On the Internet, there is so much knowledge about forex trading. You can learn about various new and old strategies, ways of having a calm mindset, etc. Though did you ever notice that you get many different answers for the same question, and some of them even contradict each other. Are you sure that all of them are right? Or which one is right and which is not? This can be mind-boggling and also dangerous for your capital (if you end up using the wrong strategy or advice).
In this post, I will guide you how you can extract the right knowledge from the various resources available to you.
1. Follow Your Gut Feeling
It is you that can guide yourself the best. It is because you know yourself the best. You know what is your trading style and how you can use a particular strategy and loopholes in it to your advantage. Whether you are a beginner or a pro-trader, this information implies to all. No matter how much popular a strategy is, you should introduce it to your trading process only if it matches your style of trade. If you are using a strategy that is not meant to work with your trading style, you will not be able to execute it justifiably. Before deciding to use any strategy, the more important thing is to figure what kind of a trader you are.
If you have not been able to figure what kind of a trader you are, start maintaining a trading journal. Note the minutest details like how was your reaction, your confidence, the results, etc. in it.
2. Go Back To The Books
Reading books that have been either written by renowned forex traders or which are about them, can be helpful to the beginners at forex trading. You can understand the graph of the growth of the successful traders and imply the same habits and strategies to your trading. If you follow the traders who are doing great in this profession, it will help you improve your growth rate tremendously. You get a refined methodology, as these traders have developed these trading styles after having both good and bad experiences of the market. While you get a chance to avoid the mistakes these traders made, you also have a chance of picking up some of the personal tricks of these traders. When you are learning things with your experience, it can take many attempts for you refine your trading style. The most important thing a beginner trader can learn from the books from renowned forex traders or which talk about them is how they think or what kind of a mindset they have. If you can develop a mindset same as that of a successful trader, you will see yourself amongst these traders in no time.
3. You Should Know How To Choose The Trader That You Should Follow
Before you start reading the books related to successful traders or written by them itself, you must do a background check on them. Sometimes scammers trap people by creating fake ids of successful traders and pitch in the wrong information. They do it to easily cheat people and make them lose their money. In the past, there were rumors like Hafizzat Rusli Penipu about the successful forex trader and also a forex mentor Hafizzat Rusli. Choosing the right forex trader is completely in your own hands. If you start following a forex trader without any background check, you are risking your precious time and money both.
If you are not sure about following a trader you can also join the trading courses that are offered by some of the successful traders. Hafizzat Rusli who has taken retirement from full-time trading and now is a famous trader is one such example. To know more about him, and his forex trading course click the link here https://www.hafizzatrusli.com/trading-courses/