Fact - 95% of forex traders lose and they will make one or more of the mistakes below, so avoid these common errors or join them, here they are:

1. Trying to Predict Forex Prices

Most novice traders think that the way to win is to predict where prices are going but that's simply hoping or guessing and you won't get far with that currency trading - you need to trade confirmation of trend changes only.

2. Believing Markets are Scientific

Forex traders who try to predict also fall victim to the myth that markets are scientific. They follow forex trading systems based around - Elliot Wave, Gann, or Fibonacci and lose. Of course these systems all fail because if there was a scientific theory of market movement, we would all know the price in advance and there would be no market!

Trading FX is a game of odds not certainties.

3. Day Trading

The most common myth of all. More novice traders try to use forex day trading systems than any other method - it doesn't work. As we have said forex is a game of odds not certainties and there is no way you can possibly work out where prices are going within a day.

If you day trade the odds are against you and you will lose your money - period.

4. Trading to Often

Most traders think they should always be in the market in case they miss a move but this is rubbish. You should only trade when your currency trading system tells you there is high odds trade, then and only then should you execute your trading signal.

5. Trying to Buy Low Sell High

This again goes with the trader who wants to predict prices with their forex trading strategy - but it wont work and the best moves with the best odds are breakouts. Most major trends start from new market highs and you need to learn to buy them if you want to make money.

6. Blindly Following a Vendor

There are plenty of vendors selling forex trading signals and forex trading system software where if you follow it they tell you that you can make money - the vast majority are junk and come with simulated track records. Try and find one with a real track record and get ready for a long search.

We can all make money in hindsight but that's not the real world.

7. Trying to Trade the News

If people could trade by following the news there would be a lot more winners than losers! Sure the stories are convincing but that's all they are stories. I love Harry Potter books but I don't think I can fly! News reflects the greed and fear of the herd and if you trade it get ready to dump your money quickly.

8. Making Their Forex Trading System to Complicated.

Many traders assume the more inputs they cram in the better a trading system will work however the total opposite is true - cram too many indicators in and the system will break. Simple systems work best as they are more robust.

9. Failure to Run Profits

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