As a new trader to forex, you need to be able to easily identify the key factors that make up this business. Knowing how to trade isn't good enough. Knowing why you should trade, for what reason and how to control yourself play much bigger roles in long term
investing strategy.
• Trade On News: The majority of currencies make their biggest moves around news, because there is always some juicy piece of information released that has an effect on the market. Most of the biggest players in the forex business make the majority of their trades when the news comes on in the morning. It prepares you for what is to be expected.
• KISS - Keep It Simple Silly: Often the best traders out there don't have this complex sophisticated trading strategies because they're often ineffective. The best thing you can do is get down to the basics of this business and keep it as simple as possible.
• Eliminate Emotion and Your Ego: These are probably the two biggest enemies you'll run into. You won't have to worry about the competitors in the market, you have to watch yourself. Making an emotion trade is just plain gambling. When you have problems with your ego, you start to try to prove something(to someone else) and usually end up showing off. They're both losing strategies.
• Get Automated Software: Having software like Forex Killer can save you a lot of time since it will automatically go through currency data and graphs searching for profitable trends that you can exploit.
Re: Successful EMA indicator trade.
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