Wednesday, July 20, 2016

Learning from Successful Traders

When you seek advice on trading, do you ever get contradicting answers? “Do this,” say some. “Do that,” say the others. It’s like having a million voices shouting at you all at the same time, so you sometimes end up being even more confused.
Studying and following successful traders helps speed up your forex education greatly as it enables you to learn from the experiences of others. Reading about their journeys to success will help you avoid their mistakes and pick up some personal tips and tricks along the way.
You’ll be surprised how much you can accelerate your learning process from following successful traders. Some of the things you’ll learn from successful traders could take you years to pick up on your own.
Most importantly, studying a winning trader will give insight into his/her thinking. It will help you THINK and PROCESS information like them, which will help you develop the proper trading mindset.
One way you can study successful traders is by reading books that have been written by or about them.
Pipcrawler, together with some of our forum users, has come up with a very good list of books that are highly recommended. There you’ll find books written by prominent traders, covering everything from risk management to technical analysis.
You can also make it a habit to follow your favorite traders’ blogs and/or forum threads. Our forums section, for example, has many full-time traders who are actually profitable AND are willing to share their approaches and share their two cents when asked.
Now, before you set out to study successful traders, I’d like to give you all a final word of caution: there are many scammers out there who pose as successful traders in hopes of tricking people out of their money.

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