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u In the last few years I have discover that most unprofitable Forex traders
commit the same mistakes and lack the same amount of information. The
problem is that to put it together and become profitable a Forex trader
needs to develop several different skills. In this currency trading tips article
you will learn 5 things that most unprofitable Forex traders don¶t know.
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I have met many
traders who believe that the forces that move the markets are esoteric and
mysterious. This is a false belief. The currency markets are a representation
of what millions of traders around the world think currencies will do next
expressed by the trades they take.
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u Às a result, one can find literally hundreds of patterns to analyze the

currency markets, predict market reactions, and detect trends as early as
possible. Ignorance is one of the most expensive things there is.
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This seems to be one of
the most common mistakes among Forex traders. Having a successful
trading system is not enough to achieve your financial goals. In addition to
that you will also need to learn the principles behind the strategy you
choose to use.
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u Àfter testing several trading strategies I learned that whenever I study the
principles behind a strategy over and over I am able to make it work for
me. Sometimes I am even able to increase its performance and make it
more profitable. You can learn how to do this as well. Understanding your
trading strategy is very important to become consistent a highly profitable.
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There are hundreds
and even thousands of Forex trading systems out there. Many of them
actually work and produce a consistent amount of profits; the problem is
many traders don¶t know how to make the system work for them.
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u Ànother issue is that several Forex traders trade too many strategies at the
same time on the same account. This can be very detrimental to a trader¶s
account and career. Every trading system is different and most of the times
a system¶s performance reports are based on the fact that the system will be
traded by itself not in combination with other trading strategies.
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xisk management and
money management should À
ÀYS be used no matter the strategy you
use, the amount of money you have in your account. Money management
is the most important thing of all in Forex trading.
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u Every trader should use effective money management techniques that are
based on strong mathematical principles. For instance high risk to reward
ratios, properly calculated stop losses, and take profits.
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À trading plan is a map to achieve Forex
financial success. How do you get to the treasure without a map? You need
to create your own Forex trading plan to help you manage your Forex
trading and put it all together.
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u xeading currency trading tips can help you to improve as a Forex trader
and make the most out of your trading career. It is incredible how small
changes within your trading could produce big results and profits for you. I
will be posting more currency trading tips in a few days.
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u
u Best regards,
u Jay Molina
u Pro Forex Trader & Educator
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u Do you want more useful information? Get a FxEE copy of my $2000
u Forex trading course, The Smart Trader Pro, Click here for immediate
access!