Have you ever been a victim of any forex trading scam? Were you scammed by the market changes or you got scammed by incompetent traders who claim to be PRO traders.
What was your experience? Well am sure you didn’t enjoy losing your money.
However, losing trades are inevitable in forex trading, but when the lost trades becomes much higher than the winnings then that is a sign of trouble.
Hence, how can we by pass falling for forex trading scams so we can trade at profits.
Therefore, let us check out some 10 ways you can avoid being a victim of forex trading scam in 2022.
1. Successful Forex Traders Have Their Daily Watch-List:
A watch-list is a schedule list of what you intend to do as a trader for that day.
This will help you discipline the kinds of trades you take to the barest minimum.
Also, a watch-list can help you curb greed when your trades are winning and patience when your trades are losing.
Most successful traders today uses one or two watch-list to keep them within the walls of discipline while trading in the forex market.
2. Wait For Your Trades And Take Them:
This is one reason you need to plan your daily trades, so you can wait for them.
Don’t be in a hurry, the market isn’t running away.
Wait for your trades and take them at your appointed time.
Similarly, you might have mentor who understands the forex market than you do, if you can wait for them to drop signals, then wait for them.
The bottom line is that you must learn to only take planned trades.
3. Don’t Trade Everyday:
Most pro traders don’t trade everyday. They have their trading days.
Some traders don’t trade on Monday’s because they feel it’s the first day of the market and there might be some irregularities.
Maybe you find out your bad trade days comes during the mid-weeks or weekends, why not learn to adjust.
You could just cancel trades on those days and focus on other vital aspect of your personal life.
What is the point of losing money for no reason.
It will be better you keep it for future trades.
Also Read: Forex Trading For Beginners, 18 Secrets You Need To Know.
4. To Avoid Falling For Any Forex Trading Scam, Split Your Trades And Journey Through It:
Many newbie traders want quick money, hence they lose out in focusing on how to take series of successful trades.
In the real sense, you should split your trades in multiples.
For instance, take 5 trades and get a break, also remember to always push for the chances of winning a minimum of 3 trades.
So if you take 10 trades daily and you’re able to win 6 trades even if you lost 4, ensure your winnings covers all your loses.
Also, don’t just try to cover your loses, ensure your won trades still keeps you at profit.
5. Never Over-trade If You Must Avoid Forex Trading Scam In 2022:
Excess winning excitement could be shorten prematurely if you choose to overtrade when you have exhausted your planned trades.
Just because you got the first three trades right doesn’t mean you should over trade out of excitement.
This might lead to some losses that is capable of eliminating your profits.
Sometimes when you find yourself loosing a trade, it’s wise to take a break to re-analyze your trading strategies.
If you don’t want to get scammed by the market, then learn to trade with caution.
6. In Forex Trading, Always Review Lost Trades:
You need to understand that even the most successful forex traders in the world today still lose trades.
Real traders review their losing trades to know what they missed out so they can correct them.
Always learn from your failures instead of crying over them.
Failure is an option here. If things are not failing, then you are not innovating enough.
Elon Musk – CEO of Tesla Motors
7. Brush Off Your Loses:
Learn to stay away from the stuffs that made you fail in the first place.
Most people are good failure. However, they don’t know how to brush off their loses and move on.
In reality, most of the world’s most successful traders are people who have lost so much till they learnt how to succeed.
Take your loses as a tool to develop strength.
Also Read: What Is Forex Trading? Quick Guide To Become A PRO.
8. Get A Hobby:
How does this helps you stay away from losing money that would have been gone through lost.
A hobby will be a form of refreshment when you’re not trading.
This will help you keep your mind renewed for future trades.
Most successful forex traders today have one hobby or the other.
It could be reading, writing or proof reading business books or sports like tennis, golf, football or basketball.
The bottom line is to ease you at your leisure times.
9. You Can Cheaply Fall Victim Of Any Forex Trading Scam When You Are Not Dynamic:
What do I mean by falling a victim when you’re not dynamic.
This simply means you should avoid marrying your trades.
There should be room to change trade patterns and styles when you discover the market is going against your analysis.
There is no point staying stuck to one trading method when you can explore other strategies to stay at profit.
The forex market will succeed in scamming you if you’re not dynamic enough.
Hence, if possible get yourself connected to a guardian till you are able to take profitable trading decisions alone.
10. Don’t Compares Or Competes With Other Traders:
You might find yourself in the midst of highly successful traders who are making so much money from daily trading.
However, you mustn’t compete with them, this might make you take unnecessary trades that might result to loses.
Similarly, never compare yourself with less successful traders who are still trying to figure out how trading works.
This might also slow down your willingness to improve your trading disciplines.
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