Are you looking for the best Forex training materials and tools from the internet? If you have searched online for FX trading materials, I am sure you are already aware that there are 1,000s of different Forex systems, ebooks and software being sold, some at ridiculous prices.
1. Do Forex Training Trading Systems and Software Really Work?
Beginner currency traders from all over the world are always on the lookout for the latest and “most profitable” system or software. Unfortunately, they soon realize that most trading systems are useless, and give up trading Forex before they can truly see the real profit potential of this trillion dollar market.
2. How Do You Become a Profitable Forex Trader?
To become a profitable trader, you must constantly get feedback from your own performance. This means keeping a log of all your trading activities and emotions and reflecting on the ones that made you profit and also why you lost on others. Some of the most important information that you must take note of are listed below.
3. Information You Must Take Note of
1. Your Total Profits or Losses (derived from statement), 2. Maximum Drawdown (how much did you lose in your biggest percentage losing streak?), 3. Winning Percentage of Trades, 4. Condition and Reason for Why Your Chose to Trade (what entry and exit criteria did you use for your trades, and which are the ones that ended up mostly profitable?). All this information can only be accurately analyzed after a long period of trading, preferably at least one month.
4. Automated Forex Trading Robots
Another one of the best currency trading training tools to use would be automatic trading software. They allow you to make money from the start while you pick up the basics and start to learn profitable trading skills gradually.