Tuesday, July 24, 2012

A Novices Guide To Getting The Best Education

If you want to learn forex trading you need to educate yourself the right way and most people don't do this - don't forget 95% lose their money and the main reason is they look for and take the wrong advice.
Let's look at the best forex education and where to get it and learn forex trading the RIGHT way
First Ignore this!
You will see lots of people selling e-books and claiming they can predict the market, trade with 90% odds and make you rich - ignore them and save your money.
None ever come with a track record and most of the so called secrets are free on the net. These e-books give forex trading a bad name, most of the marketing copy is hyped up and without suibstantiation and in many cases downright lies.
Want some good advice?
Then read advice from traders who have walked the walk rather than simply talk the talk and your Amazon bookstore has everything you need.
So what books should you start with?
Let's take a look at a few.
A story that has always fascinated me is the turtle experiment.
Legendary trader Richard Dennis set out to prove that trading could be taughtand took 23 people with no trading experience and taught them to trade in just 14 days - the result?
They made him over $100 million in profits!
Now I am not saying you will get as rich as the turtles - but get the book The Way Of the Turtle" written by Curtis Faith.
He made over 30 million dollars so he knows what he talking about and the book gives you a clear grasp of how the turtles achieved success and the challenges and the rewards of trading forex.
Want another book that has some great trading stories including the turtle story?
Get Market Wizards Edit Jack Shwager - this book simply interviews some of the top traders of all time and is essential reading.
Another great book is Trader Vic by Victor Sperandeo - covers a lot of ground from systems to psychology another trading master.
Now these books will point you in the right direction and its time fro you to devise your own system.
So look up technical analysis and learn about standard deviation and price momentum indicators and build a system based upon the above and the good news is all the information is free on the net.
Forex trading is not easy - but the turtle experiment shows it's potential and will inspire and motivate you to learn forex trading the right way and achieve currency trading success - good luck.

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