I can't say that this hasn't been a valuable path. I've learned some good lessons along the way:
- it's important to let go of losses early so you have enough capital to sink your teeth into an opportunity that does work.
- No indicator or strategy has all the answers -- stop looking for the holy grail of trading
- The market can easily whipsaw you to tears if you aren't careful
- If you place close stops they will often be taken out before the market goes your way
No, don't worry, I'm not going to buy some stupid multi-thousand dollar Forex training course. That would be stupid. Forex trading is very related to trading in general and there is no shortage of information on either subject. To make a long story short I've purchased four books recently:
- Currency Trading for Dummies
- Swing Trading for Dummies
- The 10 Essentials of Forex Trading
- Technical Analysis for Dummies
More importantly, let me list the credentials of the authors of the above books. Respectively, they are:
- Mark Gallant: Chairman and founder, GAIN Capital Group. Brian Dolan: Chief currency strategist, FOREX.com
- Omar Bassal, Head of Asset Management, NBK Capital
- Jared Marinez, FXCHIEF and founder of The Market Traders Institute, Inc.
- Barbara Rockefeller, International economist and trader
I've had some days with a NAV appreciation of 10%, 20% or more. I'd like to have a lot more days like that... and I don't think that online sources created for the purpose of flogging affiliate commissions will do that for me.