When you seek advice on trading, do you ever get contradicting answers? "Do this," say some. "Do that," say the others. It's like having a million voices shouting at you all at the same time, so you sometimes end up being even more confused. On the Internet, it's easy to get answers but it's very hard to get the right ones.
Who exactly should you listen to?The answer to this question is actually quite obvious. I'll give you a moment to think about it... Done?
As I have said in many of my past articles, the number one voice that you should listen to is your own. This applies to each and every trader, not only to the experts.
It is of utmost importance that whatever advice you listen to fits well with your personality. You know yourself best, and you know which strategies work for you and which don't. You may adopt another trader's profitable trading strategy, but if it doesn't jive with your personality, it's likely that you won't get the best results.
Listening to yourself isn't enoughThere's a reason why books about the life and careers of top traders (such as Market Wizards) are so popular. More than being an interesting read, these books can teach you a lot about the habits and strategies of top traders.
Studying and following successful traders helps speed up your forex education greatly as it enables you to learn from the experiences of others. Reading about their journeys to success will help you avoid their mistakes and pick up some personal tips and tricks along the way.
You'll be surprised how much you can accelerate your learning process from following successful traders. Some of the things you'll learn from successful traders could take you years to pick up on your own.
Most importantly, studying a winning trader will give insight into his/her thinking. It will help you THINK and PROCESS information like them, which will help you develop the proper trading mindset.
Make sure you do a background check on those traders that you follow, and follow them for a long while before applying their teachings or advice, so that you don't end up wasting your time and money on a phony, or worse - walking into a scam.