Here we gathered the most interesting of common myths about trading on Forex.
Let’s find out, who is real Forex Guru and where to find him?
Most of ordinary people and new investors have a very little idea of who is Forex Guru? Whether it’s a fakir conjuring benefits from your trading soar to the heavens or a high-caliber trader ready to support and share his or her experience with you? Of course, the second option is closer to the truth. But, as Forex Gurus are hardly flying in the skies and wearing colorful tight suits like most super heroes, the biggest question steel remains “How to recognize them and where to look for real Guru?”
In the common sense, Guru is a teacher and especially intellectual guide in matters of fundamental concern. Looking for reliable mentor, please, remember that Forex trading isn’t about predicting what happens next. It’s about having system with an edge. Don't ever trust a teacher without a track record, because usually those traders wish to hide their own failure and continue to provide a second class trading or teaching service. I’m absolutely sure that you will be careful choosing trading Guru, but few hints to detect scam won’t be waste, for sure.
First of all, beware of “so called” Gurus that tend to post regularly, but all of their setups posted are after the fact. Meaning the trade is already over and they show that it is a winner if you follow his trading strategy. Anyone can do that by trading on hindsight. There is no any value in doing this except to mislead the masses.
Another group of scam Gurus tends to post a number of trading setups. However out of all the setups that are posted, probably only a handful will be winning trades. The rest are all losers. When the winning trades are achieved, they will go around posting their winners all over the internet. Giving the audience the impression that they are very accurate and suffer no losses. What happens to the losing trades? Well they hide it and keep silent about it.
Last group of fake Gurus are a little more intelligent compared to the earlier. They behave similarly except for the fact that they do post their losses. For example, they post 10 trades and only have 3 winners and 7 losers. They will go around showing off their 3 winning trades but when it comes to the losing ones, probably only 1 out of the 7 will be mention. Thus giving the impression that they are being honest and credible. But they forgot we’re not stupid either.
We know that one of the best examples of a trade service verification that checks with the server to ensure that the trader is telling the truth about how they trade is provided by Myfxbook automated analytical tool. You shouldn't trust any anyone offering services that do not provide verified results. Myfxbook has several inbuilt methods to prevent trade manipulation: you can still place a manipulated Myfxbook on the website, but Myfxbook simply flags this, and it’s up to other traders to recognize these flags or not.
Perhaps, I told you enough about the scammers. Now it's high time to talk about real super-professional traders whose advice will greatly help you to succeed in Forex trading. I’m not going to make you bored and broadcast long time about how to look for the right people; I will simply give you a list of the top-most reliable and trusted trading Gurus. Following those people, you'll get just the right amount of daily Forex news, insightful analysis and some enjoyable banter in between.
1. Kathy Lien is an internationally published author and Chief Strategist of DailyFX.com, one of the world's most popular online websites for currency research. A seasoned FX analyst and trader, Kathy has direct interbank experience. Prior to joining FXCM, Kathy worked in JPMorgan Chase's Cross Markets and Foreign Exchange Trading groups using both technical and fundamental analysis to trade FX spot and options.
2. Katie Martin is the head of fastFT, The Financial Times breaking news service. She also writes for other parts of the FT, mainly about markets. She was previously at the Wall St Journal and Dow Jones.
3. John Kicklighter is a Senior Currency Strategist and head of DailyFX in New York City and San Francisco where he specializes in combining fundamental and technical analysis with money management. Actively trading since he was a teenager, his experience ranges from spot currency, financial futures, commodities, stocks and options on all these instruments for his personal accounts.
4. Blake Morrow is the Chief Currency Strategist for Wizetrade. Blake has over 18 years of trading experience and has been a co- owner of a Dallas based brokerage firm and LiquidTrader Technologies. Currently, Blake does analysis for thousands of individual traders on his “The Morning Edge” webinar covering inter-market relationships and Forex.
5. Ashraf Laidi is an independent global markets strategist with over 15 years' experience. He is author of "Currency Trading & Intermarket Analysis", and founder of AshrafLaidi.com.
Now, when you got all tips and precious list of the most experienced and trusted Forex traders I am absolutely sure in the success of your trading future. Just take your time to learn hard from the best of the best trading Gurus and beware of scams!
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