Goodness knows when you are just beginning your forex trading career, there is certainly a lot of bad information that you have to skim through in order to succeed. You want to make sure you are getting the right advice, otherwise it’s going to seem like you are fighting an uphill battle. So here are the top 3 forex trading tips that every newbie should know about.
1) It Makes No Difference What Charting Platform You Use. I know that may sound a tad controversial, but I believe this is true. As long as you have an accurate data feed, that’s the important thing. I know all those silver bullet-holy grail trading platforms that you see being advertised all over the place promise you all kinds of bells and whistles, but in the end its nothing but useless filler.
2) If You Want To Succeed, Learn The Markets. Believe me, I know this is common sense, but how many people don’t follow this kind of advice? Think about how many traders are buying these forex robots so an inanimate piece of software can trade for them. That’s not how people succeed in this business. Successful trading can’t be achieved on autopilot. You are going to have to take the controls.
3) Think Less Is More. I know that this concept may seem rather elementary, but it’s absolutely essential. The more things you look at on a chart, the more confusion it causes. I think many people see pictures of wall street traders on their computers, and they see them looking at 20 screens, hundreds of charts, and all this other noise, that they feel like that’s the only way a trader has to trade. This is simply not the case. All this congestion clutters up the mind.