I read a lot about FOREX education and how it is essential to succeed and of course this is true, but most people do not really understand what they should learn and how to do it.
So here are some guidelines, on how to work smart and not hard to achieve FOREX trading success.
When you are looking for FOREX education you can get most of it for free on the net.
Do not be tempted to buy e-books or "sure fire" trading methods from guru's.
Because the FOREX education they offer is normally going to cost you and it's not worth the money.
Most of it is written by great salesman (with great copy) or failed brokers.
In most cases, if it was that good they would not be selling it; they would keep quite and make money for themselves.
Harsh but true!
If you do want to buy from a guru on the web make sure they have a real time track record that has made money and not a simulation.
The good news is:
There is a huge resource of information on the web you can tap into and it's all free.
As a novice trader you can learn everything about technical analysis and indicators and see how they have performed in real time.
You can also find lots of material on the trains of successful traders and how you can acquire these tracks to make money.
You can then build a trading system for free from this FOREX education and even learn how to apply it.
Paid education that is worth the money.
Look no further than an online bookstore.
There are many great books you can buy from traders who have made money.
Unlike the guru's on the net who rely on hyped sales copy these guys do not need to:
They have made real money and lots of it.
There are many books to choose from but here are some of my favorites after reading several hundred over the last 18 years:
1. Market Wizards – Jack Shwager (Edit)
This book is interviews with some of the all time great traders and allows you to tap into and learn from the best.
Quite simply, inspiring and essential FOREX education.
2. Trader Vic – Victor Sperandeo
Perhaps my favorite book of all time.
EVERYTHING you need to know about devising a plan for profit is in this book.
From the essentials of a trading plan, to money management and how to acquire discipline to stick with your plan and achieve trading success.
Again, essential FOREX education.
Other authors to check out are:
John Murphy (for his writing on technical analysis) Max Günter (check him out for some unconventional money making tips!) Jake Bernstein (great insight into the mindset you need to win) and finally, William Gallagher's excellent book Winner Takes All – A very entertaining read.
There are many more but the above will give you some great FOREX education.
My own view in …