The internet caused a huge impact on our planet, specially on the information area. Suddenly small investors had access to very same quality, updated information that once was only exclusive to big banks and brokerage houses. The result was that big institutions took a beating. This is recorded, reported and well know.
But yet is not that easy. With so many indicators out there, how can I make sure I am speculating not gambling.
Today we will a few for using forex indicators and other tools that will for sure improve results.
1) Know the meaning behind the indicator. MACD for instance, is a simple formula that an average adult (I believe) should be able to grasp in less than an hour. Where would you get quality information? You may buy a book, but for quick small equations YouTube may be a reliable source.
2) Indicators are not alone. Follow news and announcements. If the fed raises interest rates or a huge war happens, no indicator can change the course of the quotes, despite their weight. Most platforms today carry built in news feeds, many times built in the chart. Use them
3) Track result by indicators. After finishing a trade – label the result with the indicators used, looking to find where your edge resides.
All traders starts losing, even those who practice. Fortunatelly there are plenty of practice accounts and micro accounts out there. Oanda still lets you trade with one dollar. Consistency will get you there. Good Luck.
