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Different kinds of dependencies in Forex

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  • Different kinds of dependencies in Forex

    There is nothing worse in Forex than becoming dependent on other people and things. You may think how can traders become dependent but as you read this article, you will find out how this dependency can kill your inner potentials. You do not know how much chance you still have in your career but the moment you start following others or follow premium signals, you slowly begin to kill yourself. This article will tell you all kinds of dependencies that traders can grow.

    Signal service and expert advice
    Some of you might think taking signal service from the expert traders will help you to make huge profit from this market. But no one in this world can give you the guarantee a certain trade will hit take profit level. Signal service will help you to understand the basic factors of the market only. So if you really want to become a full-time trader you need to learn manual trading strategy. The manual trading strategy is known as the best way to trade the market.

    The new traders can also seek help from the expert traders in the exchange traded funds community. The expert traders will help them to understand the basic details of the market with the high level of accuracy. But make sure when you trade you are not taking a huge risk any trade. Following the successful trader will dramatically help you to become a successful trader.

    Following other people’s decision, trading in groups
    The first kind of dependencies that we want to talk about is following the other people’s advice in trading. This is the most common kind of flaws and many people do not even know they need help. They think the groups are the expert traders. There are so many people with knowledge and they cannot take wrong decisions. They trust them blindly and this is when they start getting dependent. They begin to trust the group in every analysis and their advice is given priority. Soon the time comes when the traders cannot trade without the groups. If you are having the same symptom as these people, you should immediately change your trading style. Leave the group that you are in and start learning the process form the beginning. The groups are formed by uneducated people of Forex industry and they do not have the right knowledge. Their basic is not correct and it will destroy your career if you trade by wisdom achieved from the groups.

    Trading base on premium signals
    This is another kind of dependency that is seen among the beginners and also the intermediate traders. As they start getting to know the market, they hear about these amazing signal providers. Most signals are provided free for some weeks but after a certain time, you need to pay money for their services. People pay the money because they have got good services. It removes the burden of analyzing the trend and they only follow the paid signals. Lowly they forget to analyze by their own and the market signals take the place of their analysis. If you are dependent on these paid signals, imagine what will happen if they ever stopped providing a signal to you. All your trading will be stopped and you will pay as much money as they want. A good broker does not walk in the path of a trader but shows him the way and give him the light to walk in his own way. When you start trading based on signals, you stop progressing in your career. You become a robot who only follows the order and have no minds of his own.

    Copying the style of trading with other people
    This is the meanest form of dependency in Forex. You do not do anything and keeps copying the style of different traders in your platform. It is better to quit career than copy trading in Forex.