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Why You Should Trade With Your Own Logic

Discussion in 'Finance & Accounting' started by Joel Steven, Jul 12, 2017.

  1. There is a time when traders think they should follow the other traders who trade in groups. The majority cannot take the wrong decisions and they follow the other traders in their trading. They follow their style, use their strategy and also lose their money like the other group of traders in the market. Why these group of traders loses their money? This is what we are going to explore in this article. Trading solo is the essence of making money in Forex and as long as you are not following other traders, you can learn from your loss in Forex. Even the professional trader in the United Kingdom always give advice to the new traders to trade the market based on their own decision. No one in this world can predict the future price movement 100 percent accurately. So if you are following other people trade signal you simply betting your money with others intellect. So it’s your decision whether you will become self-dependent traders or follow other people for the rest of your life.

    Why could the herd of traders not make money?

    From the very old time, we have been hearing the majority of people cannot be wrong. But it is in Forex. This market is volatile and only 5% traders can make money in this market. Other traders lost their money in the market. If you want to make a fortune out of trading Forex, it is damn right that other traders will not help you. But it is also right that you cannot make a fortune in financial business by simply following what other traders do. But what do the other traders do wrong that even a group cannot find?

    Well, first of all, only new and beginner traders trade in groups in the forex trading industry. They form groups because they have no idea about the market, they have not developed a strategy and each of them think the other trader as a master in Forex. They come in groups as they have no idea or analysis of the market, they do not know when to place trades. The try to follow the group and ended up losing all their money. But instead of this, you can learn in a group. This will help you to absorb lots of information in a precise manner within a very short period of time.

    The Forex masters do not trade in herds. They trade solo and you have to do it also if you want to make money. But before you have developed your strategy, do not think you can follow the groups in your trading. Practice in your demo accounts if you are not ready. If you need time, practice it alone but do not follow the groups. Not all people are successful in Forex and you cannot achieve your success by simply doing what other traders do.

    Develop self-confidence

    Self-confidence is one of an essential element that every single individual need in their life. No matter which profession you chose, you need to develop this deep inside to establish yourself in the society. When it comes to currency trading this has utmost importance. As a new trader, you can use the demo trading account and develop your own trading system to place quality trades in different financial assets. Practice hard and try to learn in every single day and eventually you will find the light of success.