Top bad advice for a beginner on Forex

When you start doing any new business, there are immediately many people who want to help you.

On the one hand, this is not bad, but on the other hand, it is not worse when help comes from incompetent people giving bad advice.

At one time, like many others, I encountered a large number of advisers and became convinced of how harmful their recommendations could be.

Now I would like to warn beginners against thoughtlessly doing everything that they might advise you on various forums or sites.

Now let’s move on to the top most harmful advice I’ve ever heard.

• Trade with advisors – this method is offered to a beginner as an alternative to manual trading. At the same time, saying that the advisor will do everything himself and you don’t need to have any knowledge to trade using it.

Often, using advisors at the very beginning of a trader’s career leads to even greater losses than manual trading. Any robot requires configuration and testing before starting work.

• Without a lot of money you won’t earn anything – so you should start trading with as large a deposit as possible. At the same time, some advise taking out a loan for trading or borrowing money from friends:

In fact, the size of the deposit is directly proportional to earnings; if you earn 10% per month with 100 dollars, then you will earn the same 10% with 100,000 dollars.

But if you are trading at a loss, then increasing your deposit will not allow you to trade for a profit.

• Advice to listen to other people's advice - you should try to have your own opinion, which is based on your own observations.

Even great personalities make mistakes; for example, Warren Buffett predicted the collapse of the cryptocurrency market three years ago, but after that Bitcoin only grew several times.

• Only idiots study - in order to start earning money, it’s enough to learn a couple of “tricks”, and reading smart books is a simple waste of time.

• The main thing is to find the right indicator - and it is advised to choose the most exotic options possible, since they are the ones who can most effectively predict the trend.

The trading platform itself has dozens of effective, proven indicators; you just need to learn how to work with them.

You can also come across completely absurd advice such as never set a stop loss , this sets you up for failure, or if you see that your position has begun to bring losses, immediately close it and open it in the opposite direction.

And the main thing here is not to reject all the proposed advice, but to learn to distinguish between truly useful and harmful ones. Only logic and life experience, as well as books about Forex written by professionals, can help with this.