fxcm-traits-of-successful-traders-guide
fxcm-traits-of-successful-traders-guide
fxcm-traits-of-successful-traders-guide
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TRAITS OF SUCCESSFUL TRADERS: PART ONEWhat is the Number One Mistake Forex Traders Make?Pr<strong>of</strong>itable Trades by Currency Pair80%70%60%50%49%54% 57% 58% 59% 59% 60% 60% 61% 61% 62% 64% 64% 66%71%40%30%0%NZD/USD EUR/GBP AUD/USD EUR/JPY USD/CAD GBP/USD GBP/JPYAUD/JPY USD/JPY EUR/USD USD/CHF EUR/AUD EUR/CHF GBP/CHF AUD/NZDCHART 1.1Percentage <strong>of</strong> trades that closed with a pr<strong>of</strong>itSource: Appendix 1.1INTRODUCTIONBig US Dollar moves against the Euro andother currencies have made forex tradingmore popular than ever, but the influx <strong>of</strong> new<strong>traders</strong> has been matched by an outflow <strong>of</strong>existing <strong>traders</strong>.Why do major currency moves bringincreased trader losses? To find out, theDailyFX research team has looked throughamalgamated trading data on thousands <strong>of</strong>FXCM live accounts. In this article, we lookat the biggest mistake that forex <strong>traders</strong>make, and a way to trade appropriately.WHAT DOES THE AVERAGE FOREX TRADERDO WRONG?Many forex <strong>traders</strong> have significant experiencetrading in other markets, and their technical andfundamental analysis is <strong>of</strong>ten quite good. Infact, in almost all <strong>of</strong> the most popular currencypairs that FXCM clients trade, <strong>traders</strong> arecorrect more than 50% <strong>of</strong> the time.6
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