I trade the Forex markets professionally. I’ve been very successful at it. But it didn’t start out that way. In fact, initially I wasn’t successful at all. I was forced to re-evaluate my entire methodology and what I thought I knew.
But it paid off. After a period of re-evaluation, and study, I became very successful. And along the way, I learned some key lessons.
Lesson #1 Extra software and other “bells and whistles” didn’t make me more successful.
When I made the decision to learn the Forex, I studied the various tools available and chose to purchase trading software in addition to my broker’s trading station. Of course this was back when I thought that it was a lot easier to learn to trade the Forex than I had anticipated. As it turns out, the extra software was not necessary at all to successfully trading the Forex.
All trading software programs (even trading platforms) that I have seen are lagging indicators. None of them are crystal balls. When used effectively and understood properly, these indicators can be powerful tools.
You do not need anything else for your trading except a trading station and perhaps price alarms that are supplied by the broker. Most software comes with very pertinent technical indicators already built in. It is pointless (and perhaps detrimental) to go off on tangents and purchase any additional trading software.
This extra software, which is touted to make you more successful, will likely confuse you and sidetrack you from understanding the…