There is a wealth of free forex education online which you can use to build and execute a forex trading strategy of your own for triple digit gains and here I will show you how to do it…
You can of course buy forex education and if you get the right forex trading course it can be worth the money you send many times over but its always worth learning the currency basics for yourself anyway, so lets look at the best sources to learn currency trading online and win.
First let’s look at some sources that won’t help you win.
Forex forums are one such source. You get people giving there wisdom in them but I don’t know any successful forex traders who have time to hang around a forum. You normally get traders who are losers – but try and make themselves feel better, or vendors wanting to sell you worthless products.
Next on the list is forex news. There is a ton of it online and it’s all very convincing as experts give you their view – but their just stories, and won’t help you win. If you could win by following news stories, 95% of traders wouldn’t be losing their accounts.
Now lets look at how to do it properly.
If you are a newcomer then you should try forex trend following and the big trends can last for weeks, months or even years.
Now the best way to catch and lock into these trends is by using forex charts and following price action – but how do you do this? Simple look up the following searches and learn about the following.
1. Support and Resistance
If you want to trade with forex charts you need an understanding of support and resistance so look it up.
2. Breakout methodology
If you want a simple, timeless way to make money, study breakouts. It’s a fact that most major trends start from new market highs – NOT market lows. If you continually look for breaks of important resistance levels and go with them, you can make huge profits.
3. Momentum Indicators
When you get a break resistance then you need to go with it but ONLY if price momentum supports the break and this will put the odds on your side.
There are a lot of momentum indicators out there but we love the stochastic and Relative Strength Index, look them up or see our other articles.
A forex trading system based around the above will be logical, robust and will work. Don’t be deceived by its simplicity, all the best forex trading strategies for success are simple.
Now the hard part!
Getting a system is only half the equation for success.
You now need to acquire the all important trait of discipline. You must have the discipline to execute your trading signals through periods of losses and keep on track, until you hit a home run.
Think it’s easy?
You probably haven’t traded then – it’s hard. You have to keep going when the market makes you look a fool and that’s hard. Your advantage is if you study the key areas we outlined earlier is that you will have confidence in what you are doing and confidence leads to discipline.
Now for an inspiring story on what you can achieve.
Look up the story of Richard Dennis and the turtles.
This famous story concerns trading legend Richard Dennis, teaching a group of people with no trading experience how to trade in 14 days and then setting them off with accounts and watching them make $100 million in 4 years!
Read their story, we have written about it frequently and it’s interesting and combines a simple forex trend following system which they had confidence in and executed with discipline and they found the discipline the hardest part and you will to.
So build your system, read the story of the turtles and search out anything you can on money management and discipline and learn it.
If you take advantage of the searches above, when you look for your free forex education, you will have the salient points you need, to enjoy currency trading success.
Can you be a successful trader?
Of course – but you must have the right education, confidence and discipline and if you do, the road to financial freedom is open to you, all you have to do is invest some time and if you do, your efforts will be well rewarded.