Forex Trading Training
Wednesday, April 8th, 2009This is a beautiful life. I enjoy everyday of my life by learning new thinks. I have played sports. I have done trading. Whatever, I have done in life; first I try to learn everything about it. If something interests me, I learn it first before doing it.
Just like by buying tennis racquet or a golf set wont make you a good tennis or a gold player. When as a boy, I started playing tennis; I was a very poor player. Good tennis player would not play with me. But I had an ambition to become a good tennis player.
So, I would do wall practice and practice and practice. In the beginning my ball control was very poor. My service was so poor that I would be ashamed to play with good players.
I had an ambition. I had a dream. I wanted to be known as a good tennis player. Winning and losing lies in your mind. If you have seen the movie, The Secret, it explains the secret of success very beautifully.
Same principles apply to forex trading. Forex markets are like a battlefield. Everyday you will battle the currency markets. In the beginning the markets will defeat you. But with consistency and determination, you will slowly learn how to defeat the forex market.
Your first step should be to digest a good forex trading course. Go through the course again and again. Digest even small points given in the course. Pause and ponder on each line in the course.
You aim should be to master the behavior of the currency markets. You should train yourself for that. Learn Technical Analysis. It is the thing to learn for a successful day trader.
Learn what the lagging indicators and what are the leading indicators. Lagging indicators depend on the past behavior of price action. Leading indicators predict the future likely course of the prices in the market.
Know what is the support and resistance at that point. Develop your perspective about the market. You should understand depth what are SMAs, EMAs, MACD, Bollinger Bands etc and how to interpret price action through them. Understanding use of Pivot Points is must for you to predict whether the currency market is bearish or bullish.
Understanding the principles of money management is must for you. Do not put more than 1% of your account on a single trade. Many traders overlook money management but it is the thing that will determine your long term success.