why don't they keep the secrets of great trading and become millionaires themselves. Why do they still need to sell those little books for 100 bucks a piece. Clever advertising is perhaps their success story and most of the books are sold by people who have never traded in their lives. But why should I ask? You believe everything which is written on the Internet. Now this is a good way to make money for them. They get a guaranteed income, you trade it and get a guaranteed loss. Good deal!

Expect to get rich soon

Never stop believing the “get-rich quick” hype still perpetrated by many forex dealers. There are those that do get rich trading forex fast! Some people also get rich by selling houses. And it may happen fast !

Never mind that for the majority it might take years to gain the experience and insight to turn forex trading into a full-time, successful occupation. You are not one of these suckers ! Bet big! Win big!   Big loss? Never mind! Bet again!

Refuse to be wrong

Some trades just don't work out. But it is a human nature to be right. Never mind that but sometimes we just are not. Do not accept the failure and cling to the idea of being right. You are not a beginner! You got one year experience and you must be right! Excellent position ending up with a blown account!

Find yourself a trading robot

Keep looking for the easiest ways to make money! You are a beginner, so what ? Buy yourself a trading robot! Never mind that in Forex trading industry to make money, you have to work and learn skills. Believe all the claims the Forex Robots make and do not concentrate on getting yourself a Forex education. Forget that if you do make an effort, no other venture can make you as much money for your effort as Forex trading.

 

Finally, let us admit that all the above methods to fail in forex boil down to the “get-rich quick” hype still perpetrated by many forex dealers. It is true that some traders get rich quick but some people also get rich selling luxury cars or houses. Every forex directory is full advices and strategies but the success does not happen overnight and for the majority it will take years to gain the skills and insights to turn forex trading into a full-time, successful job.  If you are forex beginner and managed to stay in the game without losing all your money in the first few months you may consider it as a good result. From there you may be able to learn what is required to be profitable. In other words, don’t quit your day job just yet.

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