Wednesday, September 19, 2012

Vital Tips to Get the Right Education to Win

There is lots of Forex education available free online and here we are going to give you some tips on finding the best that can lead you to currency trading success.
Here are your Forex info sources to look up.
1. FREE Info
Most of what you will need can be found free on the net. Many of the e-books sold by vendors simply rehash what is found on the net and you can avoid paying for it by simply seeking out the right sources - search around and see what you find and you will stumble upon some good sources.
If you are your trading on Forex technical analysis you can find everything you need to know about indicators and chart patterns to build your own trading system. For a novice trader this is the best way to trade, avoid trading news - it's simply stories that reflect the losing majority, so avoid it.
Your aim is to trade the truth and simply follow price trends and everything you need can be found free - you need something more but I will return to this in a moment.
2. Expert Systems
All over the net claiming they can make you rich with mechanical systems and most will lose. Why? Because - they rely on clever marketing copy and simulated track records done in hindsight. If you see an ad that looks to good to be true pass it by, it is - has never been traded and simply put together by a marketing company.
3. Forex forums.
I took a look around a few of the top forums before I wrote this article and my look confirmed by suspicion full of losing traders.
The guys giving advice are generally people who can't make any money trading Forex and it makes them feel better and big to give out their wisdom. I have been a trader for 25 years and never bothered using Forex forums and don't think you should either.
4. The Edge
To make money you need a method and that's easily constructed from free info on the net which we touched on in point 1.
You can easily build a system based upon breakout methodology, support resistance and a few momentum indicators and win at Forex - just one word of caution:
You will have heard how it's essential in currency trading and it is but it's very hard to acquire that's why 95% of traders wipe out their equity quickly.
To ram home the importance of discipline, go to your local online bookstore and pick up some books by traders who have walked the walk, rather than simply talk the talk.
A few essential books are:
Market Wizards EDIT - Jack Schwager
This book interviews trading legends and lots of them and is one of the most popular investment books of all time and with good reason
The Way of the Turtle - Curtis Faith
This book tells the story of the turtles a group of 14 traders who became legends after learning to trade in 14 days and then earning $100 million in just 4 years.
The Disciplined Trader - Mark Douglas
A bit repetitive but rams home the importance of discipline better than any book I have ever read. The three books above you can pick up for about $60.00 and their worth every cent. They can explain far better than me my discipline is vital yet so hard to achieve.
Always keep in mind if you don't have the discipline to trade your Forex trading system, you don't have one! Trading looks easy yet few succeed - the ones that do build their own trading methods to get confidence which is the first step to trading with discipline.

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