First off, I want to make clear that this is not my information. I am posting it here as it is by far some of the best words of wisdom I have ever read in my years of trading forex. Thanks to Acumen for putting together his thoughts from years of trading.
The attached pdf should be treated like gold.
Also saw a reference there to Paul Rotter - the worlds most successful scalper.....interesting one of his comments:
'Q: why don't you have any problems with closing out the position and even taking the opposite direction? shouldn't a trader stick to his opinion? A: no, definitely not. an analyst or some kind of guru has to stick to it, but as a trader you should have no opinion. the more opinion you have, the harder gets it to get out of a losing position.'
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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