FC2Video

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Forex, or Foreign Currency Trading can be an extremely profitable venture. Or it can be a complete bust. An astounding 95% of amatuer traders fail in the Forex markets, many bankrupting their accounts.

So does that mean that you shouldn't even consider Forex trading for yourself?

Like any venture, you need to evaluate the upside, as well as the pitfalls to avoid.

Here are 7 common mistakes to avoid when you are learning how to trade in the Forex markets.

Money Management:
This is THE #1 MISTAKE of amateur traders, and it can't be emphasized enough. A good rule is never to put up more than 1-2% of your account on any one trade. That way, you're not risking your trading capital, and you'll have to lose 100 trades in a row to wipe out your account. Keep the Risk to Reward Ratio at 1.5 to 1.

Trading is a Business, Not a Hobby:
Too many traders don't take trading seriously. They 'dabble' in the markets, or take the approach of 'trying it out'. Treat it like a ...