Forex Trading Advice – Getting the Best Advice For FREE
If you want forex trading advice and want to win at forex trading, you can get all the advice you need to build a forex trading strategy for big profits for free and here we will show you how to find it…
Most of the so called experts online are anything but and in most cases there not even traders. They sell dubious forex robots and sure fire predictive systems with paper simulations and look for naïve or greedy traders to buy them and plenty of traders do.
In forex trading you need to learn and understand what you do, so you can trade with confidence and you can do that for free.
Before we look at good advice, let’s look at avoiding the bad and here are some prime examples.
Forex trading forums
If you want to find a bunch of losers, there are plenty in forex forums.
The guys here who spout forex advice, are normally traders who can’t make money, so it makes them feel better to give you their wisdom or vendors, looking for people to buy their product.
I don’t know any successful traders who hang around forums, so avoid them.
Lots of brokers give research and advice but if brokers were good traders they wouldn’t be brokers! Most are market makers and make money when you lose, so it is a conflict of interest too.
CNBC, CNN etc great reporting but it won’t help you trade and all the experts you see tell good stories but that’s all they are stories and normally news reflects the herd and keep in mind, the herd losses.
Never trade news or expert opinion from it. If it were that easy to make money a lot more people would be successful!
Good Advice and Where to Find it
Let’s stress some basics First.
The best way to win at forex trading is to use forex charts and technical analysis and lock into forex trends. There is free information online that gives you everything you need to know about technical analysis and lots of free chart services as well.
These are the keywords you should really understand and study
Support and Resistance.
You need to of course know everything about this.
If there is one method you should start with is trading breakouts so look them up.
It’s a fact that if you trade breakouts, you will be in on every major move as most big trends start from new market highs or lows.
If you want to trade breakouts you need to confirm them and a through understanding of momentum indicators is needed, as they can confirm the move.
If you look up the above you will have the basics of a simple system you can use to trade breakouts and have a sound simple forex trading strategy.
The Key to Trading Success
You should then look up and study everything you can on money management, volatility and standard deviation and the important trait of trading discipline.
You can get it all for free you can get the knowledge and confidence you need to trade your system.
Does that sound too simple?
Well forex trading is based around a simple strategy, you understand and can have confidence in and can execute with discipline.
The Route to Profits
When getting a forex education you don’t need to pay for forex advice, its all there for free you just have to seek it out and study it and keep in mind, you need to stand on your own two feet in forex trading and you can’t rely on anyone else so get the right forex education and your all set to enjoy currency trading success.