The danger of listening to random strangers

While I understand that the title of this video is a bit humorous, you would be stunned to know how many people in the Forex world listen to strangers when it comes to trading their money. This can take form in many ways, and quite frankly always seems to end up in tears for the person listening.

Remember, there is nobody out there that cares about your trading account more than you. This is the first thing you should keep in mind, as it is far too easy for somebody to give advice that isn’t going to cost them anything. At the end of the day, it doesn’t matter what somebody told you, it matters what you do. If you rack up exorbitant losses due to poor trading, you have nobody but yourself to blame.

This brings up an interesting point. A lot of what drives human psychology is to avoid pain. This is why so many people choose to blame others, because they do not have to face the fact that they have made a mistake, or worse yet – behaved poorly. Unfortunately, far too many new traders in the financial world will find websites and forums that have people offering their advice and opinion on the market. What they fail to understand is that most the people they are listening to aren’t any more experienced than they are, or if they are, they are very rarely profitable.

In the end, by listening to each other they create a negative feedback loop that causes financial destruction to their trading accounts. I cannot believe some of the things that I have seen posted in forums that people suggest as sound financial advice. Somebody who’s been trading for a few days has nothing to offer the conversation other than questions. Unfortunately, there is a lot of ego when it comes to trading, and even more so when it comes to traders talking to each other on forums. It is because of this that you must come to grips with the fact that any trade you make is your own responsibility, and that listening to others is simply using somebody else’s culpability as a crutch. In the end, they don’t care about your account, and you should care more than to let random strangers that you don’t know influence what you do.