You can build a forex trading strategy for profits and learn all the basics for free if you know where to look for the best free forex education and this article will point you in the right direction…
Many people pay for courses and of course this can cut the learning curve but you can learn all the basics for free and if you know what to look for even build your own forex trading strategy for gains.
Bad Forex Advice and Avoiding it
First there are some areas which will not give you good forex education so avoid them and they are:
Forex Trading Forums
These are generally either full of vendors trying to sell you systems or products or traders who cant make money (if they did they wouldn’t hang around a forum). If you want bad forex advice then a forum will give it to you.
Broker and Vendor Reports
They normally give away information to tempt you to give your email away so there sales force can phone you up! The material which is described as crucial is normally just vague advice, you knew anyway.
There is a big myth, this helps you win but it doesn’t it simply reflects the opinion of the majority and they lose. Also markets are discounting mechanism. The stories may sound convincing but that’s all they are stories, as will Rodgers once said:
“I only believe what I read in the papers”
He was joking of course, but its surprising how many traders think they can trade a Reuters news report… if only it were that easy!
Forex Charts a Great Way to Trade
Now here are the best areas of forex trading education and you can do it simply by organic searches. The easiest and quickest way learn to trade is to use forex charts, all you are doing is following the reality of price and trading it and this means you need to learn charting basics and specifically
1. How to use support and resistance
2. Breakout methodology
3. Momentum indicators
We have covered all the above in other articles on this site. If you want to win with a simple forex trading system then you need to educate yourself on the following.
You need to know about breakouts and buy breaks to new highs or lows.
This is a simple logical way to make money and if you use momentum indicators to confirm the moves, this simple strategy can make you a lot of money.
There are many great free chart services available with all those indicators.
Once you have this in place that’s the easy bit – most people can learn a forex trading system the hardest part is applying it with discipline through periods of losses and all trading systems have them YOU Must stay on course until you hit a home run.
Here you need to have confidence in what you are doing but because you have built a system and don’t be deceived, the one above is simple – but all the best forex trading systems are as they are robust.
A Simple Trading Strategy is Best
Complicating your forex trading strategy will get you nowhere. If it did, more traders would win today than they did in yesteryear but they don’t so, all the complicated strategies introduced have not made trading easier.
The key to winning is discipline and you need it.
A good example of this and you should check it out is the turtle experiment.