Forex For Newbies – What New Traders Should Know About
Let's face it. If you are a forex newbie, you must be scratching your head and wondering what in the world did I get myself into. The whole idea of trading the currency market sounds amazing but you do not know where to turn.
Let's take things nice and slow. First off, let's make sure you have the right kind of perspective. It's great to be excited, but it's also important to be realistic. Every single forex newbie thinks they are going to make millions in their first year of trading. I'm here to put a damper on things by saying that will probably not happen. I'm not trying to discourage you by saying this. I just do not want you to think that trading forex is a get rich quick scheme, because it most certainly is not. It requires both time and patience, which is something that most people do not have,
But if you take the long term approach to trading, you will do great. Every forex newbie should think of trading like a marathon, not like a sprint.
Also, I want you to know that there is a lot of garbage being sold to people claiming to be the holy grail. There is no such thing as the holy grail, and there never will be.
The best tip I can give you is to keep it simple. So many forex newbies make the mistake of blasting their charts with every indicator they can find. This is a sure fire way of losing money. The simpler you keep trading, the better off you are going to be. Look at this way. If you can trade solely on a simple bar chart, you'll be ahead of your fellow traders.