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FreeBusinessContent.net » Financial-business-tips » Learn About The Forex Trading Holy Grail
Article Source: FreeBusinessContent.net
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Learn About The Forex Trading Holy Grail
Author: MarkRayner
Total views: 23
Word Count: 621
There's a never ending supply of marketers trying to sell you on the idea of easy money. It's all lies designed to part you with your money. Buying the $67 system is only the first mistake, trading with it is what really costs you money. Learn the truth about the forex.
Sometimes I have members to my service, who can't seem to make any money. I am always surprised at this. But I do understand how it happens. A typical situation is they will have a few losses, and become afraid to trade. Then they will watch me have a few wins and jump back into trading again. Then I may have a loss, and that usually destroys what confidence they had left.
It's true that two people can trade the same system, and one will lose money. So it's what happens in your mind that is the most important. When you learn Forex trading, everything you do comes from your mind set.
For the most part our emotions are truly illogical, when they override reason. So it is therefore very important to get to grips with what is happening in our own minds.
Too many traders become obsessed with indicators. Without realizing what an indicator really is. An indicator is just a way of smoothing price action. Because it has to use historical data, it will always report a lagging view of the market. You should see indicators as an aid to help you, not as the complete guiding factor. Remember the market moves through the sum total of all the actions (trades) of the market.
When I look at the forex market I always try to get a feeling of overall sentiment. One classic example of this is when we know a big news item is coming. The market will go into a range. This is a direct representation of everyone thinking; "I'm not trading until this news is out of the way". Another example is why pivots work. Everyone who is in a trade is looking to get out, and many are looking to get in at the same point. So the market reflects this by either bouncing or pushing through.
"Realize that the market moves because of the actions of the traders in it, and price action is the representation of that movement."
Most people search for the "system" first and then try to trade it without understanding why and how it works. This is very difficult to do, as you will not have confidence in it. It is better to find a system that makes sense to you, and is closely related to price action.
When you learn forex trading, you can never ignore the other factors affecting the market. You must have a holistic view. Did news just come out that strengthens the dollar? Did price just reach the 200 ema on the 4 hour chart? Did a head and shoulders just form? is price hitting the top of a channel on the daily chart? It does not matter what system you use to pull the trigger, if you ignore everything else.
You don't have to be an expert on everything, but you do need to know what may spoil your trade. Most of my losing trades are due to something I missed, not the market.
"Trade your own forex system but never ignore the other factors effecting the market"
It is very easy to overlook and dismiss the importance of this information. It is probably stuff you have heard before. While you learn Forex, you will see this advice repeated over and over again. There is a very good reason for that; all successful traders understand this information, and are successful because of it.
Article Source: FreeBusinessContent.net
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It's time to get to grips with your Trading Forex. Learn Forex the easy way by joining us in the trading room.
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