The trap that forex traders fall into most easily

There are more and more people who are engaged in forex trading, and most of them wish to make huge profits. But the reality is cruel.

95% of people in this market lose money, and they may not make much money after working hard for many years. Therefore, for those who want to enter the market, if you do not have enough financial support, do not participate in this cruel game. The difficulty of trading forex is greater than that of trading futures and stocks. If you come with the mentality of getting rich overnight, the result will most likely be a liquidation.

If you are a retail investor, you should focus on the daily chart. The ones renewed more frequently than the daily chart are called clutter. If you want to make a profit, dont look at the chart less than four hours. It is a waste of time and energy. Intraday orders are not ordinary as retail investors can manage. The more you want, the less you get. You have to know that the correct direction of effort is to return to daily operations, otherwise you may lose forever. This is like climbing a pyramid. The longer you play, the higher you stay on the pyramid, and the smaller the competition is, and vice versa. Moreover, short-term trading has to compete with artificial intelligence.

If you follow the four-hour chart, making two or three transactions a month is enough. The more you trade, the more you lose. Don't close the position when you see some profits, and you will suffer from floating losses. Wrong judgment is wrong as it is. So stop loss in time and wait patiently for the next opportunity. The more you trade, the easier you are to become addicted to trading. The easiest way is to uninstall the MT4 and MT5 software from the phone, and only operate it on the computer.

WikiFX is a global Forex inquiry platform and provides real-updated rankings of

Forex brokers. So if you are seeking for a broker to start your Forex trading journey, please search the detailed information about the broker on the WikiFX.