Forex trading is no exception to any other skill: learning by doing is essential.
That being said, when it comes to Forex, you can’t do too much of it. Overtrading is a costly mistake for your account indeed.
Does it mean you shall completely forget about Forex trading, after being done with the markets?
Here are a few things you can do in order to improve your skills, when not actually trading…
There are 2 main reasons why you should always be testing and tweaking your system:
-The market is “alive”. What used to work 5 years ago isn’t necessarily working now. Therefore and in order to stay at the top, you have got to constantly adapt to new market behaviors.
-There is always room for improvement. Percent after percent, incremental improvement of your system is the key to go from ordinary to extraordinary income.
At SurfingThePips.com, we suggest you backtest new ideas on a weekly basis for best performances. If you can’t keep that schedule, opt for the monthly test at the very last!
2) Read and participate in forums
The most popular Forex trading forum probably is babypips.
On here, you’ll find a real community of people who share the same passion as you and me.
Reading the forum alone can help you improve your strategy but also open your mind to new, different ideas.
You can even directly ask for advices and feedback to other traders. If you do so, simply keep in mind everyone has a different opinion on the subject and there is almost never a single right answer.
Especially when it comes to Forex trading!
3) Read specialized books
Continuous education is part of every serious trader’s routine.
If you don’t really like to read a lot, simply choose the 3 best Forex trading books on Amazon (according to reviews) and read one every month for the next 3 months.
You’ll be amazed at how much knowledge you can get out of these!
If you actually like to read, simply buy and read one book per month.
Note that other broader financial subjects or even psychology books can help you become a better Forex trader too!
4) Follow courses
Would they be online or live, in a nearby town, there are a lot of Forex trading courses available for you.
Of course, I believe ours is the best.
But we encourage you and every other trader to look further and continue to get educated.
What many traders tend to forget is that it is often highly beneficial to follow courses about strategies completely different from yours!
This is where your brain will really start working, connecting dots and, hopefully, find new ways to improve your system.
You can’t learn Forex trading without trading!
That being said, you are missing a lot of opportunities to learn quicker by not following the few advices presented above…