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Forex Trading Advice – Who is it Best to Take it From?Not from me, that's for sure. In fact, I'd caution against taking trading advice from anyone. I felt the need to write this after receiving many emails looking for specific trading advice – should I be long or short on the US Dollar right now? What will oil do next? Etc... The only 'advice' that I can give any aspiring trader is to get a hold of some good books on the subject, study them carefully, thoroughly back-test all your trading ideas and follow the evidence. In short, what I'm saying is that if you want to be successful in trading you must learn to trade for yourself. Looking for a signal provider or market commentator to tell you when to enter and exit each trade usually leads to disaster in my experience – although there seems to be no shortage of vendors out there offering to do this for you, and charge you for the privilege of course... Most of the 'market commentators' or 'analysts' giving their picks in the media are actually pretty clueless; what they are very good at however is writing about what has just happened and coming out with some very plausible sounding explanations as to why it happened, making it sound like they foresaw the outcome all a long. And sometimes, when these analysts and market commentators do give us their forecasts, what they give us is so vague and has so many 'ifs' and 'get outs' that it is not even worth listening to as it can be made to fit just about any future event, which ever way it pans out. Most of these people can't predict what is going to happen, but they get paid for sounding like they do. They are no different from the economists who have to keep revising their growth forecasts. Why do economists have to keep revising and re-revising their growth forecasts? Because, like the rest of us, they are usually unable to accurately predict the future, but unlike most of us they like to pretend that they can and they get paid to do it. The trading systems on this website should not be taken as 'advice' as such, rather they are a set of ideas for trading systems for the reader to take, adapt, and test for themselves making them their own. Likewise, the articles on this website are usually just my findings whenever I have examined and tested something and the reader will need to test and examine these ideas for themselves. There really is no substitute for learning how to trade, taking responsibility for your own trading decisions and trusting your own judgement above that of the pundits. So, who is it best to take trading advice from? The answer is yourself. |
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