I wanted to take the time to share with you some of my currency trading education tips. This will help you learn the important parts of this business a lot better. Knowing the basics just isn't good enough. It's often the little things that make up the trader and make them a good trader. Too many people end up losing a fortune of money because they're just not prepared for the little things. I've been trading a long time now and I learned a lot about what it takes to be successful at this. I'm going to share a little of what I've learned during that time.
Everything you'll learn in a typical currency trading education course or book is for an ideal state. The "perfect" scenario. It doesn't exist and that makes a lot of the training completely idealistic. Most things will work on a regular calm day. I think an important skill to get down is identifying with things will get chaotic and volatile. I found the regular news was good enough for that. If you watch it, they'll talk about economic information, which is typically announced at a scheduled time. If there is an announcement coming up about the Federal Reserve interest rates at 2pm, that means the markets will be quiet up until that point and at 2pm it will go volatile. You'll want to avoid these times.
Having software is an important part of properly competing in this market. You're going to be going up against big firms and banks that have a staff to work the market 24hrs a day. You on the other hand are an individual. By having software it can automatically watch the market and make profitable trades at all hours of the day.
Everything you'll learn in a typical currency trading education course or book is for an ideal state. The "perfect" scenario. It doesn't exist and that makes a lot of the training completely idealistic. Most things will work on a regular calm day. I think an important skill to get down is identifying with things will get chaotic and volatile. I found the regular news was good enough for that. If you watch it, they'll talk about economic information, which is typically announced at a scheduled time. If there is an announcement coming up about the Federal Reserve interest rates at 2pm, that means the markets will be quiet up until that point and at 2pm it will go volatile. You'll want to avoid these times.
Having software is an important part of properly competing in this market. You're going to be going up against big firms and banks that have a staff to work the market 24hrs a day. You on the other hand are an individual. By having software it can automatically watch the market and make profitable trades at all hours of the day.
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