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Thursday, September 11, 2008

Free Forex Education - the Best Free Sources to Help You Win

You don't need to pay for forex education you can get all the information you need free but you need to know what to look for - some sources that many traders believe are good simply are not, let's look at how to find the best sources... Before we begin there is nothing wrong with paying for forex education as you can cut your learning curve but always be careful to buy a currency trading course that offers you something unique and gives you a trading edge but first check out the free sources, so you know what to look for. First here are sources that won't help you winForex Forums Most traders dispensing so called wisdom in these are losers or vendors selling product. No serious forex trader I know hangs around a forum, avoid them. Freebies Where You Have to Input Your email address Most of these ask you for your email before giving you some secrets of trading but there mostly what you can get on the net and include such great wisdom as - "trade with a plan" or "cut your losses and run your profits" , pretty obvious really!. All they do is allow the vendor to try and sell you a product later on, so if you don't want a full inbox move on...News Many traders want to trade forex news - but really this is doomed to failure. You can't trade news events and all the broker bank and investment house fundamental insight you read wont help you trade, so never be tempted to trade news events. Good Research You can get some great sites via organic searches, they have a wealth of information and you can get a lot of free reports that can give you an insight into trading.What you really want are some ideas on trading strategy and how to use indicators to build a simple forex trading system. So search out the free chart services and descriptions of indicators and learn about support resistance, chart patterns and breakout trading. You can then put together your system and as a newbie base it on this. 1. Support and resistance 2. Choose one or two momentum indicators to confirm breakouts or support and resistance holding 3. Learn about Bollinger Bands and standard deviation of price - Knowing how to deal with volatility is a key to trading success. If you do the above, you will have a robust simple trading system. You then need to find some information on what it takes to make a great trader in terms of mindset and look up the story of "the turtles" by searching turtles trading strategy, or search our other articles on this site. This is a great lesson for any newbie and explains how a group with no trading experience, learned to trade in just 14 days, then went on to become trading legends and make hundreds of millions of dollars. If you search online you will find a lot of good information and it is enough to construct a simple robust forex trading system. In addition, because you are learning from the ground up, you will have confidence in what you are doing and therefore the key element of discipline to stay on course and lead you to currency trading success

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