Are you looking to get rich quick? Do you want to trade successfully without having to put in any hard work? Found a broker offering deals that seem too good to be true?
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?
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 climbs to daily highs on US CPI
EUR/USD now accelerates it rebound and flirts with the 1.1880 zone on Friday, or daily highs, all in response to renewed selling pressure on the US Dollar. In the meantime, US inflation figures showed the headline CPI rose less than expected in January, removing some tailwinds from the Greenback’s momentum.
GBP/USD clings to gains above 1.3600
GBP/USD reverses three consecutive daily pullbacks on Friday, hovering around the low-1.3600s on the back of the vacillating performance of the Greenback in the wake of the release of US CPI prints in January. Earlier in the day, the BoE’s Pill suggested that UK inflation could settle around 2.5%, above the bank’s goal.
USD/JPY edges up above 153.50 with all eyes on US CPI figures
USD/JPY appreciates above 153.00 but remains on track for a 2.4% weekly loss. Trading volumes remain subdued on Friday, ahead of the IS CPI release. The Yen remains supported by hopes of a stable government and calls for further BoJ tightening.
Editors’ Picks
EUR/USD climbs to daily highs on US CPI
EUR/USD now accelerates it rebound and flirts with the 1.1880 zone on Friday, or daily highs, all in response to renewed selling pressure on the US Dollar. In the meantime, US inflation figures showed the headline CPI rose less than expected in January, removing some tailwinds from the Greenback’s momentum.
GBP/USD clings to gains above 1.3600
GBP/USD reverses three consecutive daily pullbacks on Friday, hovering around the low-1.3600s on the back of the vacillating performance of the Greenback in the wake of the release of US CPI prints in January. Earlier in the day, the BoE’s Pill suggested that UK inflation could settle around 2.5%, above the bank’s goal.
Gold: Upside remains capped by $5,000
Gold is reclaiming part of the ground lost on Wednesday’s marked retracement, as bargain-hunters seem to have stepped in. The precious metal’s upside, however, appears limited amid the slightly better tone in the US Dollar after US inflation data saw the CPI rise less than estimated at the beginning of the year.
Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest
Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.
Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight
US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.
RECOMMENDED LESSONS
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5 Forex News Events You Need To Know
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Top 10 Chart Patterns Every Trader Should Know
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7 Ways to Avoid Forex Scams
The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?
What Are the 10 Fatal Mistakes Traders Make
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.
The challenge: Timing the market and trader psychology
Successful trading often comes down to timing – entering and exiting trades at the right moments. Yet timing the market is notoriously difficult, largely because human psychology can derail even the best plans. Two powerful emotions in particular – fear and greed – tend to drive trading decisions off course.