Getting Better Results From Forex Trading Online

Improving one’s forex trading online is always possible. Every trader has room for improvement and for taking new advice. All wise traders keep on learning.

There is More to Forex Trading Online than You Think

When traders carry out forex trading online, they usually follow on the footsteps of their mentors. But they all devise small or big new techniques, for improving upon what they learned in the past. The forex market allows for making such bold steps towards innovation and change. All you have to do as a forex trader is depend more on yourself, and less on your mentors and trading friends. Lack of initiative is bad in trading, and is often disguised and taught as discipline! But being very disciplined is actually a bad thing, as it prevents traders from thinking originally. This illusion comes from the belief that older traders are always wiser, and they know better. That is not necessarily true. Older traders may or may not know better, but they hardly ever give out their best secrets. In fact, those who are very profitable never give out secrets. The only advice they will share with you is some good but generic advice, which applies here and there. Forex trading online can improve dramatically only when traders start to think for themselves, and doubt other traders’ actions. Just because some experienced and profitable trader uses Fibonacci analysis to place their trades, it doesn’t do any justice to Fibonacci theory. It still is a nonsensical theory which doesn’t really work. Traders have to be logical and cautious, as to what advice to take from older traders and what advice to reject.

Taking Forex Trading Online to the Next Higher Level

Forex trading online can improve dramatically, by looking at what is different, unusual, and put it to the test. Are moving averages a good indicator? Are oscillator and chart patterns reliable enough, and if so on what time frame? These are the question an innovative trader will ask, and they will want to test out new things, in their own trading, and without telling anybody else. Some believe that in order to learn how to trade forex they will have to work as part of a team, always. While sharing and discussing techniques is a good thing, and may provide guidance, team work is not going to provide you with that unique trading edge. All profitable traders dedicate time to research the markets well, and they do this alone. For some hours at least, the trader has to think on their own, and in an original way. This is not compatible with team work at all. Because when we work as part of a team, we all look for nice ways for dealing with others, so as to make our answers fit expectations. But discovery is about fact, not tact. And when real research is going on, people tend to argue a lot, in a productive way. Sooner or later they all start to disagree, and end up working in isolation again. And people’s most creative moments actually come when working alone, in a quiet and stress free environment, usually at night. All the world’s really successful traders learned early in their career to think alone on their own, and to assess various trading techniques. While other people’s advice and feedback are always welcome, at the end of the day, it is a single mind that can figure things out.