FXStreet Expert Contributor
FXStreet
With the Internet making so much information available to us these days, it's easy to get overwhelmed by the wealth of knowledge at our fingertips.
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.
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.
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.
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 enough
There'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.
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Editors’ Picks
EUR/USD hits two-day highs near 1.1820
EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.
GBP/USD reclaims 1.3600 and above
GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.
USD/JPY drops back below 157.00, as focus shifts to Japan snap election
USD/JPY is back in the red below 157.00 in the Asian session on Friday. The Japanese Yen recovers ground against the US Dollar amid some profit-taking ahead of Japan's snap general election on Sunday. The preliminary reading of the Michigan Consumer Sentiment Index report for February will be released later on Friday.
Editors’ Picks
EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates Premium
The EUR/USD pair lost additional ground in the first week of February, settling at around 1.1820. The reversal lost momentum after the pair peaked at 1.2082 in January, its highest since mid-2021.
Gold: Volatility persists in commodity space Premium
After losing more than 8% to end the previous week, Gold (XAU/USD) remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000.
GBP/USD: Pound Sterling tests key support ahead of a big week Premium
The Pound Sterling (GBP) changed course against the US Dollar (USD), with GBP/USD giving up nearly 200 pips in a dramatic correction.
Bitcoin: The worst may be behind us
Bitcoin (BTC) price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.
Three scenarios for Japanese Yen ahead of snap election Premium
The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.
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