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If you have some experience in foreign exchange trading, but not much, you probably are a technical trader.
This is a good place to be. You are not quite there yet (your profits are not as big as you would like), but you are well on your way to become a truly successful trader.
Let's see what you are doing at the moment:
You know that hot tips and intuition alone do not make you money, so you use indicators to tell you when it is the right time to buy and to sell. You study all you can about indicators, like charts, trends, volatility, ratios, etc.
This is great! All those indicators are going to definitely help you make money. They are very useful tools and of course you should learn all about them, as long as you do not try to use them to predict the markets
One big mistake many traders make is to use methods like Fibonacci and Elliott Wave to predict how the market will behave. They will find that, no matter how accurate they feel their prediction is, they still lose more money than they would like.
Sounds familiar? It is ok to lose money (actually you have to feel comfortable losing money, but this is a subject for another article) and certainly it is ok to use indicators to help you make trading decisions. In fact, you have to be very good at using different types of indicators before doing any trading. But there is one important thing to keep in mind here: markets cannot be predicted, they can only be traded. Big difference.
The technical aspects of the trade are necessary steps on the way to success. As I said before, you have to be good at them. Just remember: all those indicators and methods are tools to be used in a trading strategy, not by themselves.
If you are on this stage, congratulations! You are half way there. You know what is important and what should be discarded before making trading decisions.
What is next for you is your ultimate goal as a trader: the peace of mind and the profits only pros can have.
A smoother road compared to the beginning, don't you think?
Copyright by Lanval, Corp. All rights reserved worldwide.
This is a good place to be. You are not quite there yet (your profits are not as big as you would like), but you are well on your way to become a truly successful trader.
Let's see what you are doing at the moment:
You know that hot tips and intuition alone do not make you money, so you use indicators to tell you when it is the right time to buy and to sell. You study all you can about indicators, like charts, trends, volatility, ratios, etc.
This is great! All those indicators are going to definitely help you make money. They are very useful tools and of course you should learn all about them, as long as you do not try to use them to predict the markets
One big mistake many traders make is to use methods like Fibonacci and Elliott Wave to predict how the market will behave. They will find that, no matter how accurate they feel their prediction is, they still lose more money than they would like.
Sounds familiar? It is ok to lose money (actually you have to feel comfortable losing money, but this is a subject for another article) and certainly it is ok to use indicators to help you make trading decisions. In fact, you have to be very good at using different types of indicators before doing any trading. But there is one important thing to keep in mind here: markets cannot be predicted, they can only be traded. Big difference.
The technical aspects of the trade are necessary steps on the way to success. As I said before, you have to be good at them. Just remember: all those indicators and methods are tools to be used in a trading strategy, not by themselves.
If you are on this stage, congratulations! You are half way there. You know what is important and what should be discarded before making trading decisions.
What is next for you is your ultimate goal as a trader: the peace of mind and the profits only pros can have.
A smoother road compared to the beginning, don't you think?
Copyright by Lanval, Corp. All rights reserved worldwide.
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