Concepts you can ignore when trading Forex

The most valuable asset in any successful person's work is time. It's always in short supply, and you start to feel like you're doing something unnecessary.

After trading for a long time, you also realize there are many things you can do without,

freeing up time for more important things or simply saving it for rest and entertainment.

Traders often do a lot of unnecessary manipulation, monitor parameters they don't use in trading, and acquire unnecessary knowledge.

Therefore, it's so important to know what's unnecessary in Forex trading and what you can do without.

At the same time, I would like to note that everything written below is only my personal opinion based on my own experience.

1.    In-depth study of technical analysis - when you start getting to know technical analysis It's simply amazing how complex it is. But in practice, most of the most complex strategies don't prove effective.

Therefore, you should not waste your time studying such methods of studying Fibonacci levels, Elliott wave theory, Andrews pitchfork or other similar options for studying the market.

If desired, you can explore the market using simpler constructions such as channels, support/resistance lines, or moving averages.

2. Swap for intraday trading – this commission is charged only for carrying a position over to the next day, so if you only plan to trade within a single day, there's no point in paying attention to it.

3. Continuous spread monitoring – this is only important for scalping; in other cases, there's no need to install special spread indicators, as it's enough to simply check the spread size before opening a trade.

4. Studying the operating principles of indicators – in most cases, you only need to know the signals they provide, rather than delving into their operating principles.

5. Unnecessary concepts – to trade Forex, you don't necessarily need a thorough understanding of how the market functions and its terminology.

For example, you're unlikely to find information about private market participants, arbitrage and credit transactions, cross rates and forward transactions, and much more useful in exchange trading textbooks .

Try not to fill your head with unnecessary knowledge that won't help you determine the currency rate's direction, but will only further confuse you and waste your time.

Before you start trading, you should clearly understand that you're here to make money, not to become a finance professor. This will allow you to focus on truly useful information.