If you want to win at currency trading, you can buy advice but most currency trading education you need you can get for free and here we will look at how to find the best and enjoy currency trading success…
Let’s first look at currency education that needs to be avoided.
Forex Expert Advisors
Most who claim they are not – anyone who claims they can make you money with no effort should be avoided.
If you want to see if an expert is a not qualified, look for the words “simulated” or “in hindsight”, on the track record presented – this is not real trading and the track record is made up, to sell currency trading courses and systems.
Want to find losers? Then currency trading forums are great. What trader who makes money uses them?
I don’t know any. It’s mostly losers who are trying to make themselves feel better, by dispensing their wisdom, or vendors trying to peddle their products – most of which are junk. Avoid Currency forums!
We have better news than ever but traders need to learn 30 years ago before we had lots of currency news sources 95% of traders lost and 95% lose today, so improved news hasn’t helped.
Prices don’t move to the news, they move to trader’s perception of. Try and trade breaking currency news and you will lose.
Most broker education won’t help you – if brokers were good at trading, they wouldn’t be brokers! Also, as brokers mostly trade against you when you take a position, it’s a conflict of interest.
So what about the good sources? Well the good news is:
There is plenty of it and you can get a good solid currency education for free.
The best way to trade is to use currency charts and base your market timing on technical analysis. There is plenty of free information on the basics, all the different indicators and charts for free, so you can look at the indicators, try them and come up with a simple, robust currency trading strategy.
Any currency trader, who wants to win, should also learn breakout trading and you will find a lot of information on this as well.
The fast is anyone can learn currency trading, there are no secrets and the reason most traders lose is – lack of discipline and poor money management and there is plenty of information on this too.
Traders simply lack discipline and CANNOT keep their losses small or trade through losing periods.
Worth the Money.
You can get some great information on discipline for free but I Would recommend spending $100 or so, on some books, from the really great traders, to get more insight into the mindset to succeed.
These are traders who have walked the walk and don’t simply talk the talk. We reviewed our top ten in other articles so look them up – this is money well spent.
So in conclusion, you can get all the currency trading basics for success for free and can build a currency trading strategy – your major challenge though is money management and discipline.
Its here I would recommend spending a few dollars, if you don’t think you have discipline ( and most traders don’t) and then, the combination of a simple, robust, currency trading system and the right mindset to apply it, can help you win at currency trading.
Getting the right currency education is easy; getting the right mindset is what separates the small number of winners from the losing majority.