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Trading forex can be as risky as traveling through the piracy-infected Gulf of Aden. Retail forex traders with inadequate training and limited resources are like unarmed ships passing by the international water near Somalia shore.
If you happen to be on one of those ships, you can only pray that the predatory pirates won't see you. Why? Because your chances of winning a pirate armed with an AK-47 using your bare hands are practically ZERO. How familiar! Do you feel helpless like that when you trade forex? I bet you do, if you have traded forex on your own. I remember that exact feeling when my stop-loss orders were hit... Oh no, not again! So you'll pray "God, don't let my ship get spotted by those bandits..." It sounds like "God, don't let my stop-loss orders get hit..." You know, currency trading can be as simple as hit-or-miss. But the next thing you know, your account balance is completely wiped out.
As a matter of fact, most retail forex traders make their trades based on complete guess-work. Yes, I know there's such thing as an "educated guess" that works in most situations. But the problem in forex trading is that the first part, "educated," is just an excuse, because those traders usually don't have any training to begin with. So what's left will just be "guessing," a very close relative to "gambling." After 3.5 years of trading, my experience tells me that I should never make a real trade without a solid trading foundation to rely on. That foundation must be at least a profound understanding of forex market fundamentals and the best trading tools one can get. That's why after losing my whole-year salary on the "guess work," I decided to study financial market carefully and get the best trading software I could afford. And you know what, I started to get my money back every month thanks to the new approach.
When following the news about the latest American ship captain held hostage by Somali pirates, I was thinking, perhaps every American ship that travels through that region should be escorted by a Navy warship! With that arrangement, no pirates would be stupid enough to mess around with the US Navy. Well, there might be many obstacles to that possibility. But in retail forex, you actually CAN have such an arrangement, where you can arm yourself with the best combat weapons against disastrous forex losses: forex education and forex robots. They are vitally important to your trading success. If you wonder "why forex robot?" The simple answer is that it compensates your human weakness. It's similar to a professional security guard for hire. Most business owners are too busy with their business operation. They don't have the opportunity to go through all martial arts and weapon training to defend themselves. That's why they hire the professionals. Similarly, we forex traders don't have the a constant discipline to make rational trading decisions all the time. So we need good trading software to assist us in the process.
But that's not the end of the story. Not all forex training and software packages online are created equal. There are junkies, mediocre, good, better, and the best. Needless to say, you must go with the best, like the Navy SEAL snipers, to combat those AK-47's. I know the best weapons usually mean the most pricy ones, but it's true that you get what you paid for. If you are serious about forex trading, treat it like a business. And in every business, invest wisely and you'll get the most profit, whereas poor choices may lead to bankruptcy.
About the author:
Rudy has been trading forex since August 2005 with numerous brokers, forex coaching programs and forex software packages. Visit www.ForexBuddha.com for more details.
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