RESTRICTING YOURSELF TO ONE AREA OF TRADING IS DETRIMENTAL:

If you wish to become a professional forex trader, there is one thing
you must not do, that is, do not restrict yourself to one form of
trading the forex market.

Sentiment trading alone cannot make you a professional trader.
With a lot of Central Bank statements and speeches from the
the Governors to their deputies, voting members to non- voting
members, one statement can easily contradict another thereby
creating a divergence. This can turn the market around 180
degrees, making a potentially winning trade to be a losing one.

That is even better than some news traders, who rely solely
on deviation , ie, the difference between expectation and the
actual figure, to trade. Over reliance on deviation has its own
dire consequences. Take for example:

Some people trade the US Non-farm Payrolls with a deviation
of 70k, less or more jobs. you and I know that 70k will actually
surprise the market at times but not all the time. I was made
to believe during my membership of a Live Trade Room, it was
always an opportunity to make some money with such a huge
surprise. I have since realized that making money in forex is
not just about the deviation we have, or the level of surprise.
The forex market is so dynamic, that a whole lot of factors
are needed to make it work.

How can one explain a situation whereby a huge deviation of
100k will fail to make impact, while just 20k on another day
will have a huge impact.

During these past five years of my research, I discovered
that we fail to successfully trade forex due to our insufficient
knowledge of the dynamics in the currency market.

If we are able to reason well enough, there is the tendency
that the percentage of successful traders can rise to 10% from
the current 5%.

A lot of us have not come to the realization that we are
losers, because we are still "Prisoners of Hope", believing
that one day, we shall be successful forex traders. Is it
by doing the "Wrong Things" at the right time?

No matter how much money is spent in advertising a
bad product, it will not make it good. All these self-
acclaimed professionals are still part of us, the 5%
losers, but they choose to be selling "bad stuff" to
deceive people because, they cannot trade for profit.

Continue to learn and learn, we shall get there.

A word is enough for the wise. It is a shame that
only 5% forex traders are wise. The rest are what?

Wisdom does not go hungry. Wisdom does not go
broke. Wisdom does not lose money in whatever
venture, including forex trading. Wisdom is wisdom,
not something else.

Have a good day.