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3rd December 2018
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Never trade the market based on other people opinions

You may not know but there are many groups of traders who place their trades by listening to the commentary of their professional traders. They know they cannot make a good trade but they are convinced that they can make a good money if they trade with professional commentary. This is a wrong idea and it also limits your potential as a trader. If you are reading this article, it says you are interested and you want to know more about this commentary trading. It is not uncommon in this industry where millions of money are lost every day. The people try to use anyways to get their money back and listening to the professionals is a good way. They start believing they can avoid all the risks if they simply listen to their commentary and they follow them with trust more than their lives. This article will tell you why it is not that easy in Forex and why you still need to make your own plans.

 

No one can say they can predict the price movement of a certain asset with an extreme level of accuracy. As an Aussie trader, you have to understand the random nature of the Forex market and place your trade based on probability. You might think you know very famous traders and you will make a huge profit by following his signal. The thing which you don’t understand is probability factors. Even the professional Aussie traders lose money on consecutive traders. There is no way you are going to know a certain trade setup will generate profit.

 

Learn to deal with the losing orders

Instead of losing money by placing trades based on other people opinion, it’s better to stick to your old-fashioned trading system. Forex trading is nothing but the most sophisticated investment business in the world. You need to try to understand the sentiment of the market to earn a huge profit from this market. Instead of thinking about the big winners focus on the worst case scenario. Invest your money on advanced trading education so that you learn the easiest way to manage your losing trades. Always remember, the outcome of any trade is completely random. Without embracing managed loss you can’t survive in this industry.

 

The commenters talk about their own plans

When you are listening to their commentaries, they are not talking about your plans but their. They have placed the trade and they are only sharing their knowledge with you. They will not tell you all the information like the leverage, the position size, and the other information and will only give you tips on how to place the trades. When you are trading by your won, you can make your own strategy and make a good trades. In commentary trading, it is not possible. You keep looking at their chart and follow them in your trades. This way you never know if you are going to be successful or not because you do not have the information. If you want to make money, make your strategy and place your trades. Commentary trading cannot give you profit. Traders do not know which market you will be trading when you will be trading and all they give is their own information. Following other plans is not a good idea.

 

They do not help to develop trading knowledge

When you are listening to the commentary and placing trades, it does not help you to develop your knowledge. You are only following what other people are doing and you do not know if you are making a mistake. This leaves a chance to lose your money easily. If you want to develop your knowledge, start trading on your own. You will make mistakes but in making them you will learn how to improve your trading. It will help you in the future and you will know how to place trades without help.

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