Indicators, Strategies And Forex Expert Advisors - How Do You Choose? When On The Internet, What Is

The trader who has had enough of all the news and charts might search for 'forex video'

, whereas novice traders may Google 'forex expert advisors' as they would prefer to automate their trade.

But who is doing the right things and who is getting it wrong? And which tool is best when trading successfully?

We can find out now.

When traders are just starting out they might have some idea about the forex market but have yet to form any real views or opinions.

He will have a 30 - 40% likelihood of being familiar with aspects of forex possibly having completed some forex courses that will give him a little theory and maybe some practice.

So the trader looks to get some real Forex practice using a cent account. He has some awareness of forex strategies and knowledge of forex courses but they aren't fully used when he trades.

He knows a little about forex expert advisors and demo accounts but isn't aware of testing them with historical data using the strategy tester that MT4 has.

So the beginner trader decides to put 10 - 20 of the most common forex indicators on EUR / USD chart or possibly may trade using no indicators using only candle analysis and high hopes.

And he's seen some forex videos which is a little more interesting than staring at price movement charts.

So which of those tools are really useful for the trader who wants to become a top professional?

Honestly? They all are!

So what distinguishes a professional trader, earning large profits every month, week or day from the dealer who is happy with a 20 point profit?

How big the deposit? Wrong. Knowledge? No. Years and years of practice? Nearly....

The main difference between these two is that the top professional will ACCUMULATE KNOWLEDGE and TOTALLY THROW THEMSELVES INTO THE MARKET

The top traders feel the market. He can't see not ever trading or not being involved in the market.

This is totally different to an addicted gambler. A professional trader knows that he will achieve success and is sure he can do it.

He is committed to his target and ignores obstacles. Any minor failures, sadness at losses or even losing deposits are not dwelled upon but viewed as minor lumps on the path.

On the other hand, a beginner loses heart almost at once. He's impatient and wants everything now.

He reads all about the next forex strategy, spends a few days working with it, it doesn't bring success so it's dropped and he immediately looks for the next holy grail.

As we know, there is no Holy Grail and there won't be one any time soon.

So why does he choose not to scrutinize the matter and his chosen forex strategy?

Why not investigate the reasons it didn't work and look for answers?

Because he lacks patience and persistence.

So what are the purpose of forex strategies?

You need them to find the appropriate trading algorithm, to choose 'your own' Forex strategy, to learn something new and use it when you trade.

It doesn't even have to be a total algorithm.

The seasoned trader will use a maximum of two strategies for trading to make the real profit.

In contrast, the beginner will always be trying out a new forex strategy and won't work with one for a while.

By taking such a shallow approach how can they ever hope to develop a detailed trading scheme when all that he does is glimpse at the product description?

Manual trading was made simpler because of trader-programmers developing the robots or forex expert advisors.

So what is it that the novice does? They adjust the forex expert advisor to trade for them using their last bit of money they have.

The more experienced professional trader will instead test the forex expert advisor using the strategy tester set to a 1 - 2 year period, examine the results, try out the robot with demo accounts, and then meticulously go through its trading approach.

Only then, having understood the operating principle of the Forex expert advisor and having decided upon the suitability of this robot for his needs, will he start using the Forex expert advisor on a live account.

Quite a difference!

99% of traders use Forex indicators. But some traders simply overload a chart with indicators, making it almost impossible to conduct analysis.

There are some others that put 2 - 3 forex indicators and then use a specific work pattern.

You need Forex indicators to receive buy/sell signals and their confirmation.

But if there are too many indicators, they will only send signals that will confuse a trader.

Take a chart and put some candles onto it with a couple of moving averages - slow with periods 50 - 100 and fast with periods 5 or 10.

But exponential moving averages would be better.

The last X prices are taken into account with moving averages thus minimizing lagging.

You then have the option to add in a couple more forex indicators. The main thing is not to complicate it.

Let's take a look at Forex video on the internet.

It is very convenient having a video to watch which you can then think about.

But there are still a number of people who incessantly download this type of information without any thought or time to actually look at it.

On the other hand, others search videos from the 'guru' choosing only the Forex videos that are important for them.

To only use actual forex video is important.

For example, if someone is learning about fractal analysis they should get the associated forex video and make sure the sound is good and the video is of decent quality and then apply their learning immediately.

If you don't use it straight away you will forget.

If you have read about the triple screen trading system designed by the legendary Alexander Elder, it would be useful to get a forex video or forex strategies to help you with your understanding.

But keep going. Open a trading terminal and try everything out in practice.

You will spend the day profitably and learn new information. Just imagine how much more you would make in a year's time! Before you know it your deposit will have grown like a mushroom!

In summary.

If you are keen to understand more about trading profitably but don't want to hear many different forex gurus all the time...

If you have an enthusiasm for forex indicators, charts and numbers and enjoy forex videos as well as learning all about the new forex strategies....

If you have patience and persistence... If you like financial freedom...

If so, then your goal is achievable! You only need discipline and determination.

Good luck on this journey of challenge - the journey of a professional Forex trader!

by: sha1j1xvkn

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