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Forex Trading Reviews & News 
By: Terry Allen
Most Forex novices are attracted to Forex trading by the colossal amounts of publicity and advertising campaigns claiming that FX is a quick-rich scheme and that they will be millionaires in no time at all. Consequently, their opinions and goals tend not to be synchronized with the reality of FX trading.
For instance, a recent survey showed beginners are characterized by the following Forex trading viewpoints:
1. They expect to activate a large number of FX trades a day, i.e. about 10.
2. They believe that they should make money all the time when trading Forex.
3. They will abandon a Forex trading concept or strategy if it does not produce success for them quickly, i.e. a few days.
4. They anticipate that at least 80% of their Forex trades will be successful.
5. They think that understanding the concepts of Forex trading is not very important if they can rapidly acquire a successful FX strategy or tool.
6. They do not consider that minimizing their risk per trade should be a major pivot point of their Forex trading.
7. They prefer scalping as their favorite Forex trading strategy because of the large number of trades that it performs daily.
The above list emphasizes that Forex novices want and expect quick-fix solutions that are capable of producing fast financial returns. How anyone can possess such ideas is astonishing to those who have grasped even the minimum appreciation of the sheer complexities of Forex trading. The next list outlines the prerequisite components of a Forex strategy that is capable of producing Forex profits. By studying it, you will sadly realize just how detached novices are from reality.
1. The strategy only attempts to activate one FX trade daily and sometimes even slower.
2. It aims to place a maximum of about 30 Forex trades per month.
3. The average lifetime of a Forex trade is between two to six days. The strategy aims to secure profits of 20 pips per trade with extreme wins in the order of 100 pips.
5. The monthly Forex profit sought is 300 pips whilst the annual target is in the region of 3000 pips.
6. The FX strategy’s performance will be constantly monitored and compared to its win:loss ratio and expectancy value. Modifications will be made if any signs of deterioration are detected.
You will notice that the successful Forex strategy projects a far more conservative and realistic approach to trading than that of the first list. Consequently, if you possess any of the ideas associated with a FX novice, then you will have major problems trading Forex. In addition, you will be ripe pickings for the prolific number of scammers that pollute the Forex market.
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