When you are investing your money in Forex, does not this thought come to your mind to know the enemy who is blocking your way to making a profit? It is very common and there is no shame in it. If you are a trader who has invested capital, you should know the enemy of your development. It will help you to identify your enemies and also plan your strategies at the same time. If you do not know who is backstabbing you, you can never succeed in politics. Trading in Forex is like politics where every trader and broker is trying to make money from other people. The scammers act like the criminals who will do anything to take away your cash and you should be careful of your investment. This article will tell you who the enemies are that the traders commonly face in Forex. Some enemies are known to all and other hides among the common traders. Depending on your trading strategy and market session, the foes will vary but they will always try to destroy you. You should not show any weak signs and always appear string in your trading.
Emotions play a vital role in your trading success. Those who are relatively new to this profession always make a big mistake due to their emotional approach to the industry. The expert Aussie traders always execute a trade without any emotional attachment. They never place a trade without knowing the risk factors.
Control yourself
You need to learn to control your emotions to become a profitable trader. Never become a trade addict as it will force you to overtrade the market. Take your time and try to learn the proper art of trading CFD. Become an active member of the professional trading network as it will help you to find good trades. Always remember information is power and if you fail to keep yourself updated with the market news, you won’t be a profitable trader.
The scammers are the first enemy
The first and the most obvious enemy is the scammers. They will always try to break you and make a party on your investment. If you sense anything that sounds too good to be true, it can a sign of a possible scam. Here is one example that novice traders face when they invest for the first time. Some people come to them and tell them about higher returns on their investment. It is no doubt that they get excited and put all the stuff in their plan. It is not very late when they realized they have been scammed and the money is lost.
The dishonest brokers
There are no hard and fast rules that say the brokers cannot scam. History has shown that many brokers have pulled off many tricks on their depositors and the customers did not even know. They showed false pip movement which was always one or two pip higher or lower and keep the hidden profit in their account. When selecting your broker, be careful and go for the well-known brokers of this industry. It may cost you some bucks but they offer simple and scam-free services.
Trading groups and paid signal providers
They are your sworn enemies. Never trust the groups when they give you advice. These groups are made up of garbage traders who do not have the simplest idea of what currency trading is. The signal providers also provide false signals to take your money and use your own strategy. It is not your playground that your friend is going to help you. You need to help yourself if you want to succeed.
Every trader of the Forex industry
Lastly, the traders are your enemy also. They want to lose money because it increases their chance of making a profit. Do not trust them and use your own plans to design your master plan to make the profit.