these are the basic mistake almost all Forex traders do:

1. trade the opposite: some people will not agree with me, if you ask me. how long do you take you to study the market movement and yet the trend change to another direction? of cos many times. if i where you will trade the opposite. the whole history about Forex is to predict the right movement, so why don't predict the opposite of your mind since you always lose.

2. eat and run: hehehe i think this is the most important, how long do you make some profit and get back to the market only to see your self lose back again even with your initial capital? lol......that's not funny. i do it and it has worked for me over the years. immediately i make some profit i will kindly close my laptop and say bye bye to it. oh you expect me to go back because i was the founder of Forex right? am not stupid. now look......people don't realize the Forex market moves in a circular motion not linear. the market is program and moves in seasons, time[/b]and [b]influence. example: if usdcad sold throughout the night, guy don't expect it to continue to SELL in the morning, as you can see in my blog when i gave a real technical analysis about the eurusd >>>>>EURUSD SOLD LAST NIGHT>>>>>>http://www.forex1960.com/2015/04/eurusd-sold-last-night.html and it was buying seriously this morning. so eat and run.

3. Robot: hmm i some times see some funny post on ads like " i have been using this robot and it has successfully turn my $100 into $50000" oh you will be happy to buy it right? that is the beginning of your failure, because nobody makes profit with any strategy or robot will give it out for sell. does are fake so just run away from those stuff.

4. common sense: nice to hear that, some might claim to have degree in financial accounting or economics even charted hahahaha if you ask me did they teach them Forex in school? how many degree did i have but yet my clients are well satisfied with the way i manage their account, so don't let any person deceive you i.e to trade for you because they got the big boys requirement. so even with my technical analysis has worked for me best over this years, it has more impact more than fundamentals analysis. you can have PHD or what so ever, if you don't have common sense to trade this technical investment or rather people calls it gambling you will end up the bad way.

5. Bonus: why surprise? a client called me yesterday from Abuja requesting to have 100% bonus from my broker after depositing $1000, i told him not to accept any bonus and he refuse, so now his total money is $2000. i even went further to educate him about the turn over cost and condition's that he have to trade 100 lot before any withdrawal will be allowed. with that frustration he was too eager to make that 100 lot in on day he went ahead without my permission to trade his account with 3 lot for each positions......lol.....as of this morning i cant see anything in his account then $5. omg, why am i telling you all this, because this influence new traders to trade more than boundaries. but if you think you will go for long term then i recommend bonus if you wish.

6. time: some Nigerians don't still realize that the Forex market is been control by humans, for Christ sake why will somebody wake up in mid night to open positions, because you heard the Forex market can be traded 24/7. i recommend 9am-7pm is okay on daily basis.
don't over trade, if you buy usdcad back in few minute and you got some profit, wait for another 30min-1 hour before you open another position.

7. pride: of cos this is the down fall of every man, nobody wants to accept their loses, the Forex is no friend to anybody even the CBN president. when you open a position and you see some loses, stop giving your self false hope, kindly close that position and accept the few loses before it will be too late. when you accept your loses and try to check out your mistake i believe you will do better in your next position. some guys claim too big to close their loses, thinking the market will reverse back to their direction. in 2013 i made a survey in 7 different brokers, this was my conclusion:

70% of traders predict the Forex market correctly but yet only 5% makes consistent profit.
example: a trader will open 10 position and see 9 correct he will be happy, but 1 is in some loses. instead of him to close that position he will be waiting for that to also make profit before he will be satisfied. he will later realize that single left position will cause a big disaster.

the Forex market is 50% predictable but few mistakes will end up your investment in a bad way, i have experience this a few times back 2012.

FACTS: nobody can predict the Forex market 100% bonus and nobody is above loses but as a expert trader we are train to make few loses and reasonable profit i.e we lose 30% out of 70%.

frequently asked questions:

CAN I TRADE FOREX FOR A LIVING IN NIGERIA? answer>>>>http://www.forex1960.com/2015/03/can-i-trade-forex-for-living-in-nigeria.html
HOW TO START TRADING FOREX? answer>>>>>http://www.forex1960.com/2015/03/how-to-start-trading-forex.html
HOW MUCH SHOULD I USE TO START TRADING FOREX? answer>>>>>http://www.forex1960.com/2015/03/how-much-should-i-use-to-start-trading.html
HOW TO PREDICT THE FOREX MARKET IN NIGERIA? answer>>>>>http://www.forex1960.com/2015/03/how-to-predict-forex-market-in-nigeria.html
HOW NIGERIANS CAN START TRADING FOREX WITH $100? answer>>>>>http://www.forex1960.com/2015/03/how-nigerians-can-start-trading-forex.html



Thank you!

you've just nailed it.let me add to it, don't feel invisible in the market because at times excitement would make you trade blindly.forex can never be predicted, you only trade what the market gave to you.so its not a win win atmosphere but what makes you stand out is to have more wins than losses.even the pro traders you are hearing of do have loosing trades.

so no one can predict where the next candle will move to,you trade what you see on the chart after making your analysis.

Lastly, take your time to learn forex trading before going live because its a risky venture