You may be one of those people that are trying to find out the best way to learn forex. If that's the case, let me suggest that you don't do what the 95% of the forex trading public does. That's the percentage of traders who lose money. Try to become part of that very elite 5%.
I know that you may think that's pretty difficult to do. Well.......I'm here to tell you that it's not complicated as you may think it is. It's just simply a case of not falling for all the traps that so many traders fall into. This means not trying every single trading shortcut that you find. Once you do that you chances of success greatly improve.
Indicators Are Not Telling You The Truth
I know that a lot of new traders make the mistake of going indicator crazy. I'm not being judgmental. Truth is I made the very same mistake when I first began to trade. I know it's a lot of fun to play around with indicators when you are just getting started, but you are not really learning anything. What you are really doing is just becoming overly reliant on these indicators.
Also, don't forget about the fact that the vast majority of indicators that are on your charting platforms are lagging. If you don't know what lagging is, it just means that they are only useful for telling you what has already happened. The don't provide any kind of leading indication. That's exactly the reason why when you back test these indicators they look so accurate. Trust me, though, when you trade these indicators live, you'll get a whole different song and dance.
Trading Robots Are Not The Answer
If there is one thing that traders are going "ga-ga" over, it's trading robots. Personally, I think they are a MAJOR waste of time and money. I don't think there is anything in the trading industry that is causing more accounts to crash than trading robots. I can understand why people are enticed to use them. Obviously the thought of an automated trading system doing all the work for you can be tempting when you don't have much confidence as a trader. All you have to do is sit back and let your trading robot make you money.
Well, if you think that's a legitimate way to trade the market, then let me be the first to tell you WAKE UP!! I have yet to hear from a trader who has had any kind of long-term success using trading robots on a LIVE account. I know first hand from my own experience. Most of them work pretty well on demos, but once you are trading with real money, they all end the same way: with you losing money.
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