Monday, 9 April 2012

Trading or Gambling?

A Day Trader would normally spend lots of time on studying and reading articles online. A lot of day traders are also very active in trading forums where they have the opportunity to discuss the activities in the markets and to exchange trading strategies with one another - when I read some of their strategies, which were employed by so called experienced traders, I could not believe how some of these traders were still capable of remaining in this business!

To actually have one open trading position in Currencies, Gold or Crude Oil is hard enough to monitor and yet some of these traders tend to open so many trading positions of a combination of these instruments at the same time - The worst that I have come across is when one trader had 7 forex trades open in 7 different currencies, each going in different directions! How he was expecting himself to follow the newsflow on those trades, would be beyond anyone's logical comprehension - and let's not forget to mention that all these trades were being actually controlled manually!

If you happen to be trading similar to the above, I would strongly advise you to change your trading strategy or try your luck at the roulette table at the local casino, then you would definitely have more chance of beating the odds!

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