Tools of the Trade

Hey Guys! I’m a bit new here and having seen this website and the “School” tab, I can say that there is a lot of resources to take in and learn.

My question to you guys is, when you were learning FX, what tools did you find most helpful to get you where you are now?

I know it sounds like an interview question lol but I find it interesting to get insight from experienced traders and hopefully this’ll help me out in my learning!

I think that you have to first decide what trading approach do you want to practice. Then you can search for specific tools. In other words, have a plan what to do next and not to do something here, something there and together nothing.

I think required practice with make trial and error to found tool that suitable with your style trading, as beginner in my opinion they need improve and test knowledge through demo account, many tool on forex and we can choose one that might easy to understand and then we can test on demo with discipline to obey rules trading system.

There is no magic stick what you can use as a tool which will help you to get where you want to be. Education, dedication, hard work, trading, making mistakes and learning from them, these are the tools you need to have.

For me, my trading really improved when I started to use indicators as a guide instead of as a system.

e.g. A common thing is people talk about entering trades when two moving averages cross. This is a trading system. But
you could use the same information as a guide instead like when they cross, it means that price is moving sideways and there is a chance that the trend is changing but I will look at the key support and resistance levels and wait for price to break these levels to confirm the change.

When I started thinking in this way, my trading improved soooooo much. I was learning to read the market instead of just acting on so called buy and sell signals.

Above all I would recommend pouring a deep foundation of fundamental knowledge and take it from there. A tool is only as good as the person using it.