Concepts you can ignore when trading Forex
The most valuable thing in the work of any successful person is time; there is always not enough of it, and you begin to think that you are doing something unnecessary.
Having been involved in trading for a long time, you also understand that there are many things that you can do without in this business.
Thus, freeing up time for more important things or simply saving it for relaxation and entertainment.
Traders often perform a lot of unnecessary manipulations, monitor parameters that they do not use in trading, and gain unnecessary knowledge.
Therefore, it is so important to know what is superfluous when trading Forex, and what you can do without.
1. In-Depth Study of Technical Analysis - when you start to get acquainted with technical analysis You're simply amazed at how complex it is. But in practice, most of the most complex strategies do not prove their effectiveness.
Therefore, you should not waste time studying such methods of studying Fibonacci levels, Elliott wave theory, Andrews pitchfork or other similar options for studying the market.
If you wish, you can explore the market using simpler constructions - channels, resistance support lines or a moving average.
2. Swap for intraday trading - this commission is charged only for transferring a position to the next day, so if you are going to trade only within one day, there is no point in paying attention to it.
3. Constantly monitoring the spread - it is only important for scalping; in other cases there is no need to install special spread indicators, since it is enough to simply clarify the size of the spread before opening a transaction.
4. Studying the principles of operation of indicators - in most cases, you need to know what signals they give, and do not delve into the principles of their operation:
5. Unnecessary concepts - in order to trade Forex, it is not at all necessary to thoroughly know how this market functions and its terminology.
For example, you are unlikely to need information about private market traders, arbitrage and credit operations, cross rates and forward transactions, and much more from textbooks on stock trading .
Try not to bother your head with unnecessary knowledge, which will not help determine where the exchange rate will go, but will only confuse you even more and waste your time.
Before you start trading, you should definitely understand that you came here to make money, and not to become a professor in the field of finance. This will allow you to focus on the information that is truly useful.