Worst advice you know?

[Rambo35]

A lot of different traders, a few success stories and every once in a while some golden advice; I think that sums up forums. I have read some really good newbie tips, some I would give myself and some that had a different twist, but made perfect sense.

When it comes to trading, as long as you get the results you seek who cares how you do it. I wanted to ask what was the worst advice you read and which was totally wrong and misleading new traders?

Some may have a long list, but among the ones I can think of is that high leverage blows your account. It is not true as leverage has nothing to do with your losses. The lack of risk management, absence of a solid trading strategy and the lack of key attributes such discipline and patience are to blame for your losses (there are more than that).

I look forward to what you guys have to add.

 

[Enivid]

"Do not use a stop-loss." - a pretty bad advice in my opinion.

 

[reed]

No matter how bad they maybe, there is always something to learn from them.

 

[Rockefeller]

High risk equals more gains

I know it`s true but if you want to survive in FX market you have to manage your risk because sooner or later there will be a loosing streak and with high risk you will wipe our your account.

 

[Enivid]

High risk equals more gains

I know it`s true but if you want to survive in FX market you have to manage your risk because sooner or later there will be a loosing streak and with high risk you will wipe our your account.

Yeah, if "High risk equals more gains" would always be true, then we would be dealing with some constant expectancy. Apparently, we do not.

 

[Fxpipper]

The one that kind of took my breath away was the advice posted by an experienced trader, - for newbies, EA is a must.
That is so wrong on so many levels I do not even know where to begin..

 

[Easy Trader]

Trade with the trend, and the ol' "you can trade forex 24 hours a day"

 

[Emibluz]

Emibluz and the regulation scare

My dear forex players,Regulatory bodies are so proud with their regulatory batons controlling the traffic of the market, yet avoidable financial accidents happen in front of their very big eyes. We knew how the NFA was deliciously entertained to those giant scams (PGF Bests and MFG global.Regulatory bodies are suffocating this cordial hostel of trade; this Forex. They claim to be porters who eventually turn forex residents into inmates all in the name of regulation.

 

[Fxpipper]

Huh? Is the last post a spoof? Why are we suddenly on regulatory bodies now?
Moving it back to topic, yeah, would love to chat up with traders who trade 24 hrs a day..(who the heck does that?)

 

[Rambo35]

Huh? Is the last post a spoof? Why are we suddenly on regulatory bodies now?
Moving it back to topic, yeah, would love to chat up with traders who trade 24 hrs a day..(who the heck does that?)

Not sure about the last post, but the poster made five similar posts about regulation where it just does not fit at all. Forex players? I am not sure the poster really understands the topic.

 

[Fxpipper]

I know, one weird post right out of the blue and on regulatory bodies, guess it's time for some one to head back to school on the market and forum etiquette..and the part about how "spamming" is a big no-no

 

[sport]

Hi,

My best is, "Trade with Market Maker Brokers" with a trading desk to screw you up!

Cheers

 

[Fxpipper]

That's funny, did they even know what MM's stand for before dishing out that nice piece of advice?

 

[Lydia Harrison]

you don't know that no risk no gain? but you must have the ability to take risk.be confident about your work otherwise you can't success