I have been studying the FX market years now and compared to where I started, I can see that I came a long way. Those charts that seemed all Greek to me in the past has started to communicate with me and we can have some understandanding in between. In all these days which passed in the blink of an eye, I have came across many many forex resources, I spent whole nights going through Ebooks and watching courses. Some were good, and as usual, most were bad and contained nothing new except some tricks to take away your money. During these days, I came across many many systems, and here I won't dare saying some were or and others were bad.
The real problem...
As usual, as a trainee trader, the first thing to do when we get a new system is learning and backtesting it and this is what I have been doing. Performance of these systems were good, bad or average. But whatever the reason, when I tried demo trading these systems, I was somehow losing over time. Then I kept wondering why is it like that...
Finally I came to realize that, all systems can be good but the major problem is the trader himself. The trader is his own enemy and will dragged him to losses if he does not have a rigid descipline and stick to the rules. There are many fancy and complicated trading systems for the forex market, using them will not make you any good if you don't know how to stick and observe the rules.
I was amazed how basic tools like pivots, fibos, support and resistance, trendlines among others, were highly effective as trading advisors, once we know how to respect and observe them. Armed with just these basic tools, its definitely possible to make some money of the currency market. All we need is discipline and with it comes money management rules which we can discuss some other times.
The real problem...
As usual, as a trainee trader, the first thing to do when we get a new system is learning and backtesting it and this is what I have been doing. Performance of these systems were good, bad or average. But whatever the reason, when I tried demo trading these systems, I was somehow losing over time. Then I kept wondering why is it like that...
Finally I came to realize that, all systems can be good but the major problem is the trader himself. The trader is his own enemy and will dragged him to losses if he does not have a rigid descipline and stick to the rules. There are many fancy and complicated trading systems for the forex market, using them will not make you any good if you don't know how to stick and observe the rules.
I was amazed how basic tools like pivots, fibos, support and resistance, trendlines among others, were highly effective as trading advisors, once we know how to respect and observe them. Armed with just these basic tools, its definitely possible to make some money of the currency market. All we need is discipline and with it comes money management rules which we can discuss some other times.
