Forex? It isn't as easy as the advert said, that was my first thought. I now know that everyone who's anyone needs a method in place and the easiest way to do so is through a reliable forex trading system course. If you're anything like me, you've started trading forex to make extra money, not lose it and with a small investment (be it time or money) you can join the high rollers and give up the day job.
During this article we'll look at the key factors that will deter your trading success and help you find the right forex trading system course for you!
Before even putting a system in place you have to first decide what type of forex trader you are? Are you after a forex trading system course that is based on fundamental or technical analysis?
Fundamental analysis revolves around economic, social and political factors that impact the market. It is not unheard of for traders to profit off the back of a simple speech by the likes of a politician or well respected economist. Trading speculatively on how those few important words and how they will affect market sentiment. If they say the US economy is great, you take a punt on what that means for the dollar, how it will move and which currency pair will give you the best return (although many people choose to restrict themselves to a specific pair or perhaps the majors).
You only have to look at the current credit crunch and how a short speech or soundbite can be interpreted as "we're going into recession" or "growth is slowing" and how the forex markets respond. It's down to you to keep your finger on the pulse and pick the right trade! When you see how the markets work you'll start to appreciate the importance of psychology in trading (and not just your own).
Technical analysis on the other hand has been stereotyped as kicking back, sipping coffee and pressing a button when a graph moves. It's a little more involved than that and if you're a forex scalper (opening and closing in minutes) you'll be glued to that screen all day. Not my idea of fun.
Setting up parameters, monitoring moving averages, pivots points, support and resistance to name a few of the more popular is the key to technical analysis and it takes some time to learn the jargon, yet alone the interpretation and for that reason a good forex trading system course from a forex guru is often well worth it. It helps to get an eye in, watch some live trades, have someone talk you through the ifs, buts and the maybes. A great forex trading system course will take you by the hand and won't fool you into learning someone else's strategy but learning form their strategy to create your own.
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