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Wondering how to lose money in the currency market? We will teach you by applying (some sort of) reverse psychology in this discussion.

Never Do Due Diligence

Never master the forex market, study the factors affecting the movement of currencies, be updated about the latest global events and announcements influencing the market, familiarize the erratic market conditions, and develop a well-prepared trading plan.

Never Find an Established Broker

Do not find a broker that can step up your trading, take care of your capital, and guide you in every step of the way. Be with a firm that does not belong to any regulatory body, disclose assets and account offerings, rates, commissions, and the like, and know how to respond to your queries about forex and their entity.

Never Practice

Especially if you have learned forex trading right away, do not practice. Right? Do not use a demo account to enter and exit trades, maximize profits, and minimize losses. Go ahead. Add a losing position. Close a good trade prematurely. Enter erroneous orders. Bother not to protect the trades, and experiment not.

Never Clean the Charts

Why organize the charts if you can deal with the mess? Why keep analysis techniques to a minimum if you can trade effectively by using the same indicators or oscillators? Why avoid taking advantage of all the available technical analysis tools in a platform?

Never Safeguard Your Account

Lose money by not managing your money properly, accepting the losses, and moving on. Do not use a precautionary stop loss. Do not pre-determine a maximum daily loss. That way, losses are underway. Guaranteed.

Never Start Small When Live Trading

Aim high and start trading with a huge amount of money. Take into account emotions and slippage. Do not backtest results, review trading plans, keep emotions in check, and practice. Just don’t.

Never Use Leverage

We all know leverage can make or break a trade. Never employ the right leverage for your trades. Let leverage bolster your losses and ruin your trading balance. Do not believe a smaller position can rein in risks. Instead, open a bigger position.

Never Record Trades

No need to review gains and losses, market movements, trading activities, charts, instruments used, your emotions, and performance. Why wait for a feedback if you think you can inch your way up? No need to have a good record keeping and maintaining a trading journal. Leave it all to your photographic memory.

Never Understand Taxes

Never prepare yourself for the unexpected. It is not necessary to comprehend taxes and treatment of currency trading activity. No need to consult an accountant or tax specialist. That’s a waste of your money and time. Also, do not take advantage of laws about taxation and manage your finances.

Never Consider Trading as Business

Ever. What’s the use if you are keen on losing everything, including your sanity? Why take note of profits, losses, trades, risks, taxes, and laws? Try to become a successful forex trader overnight by setting unrealistic goals, being disorganized, and mulling over failures.

Shocking, eh? If you do not wish to lose money in forex, reverse all the rules. Research. Look for a respectable trader. Do trading in a demo account. Maintain clean charts. Guard your account. Start small. Use the right leverage. Maintain a good record. Learn the taxes. Treat trading as if it is your business.