If so, this Lose Money Fast: A guide for irresponsible traders is essential reading for you...
1. Don’t worry about a strategy
Some say the best adventures are the ones when you have no idea about what you’re doing or where you’re going. Why not apply that to Forex trading?
Sure, it’s your hard-earned money you’re putting on the line and most people would want to have some idea about what they want to get out of trading, but not you. You don’t need a strategy. You’re a risk-taker - a Forex adventurer on the road to nowhere.
2. Trade big!
Looking to lose your money fast? Try trading big.
Although spreading your capital across several positions and gradually growing your account is generally accepted to be a sensible and viable strategy for long-term success, it just doesn’t have the same thrill as piling all your funds into one big speculative trade.
3. Trade on your emotions
You’ve had a few good trades in a row and your account balance is looking pretty healthy. Confidence is high. You feel invincible! Why stop when you’re on a roll?
Who wants to listen to that pesky, sensible little voice that’s telling you to pause, take a half-step back and think about how each trade affects your overall strategy and capital? Your good run will surely last forever. And even if it doesn’t, you can always trade a bigger amount next time to compensate (refer section 2, above).
4. Don’t worry about research
Why would you want to bother with research and educating yourself about trading when you can just guess? If a bit of luck goes your way, you might even be right half the time…
5. Don’t worry about the fine print
All those little words on the Terms & Conditions just take so much time to read. If a broker has a nice website and some decent software, they’re bound to be responsible with your money. Sure, you might find a broker that won’t release your funds when you ask for it. And sure, some brokers are based on offshore tax havens and don’t have approval from a financial regulator like ASIC.
But that’s not worth taking time to read about, right?
Editors’ Picks
EUR/USD stays below 1.0800 after upbeat US data
EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold clings to strong daily gains above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.
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