Simplify everything when you can. In the age of people possessing the ‘I want to do it his/her way’ mentality to appease society, practicality and simplicity triumphs in Forex’s field. Marketing and the ‘keeping up with the Joneses’ mentality are clouding the judgment of these Forex traders. What worked for others may not necessarily work for you so do not blindly copy others in hopes of emulating their success.
The Forex Exemplar
A new hotshot trader arrives on the scene making decent gains and holding sky-high expectations, but with petite knowledge. Then, the hotshot trader wants more so he/she looks up an exemplary trader who is smashing in all corners. Or, he/she comes across an advertisement elaborating the be-all-end-all strategy to dominate the competition. A trader who does not research the background of the person he/she is mimicking ends up in the gutter sad and broke with the added fatigue.
Does sophistication beget more success?Read more