In today forex faq, we have a question from one of our fellow readers.
Below is the question:
I read a lot of books. See a lot of webinars. Study a lot of techniques. Try to apply the techniques. But keep losing money. What am I doing wrong?
After reading your email, I can only think of 2 possibilities why you are still losing money.
Do note that those forex books in the market are only teaching you the basic stuff. I have read numerous forex books and if you plan to use what they teach without any fine tuning, you will lost all your money.
No one will be willing to teach you their techniques for a $30 to $50 book. You will find that the author of those book also have seminar. What they are teaching you is the basic and if you want to learn their strategy, you will have to take their course.
What you have been learning from those books and webinars are basic stuff and what you can do now is to use what you have been taught to formulate your own strategies.
Below is a blog post that I have written sometimes back which will teach you how to formulate your own strategy.
If you do not want to spend time formulating your own strategy, you can then consider taking up a good forex course and this will greatly shorten your learning curve.
You may have learned some good strategy but it is just that you did not do enough practice to perfect your execution of the strategy.
For all my student in my forex street university course, they are told to practice on a demo account until they are able to make consecutive months of profits in trading demo before moving to live trading.
So another way for you is to practice what you have learned on a demo account. The more you practice, the better you will be able to execute the strategy.
Sometime, the problem does not lies on the strategy, it lies with the person executing it.
I hope that I have answered your question. Do feel free to email me if you have any problem.