Wednesday, 15 August 2018

How to Avoid Losing Money in the Forex Market



Many years ago a lot of people in Nigeria lost money in the forex market because a lot of them were not properly trained & mentored before they dived into live trading. Majority of the trainers 10 years ago were scammers, & fraudsters who knew nothing about forex trading & had never made sustainable profits using any well defined strategy & even some of them had never traded live but they knew one of two terminologies about forex & so succeeded in scamming those who were completely ignorant of the system.
 
These traders in quote became rich by organizing seminars not by trading forex. A 2-3 day seminar could cost as high as 40,000 naira 10 years back & people would flock with their life savings to be trained by novices who knew nothing about what they claimed to be experts in & the end results was always that the trainees will end up losing their money.  A blind man can’t lead another blind man.
There was this self-acclaimed professor of forex who used to organised costly seminars & trainings who never engaged in life forex trading himself but became rich from organizing expensive trainings. Now if you don’t want to be scammed ask the trainer to show you evidence of his own live tradings whenever you attend trainings.

For you to succeed in forex training you need to be trained by someone who has a good knowledge of the system. You need to be trained on a tested & tried strategy. You need to focus on one currency pair. You need to be mentored by someone who is experienced. You need to only go into live trading when you have demo traded for a while & built confidence. Never trade when you are stressed or under pressure. Don’t use your child’s school fees or money that someone asks you to keep for him to trade. Minimize your risks & keep it to the barest minimum. Never trade based on emotions or sentiments or faith. Don’t be greedy  

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