Many traders have this common misconception among themselves. They like to underestimate themselves, and when they are trading in the market, they try to ride on others strategy. This is nothing but the free rider problem of economy. It means someone is getting the benefit at your expense when they do not have to spend any money on it. An example can be seen when you hire pest controls to remove the mosquitoes in your house and your yards to get a malaria free environment. Also, it was you who had paid the cost, and your neighbor will also enjoy the disease free environment.
It is not possible in Forex that you can only ride on others for your money. When it is financial, you have to trade on your own. The idea of free rider problem was only started to break your false illusion of Forex market where traders think they can rely on other traders for their trade.
Herd is the weakest group of tradersIt needs no introduction that the herd you are assuming to be strong is the most vulnerable group of traders among the traders’ community in Forex. The only reason they are trading with the others is they also do not know what is right and what is bad for Forex. They just rely on other traders, and if expert says it is good, they trade, and if they say let’s have another look, they just stay on the sideline.
Remember the lion doesn’t hunt in a pack. It hunts alone and alone it rules the jungle. The professional traders of Forex do not take any help from the other traders. They try to use their intelligence to break down the market., When you are trading in Forex, you also need to follow the professional dealers and their strategy. You can take help from them by paying money to get a paid education in Forex, but it is only for your career advancement. You should not seek help nor should you follow the herd in Forex. If you are losing money on your own decision, it is better than trading with other people strategy and lose your money. Believe in yourself and do not listen what other traders have to say. Trade with your strategy. Only traders who trade the market solo are rewarded in Forex, not the pack of traders with a common strategy. So do your technical analysis and execute your trade in your
online trading account . No one can predict the future price movement since trading is all about probability.
95% of the traders are losersYou must know that 95% of the Forex traders are losing money in the online trading world. So if you think that the professional traders at Singapore are making money consistently due to their good luck than you are making a terrible mistake. There nothing called luck in the life of a full-time trader. The expert traders at Singapore has spent many years in mastering the art of trading. They have sound knowledge in all the three major types of market analysis. They know that this market is all about precise trade execution. So if you want to become like one of them then make sure that you have educated yourself with the proper knowledge of this market. Learn all the basic details and trade the market with patience. If you trade the lower time frame, then you might be able to execute more trade, but the quality of that trading signal will not be good. Focus on quality trade execution only.
Only 5% of the traders are making consistently. They are the smart traders who trade the market with the extreme level of patience. They don’t follow other people trading signal rather they use their intellect to trade the market.
