An important lesson for new traders seeking to find the right kind of Forex Trader Training is that while the indicators that you view on the charting platforms may seem like they are helping; the truth is they are a restraint to your trading.
It may sound irrational and if some had mentioned this when I first began Forex Trading, I would have thought they were sabotaging my efforts.
When I began with forex, I honestly tried every indicator I could find, attempting to make some money in this particular market. Its a common mistake that most traders make.
My efforts proved futile and all I earned was a headache. I was so attentive to seeking the "right" indicators, that I knew little of the market itself. I turned trading into a money making game instead of seeking long term riches.
I treated the indicators as if the numbers where some type of fortuneteller and it did not occur to me to seek out the complete market picture. I never noticed what was happening in the currency markets.
All new traders make this mistake. They should realize that a simple bar chart is all the need for technical trading. Price action is the basics of trading and as old.
If the trader understands how the movements of price really work, he can predict the trend in future of the prices. This is because there patterns inherent in the market which can be use to open and close trades.
A simple bar chart, devoid of the unnecessary fillers can surprisingly give you all the clues that you need for trading.
