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The emergence of the Internet has moved Forex trading to a new category. If in the past people had to trade with the help of telephones, giving trading orders vocally, today everything can be performed immediately without exchanging any single word with anybody. Many people dream of making money without going out, just sitting comfortably on the sofa or lying on the bed. Nowadays, this is not a dream any longer. Trading from home has already become real.

While success is a possibility and it’s not necessarily meant for a few select individuals, there are several pitfalls that you must steer clear of if you are going to get your ticket to success. In this articles we will be identifying 7 common pitfalls in the Forex trading business.

Fear is commonly known as one of the worst enemies of forex traders. This means that the successful forex trader must learn the correct strategies of facing and defeating any fears they may have or develop. One of the simplest strategies of facing your fear head on is normally to acknowledge its presence, take a deep slow breathe and say to yourself, ” I am more powerful than this fear, I have total control over fear, and I am going to overcome this fear”. This simple strategy is amazingly effective in reducing your sensitivity to the fear or making a move in forex trade. Essentially, courage has never been the absence of fear but the ability to move on even though you are actually afraid.

Hindsight bias is often referred to as the “I know it all along” effect which is a tendency of viewing events as being more predictable that they practically are. This phenomenon is often caused by the occurrences of a past event that cause one to think that he can accurately predict another.

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The reason many people are very keen to start learning forex trading is that it has many advantages over the “normal” kind of trading (stocks). One of these advantages is that the forex market is open 24 hours a day. The market is, indeed, open 24 hours a day, for 5 days a week.

When reading about forex trading, one of the first things you’ll learn is that this market is a bit different from the others. One of the many advantages of the forex market is that it’s a market open around the clock. At any time during the day between Sunday 2200GMT and Friday 2200GMT, you can trade.

If you are currently trading currencies in the Forex market, or are considering it, I’d like to help you not only to become a better trader but also to trade with a peace of mind by offering you this simple advice. Be a long-term trader with a long-term gain in mind.