Forex Trading is investment and investments worldwide involves the application of rules..
1. EARLIER ADVERT AND MISCONCEPTIONS BY INTERNET MARKETERS;
In the early nineties and even till this day, a lot of internet marketers instead of realistically marketing Forex trading has been in the forefronts of making bogus and unrealistic claims thereby misleading the public.
2. LACK OF ADEQUATE KNOWLEDGE OR TRAINING;
Most prospective clients and client alike were found to have plunged into Forex trading, based on the information that one could double his account over night.
Forex trading is knowledge-based and requires skill. likewise any trade or career or business that requires skill requires thorough training and re-training. At InstaForex Nigeria Office we always emphasise on proper and adequate knowledge hence we run training on daily basis.
It is said that “one cannot value any right decision with an unstable mind” Forex trading is investment and investment are all about decision making and decision taking. These and many more especially how to manage and avoid emotional trading are well taught to our numerous clients and trainees.
Emotional trading always lead traders to revenge-trading. This should be avoided at all cost. Most traders after a string of losses attempt to increase their volume/lot sizes hoping to recoup their losses by so doing they risk their account.
We emphasise to our clients that on no account should they revenge trade instead should reduce their/lot sizes in that situation.
4. INABILITY TO SET STOP LOSS & TAKE PROFIT;
It has been found that most traders/clients do not know how to set take profit (TP)and stop loss(SL) accordingly.
InstaForex Nigeria Ofice much emphasis are laid & trainees are thoroughly taught and reminded of the importance of stop loss(SL) and take profit(TP).for more on how to set stop loss and take profit, log on to www.instaforex.com.ng and go to our blog section and locate ‘how to set stop loss and take profit’ and many more.
It is said that greed is the bane of most traders. many come to Forex trading with a very wrong mind-set; Seeing trading as betting which it is not. with wrong mind-set and in order to make a’kill’ of the market they forget that Forex trading is investment and investments worldwide involves the application of with rules.
We strongly advice against this against this vice, and to wait patiently for your trade and manage their risks devoid of greed accordingly.
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