Wednesday, August 4, 2010

Forex Education

Forex Education


How many of us in the Forex market simply jumped in the market and started trading? I know that was my path. I tossed a few dollars in an account and figured losing it would be a paid lesson in how the markets work.
I can't say that this hasn't been a valuable path. I've learned some good lessons along the way:
it's important to let go of losses early so you have enough capital to sink your teeth into an opportunity that does work.
No indicator or strategy has all the answers -- stop looking for the holy grail of trading
The market can easily whipsaw you to tears if you aren't careful
If you place close stops they will often be taken out before the market goes your way
Really, the list of anecdotal learning is endless and difficult to put into words. However, I recognize that this isn't enough to make me a successful trader, though from time to time I'm starting to taste success. It's finally time for me to bite the bullet and learn more about trading.
No, don't worry, I'm not going to buy some stupid multi-thousand dollar Forex training course. That would be stupid. Forex trading is very related to trading in general and there is no shortage of information on either subject. To make a long story short I've purchased four books recently:
Currency Trading for Dummies
Swing Trading for Dummies
The 10 Essentials of Forex Trading
Technical Analysis for Dummies
All of these were available at a nearby bookstore -- so I didn't have to order something online and wait for delivery.
More importantly, let me list the credentials of the authors of the above books. Respectively, they are:
Mark Gallant: Chairman and founder, GAIN Capital Group. Brian Dolan: Chief currency strategist, FOREX.com
Omar Bassal, Head of Asset Management, NBK Capital
Jared Marinez, FXCHIEF and founder of The Market Traders Institute, Inc.
Barbara Rockefeller, International economist and trader
My advice? Never, ever, fail to look for the ideas of experts. Even if you don't agree with everything they say, which is appropriate, they should be able to increase your understanding and improve your own thinking.
I've had some days with a NAV appreciation of 10%, 20% or more. I'd like to have a lot more days like that... and I don't think that online sources created for the purpose of flogging affiliate commissions will do that for me.



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