Ricex
Sergeant
- Messages
- 358
When I first started trading in the Forex market I watched everything and anything that moved. Trouble was I ended up like a dog chasing it's tail, round and round thinking I had it all covered when in fact it was all blurring into one big confused mess.
Just what I didn't need at the start, more stress and worry about things I had no idea if I needed to be stressed and worried over!
Give yourself a chance to become knowledgeable on two or three currencies that for whatever reason take your fancy, and really understand their traits. You hear it a lot and I'm going to repeat it here..... keep it simple.
Look at how it works from near and far, it's volatility and at what times is it best to trade, it's daily range, it's relation with a commodity maybe, it's interest rate differential, how it reacts to certain types of news events etc. etc.
A full understanding of a few currencies will help you greatly in your trading, you don't want to be "a jack of all trades, master of none" .
Just what I didn't need at the start, more stress and worry about things I had no idea if I needed to be stressed and worried over!
Give yourself a chance to become knowledgeable on two or three currencies that for whatever reason take your fancy, and really understand their traits. You hear it a lot and I'm going to repeat it here..... keep it simple.
Look at how it works from near and far, it's volatility and at what times is it best to trade, it's daily range, it's relation with a commodity maybe, it's interest rate differential, how it reacts to certain types of news events etc. etc.
A full understanding of a few currencies will help you greatly in your trading, you don't want to be "a jack of all trades, master of none" .