Learning forex trading techniques can be very complicated and overwhelming for beginner traders. That is completely understandable. If you are not familiar with the forex market, all the terminology, forex trading strategies and systems can sound very Greek.
It’s okay, every successful trader has gone through what you are going through. Here is how they broke through to make money in this highly lucrative market.
Keep Things Simple
The key to becoming successful in the forex market is to clearly understand what you are doing. Too many traders don’t really understand how the market works or how their trading strategy works. They just blindly follow some magic system without really understanding why it works.
You don’t have to know every trading strategy there is before you begin. You just need one simple one to start with. In the beginning, make sure you just keep things simple. Pick a strategy that you clearly understand, and practice it on a free forex demo until you start making virtual money. Once you feel confident in that system, get a real account and make some money.
Don’t get distracted by a new trading system or some complicated technical analysis technique like Fibonacci Retracement or Elliot Waves. Those are legitimate tools, but don’t try to understand them right now.
Easy Forex Trading Strategy
Just stick to something simple like trading off of support and resistance. Listen, if you can’t trade off of something simple like this, you won’t be able to successfully trade something more complex.
Learn support and resistance like the back of your hand. Then incorporate it into a trading plan. Execute it, then evaluate what you did. Do it again until you make money. Then rinse and repeat and keep making money. Once you can use this simple system to make money, go on to some other system and do it again the same way.