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Your own. Traders who think they can spend $100 on an e-book and buy success from someone else are really mistaken.
The fact is most of the information you need is available free on the net and most sold advice is by writers NOT traders.
Let’s look at how to get the best advice for free.
First things first
If you really want to buy an e-book or system from a vendor check their traders and have a REALTIME track record of success.
The fact is most don’t and rely on the greed and ignorance of people buying their system
If you find, practice and use the free advice on the net you can become a successful trader. The fact you have done it on your own will give you confidence in your method and the discipline to trade it through losing periods
Getting started
You should use a technical based system.
Use charts there are plenty free on the net.
You can read why it works and about all the formations you need to spot profitable opportunities
Get a free chart service.
A good one is futuresource.com. It has all the charts and indicators you will need.
You then need to perfect your method. Use charts to spot the formations and some indicators.
You only need a few to combine with charting (and we have outlined one free in our other articles) The best indicators to use in our view are:
Bollinger bands, stochastics, moving averages and RSI.
You can then test out your skills.
The best methods are simple so make sure yours is to.
The more complicated a system is the more likely it is to break in the brutal world of trading.
Simple systems are easy to understand so you will have confidence if the logic is soundly based and this will give you discipline.
Forget short term or day trading, that’s a mugs game and you will have the odds stacked against you.
Look to use a longer term trading system and base it on a breakout methodology.
Now does that sound too complicated?
Trading is essentially simple and you can do it on your own for free by doing some research the net.
Most e-books and systems sold I have seen never have a real time track record and the systems have no chance of working.
Most of the sold advice is either from writers or traders who have never made money, so why not sell advice?
If you really must buy advice (and we can’t stress this enough) only buy forex advice where you get a real time track record.
If they have not made money out of their system why would you want to trust them?
Some good paid advice
If you want to get some good paid advice visit a bookstore and get some books by traders who have walked the walk and made money.
There not expensive and are packed with valuable forex advice for you to build on your basic trading plan.
Good choices are:
Market Wizards and The New Market Wizards – Jack Schwager
This book interviews a diverse cross selection of traders who have made huge profits and is a very inspiring read
Trader Vic – Victor Sperandeo
Love this book! Packed with insight into how to construct and implement a trading plan.
Covers all the topics you need to know to get your plan off the ground.
Jake Bernstein – The Investors Quotient
Goes in depth to look at human psychology and he has written a lot in this area and its all worth a read
Those three books will cost you around $50.00 or less and are all you need to get started.
The above may sound simple and it is.
If you think about it the only person who can give you success is yourself. So for forex trading advice think about relying on yourself.
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