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Nial Fuller

Trading Forex - Top 4 Things Every Beginner Should Know

By Nial Fuller, in Trading

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Nial Fuller    10

Nial Fuller
Posted

When I started my Forex trading career I wish I had this information I am about to share with you. There is a lot more information you will need but these are the top 4

 

1. Don’t be afraid to pay your dues

There are no short cuts when it comes to trading. Learning the market and how it behaves is most important to your success. For some reason people find it easy to believe that they can get away with less time and effort. Everybody wants the fast money. This is why people will waste their hard earned money buying trading robots they think will make them money while the sunbath on the beach. This is a fairy tail. A nice thought but not realistic. Learning Price Action is the real key to success.

 

2. Don’t buy a platform or magical software

Many new traders are fooled from the beginning into thinking that high dollar software will somehow make them a better trader. This is not the case. I took the bait and used E-signal when I was a newbie and threw my money away. Its true they had a super price feed but most all brokers offer a platform with your account. The important thing to do is investigate where they their price feed and compare it to some others. You can do this by getting a few demo accounts. Then compare to see if ones prices lags the other.

 

3. Keep It Simple Stupid or KISS

I was fortunate enough to learn this early on and it has helped immensely. Most new traders believe there is some magical indicators that will make things easy for them. Most use a combination of many and clutter up their charts so they can barely see what is going on. Some even have designed their own. The less you have on your charts the better. All indicators are lagging and actually a distraction rather than a help. Most institutional traders use Price Action alone and in order to play with the Big Boys you need to think like them.

4. Investigate many brokers before you open an account.

There are so many brokers to choose from. Not only is the price feed important. Check on their execution and the size of the firm. Bigger is better here. With new rules about to be enforced you need to be with a well funded broker to protect your deposit. Check the size of their clientele list and read current reviews.

 

Nial Fuller has been successful Forex trader for many years. He started studying price action when he was 15. Now at 25 he has traded at a major firm for over 6 years. To get his free video tutorials visit this link

Trading Price Action Website

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