Some Tips for FX Trading and a Song
Some wise tips for your trading (https://www.independentinvestor.com/forex/tips-and-techniques).
It goes without saying that many beginners in Forex trading try to find some worthy information concerning successful trading. Certainly I can’t say that I’m a guru but anyway I’ve got something to tell you regarding this.
First you’d better be suspicious if something seems to be too good to be true. For example you’ve got such a situation when some relatively reliable indicators suddenly start promising big money and you are likely to surrender to this temptation. The main thing is that you should remember that there is no such a thing as a trading strategy that brings you a stable success in 95% of all time spent on this. It’s almost impossible to avoid risks (https://www.independentinvestor.com/forex/disadvantages-of-leverage-forex) all the time even if you are an extremely skillful guy in this field. Be skeptical. Find a confirmation of each trading idea that you are interested in.
Remember that you should work for yourself. By the way I’ve just heard that the essence of knowledge is rooted in experience and experience is considered to be the essence of independence. In fact it’s a quotation from one extremely wise book. To my great regret I don’t remember the exact name of this book. Our standard pattern of thinking is teaches us to think that every problem or need for something can be either solved or bought to achieve our goals. And although sometimes we really want to rely on somebody’s trading ideas, research, advices or a particular system, we find out that most of the progress occurs when we perform the analysis by ourselves, form our own hypotheses and rely on our own decisions.
It goes without saying that a persistent study of other traders’ experiences is considered to be a part of Forex trading education and moreover there are a lot of public ideas, which has successfully become essential components of beneficial trading plans. This means that you should also learn something from this. But at the same time don’t forget that many experienced traders say that even a successful trading system will not work if it isn’t executed in the right way. But the reality is that it is very difficult to trust completely something strange and unknown especially if you can’t have an opportunity to evaluate all the nuances and understand them properly. Certainly this system can work for a certain period of time and then you can experience a nasty malfunction which is going to occur quite suddenly. Such a substantial confidence in a particular trading idea comes usually after you have done all the work and understood the concept from its very foundations. To cut a long story short I can say that it would be better for you use only those ideas which you can understand properly.