Top bad advice for a beginner on Forex

When you start doing any new thing, a lot of people immediately appear who want to help you.

On the one hand, this is not bad, but on the other hand, there is nothing worse than when help comes from incompetent people giving bad advice.

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

Now I would like to warn newbies against mindlessly following everything that you might be advised on various forums or websites.

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

• Trade with advisors This method is offered to beginners as an alternative to manual trading. They say the advisor will do everything automatically and no prior trading experience is required.

Using expert advisors early in a trader's career often leads to even greater losses than manual trading. Any robot requires configuration and testing before use.

• You can't make any money without a lot of money —that's why you should start trading with as large a deposit as possible. Some advise taking out a loan or borrowing money from friends for trading:

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

But if you are trading at a loss, then increasing your deposit will not allow you to trade at 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 people make mistakes. For example, Warren Buffett predicted the collapse of the cryptocurrency market three years ago, but since then Bitcoin has only grown several times.

• Only idiots study – in order to start earning money it is 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 recommended to choose the most exotic options possible, since they are the ones that can most effectively predict the trend.

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

You may also encounter completely absurd advice, such as never setting a stop loss , as this sets you up for failure, or if you see that your position is starting to make a loss, immediately close it and open one in the opposite direction.

The key here is not to reject all the advice offered, but to learn to distinguish between what's truly helpful and what's harmful. Only logic and life experience, as well as books about forex written by professionals, can help with this.