There is a fallacy in this industry that in order to trade profitably on a consistent basis, you need to spend hours of time coming through hundreds of data reports and charts looking for some complex combination of factors to identify that perfect trade.

If you ask any successful Forex trader for their honest advice on how to make it in this trading industry, most will tell you not to over complicate things. The perceived complexity is something that was created by forex brokers, gurus and training company providers in order to get people to spend lots of money or feel like they are dependent upon them in order to make it in this business.

FACT:  The most effective Forex trading methods are simple and easy to apply. All of them rely on just a handful of technical indicators that have proven to create the best opportunities.

The 10% of Fore traders who rely on their trading to make a full time income (or more) will tell you that in order to get that status you need to become an “independent” trader.  This means that you cannot rely on broker recommendations or guru newsletters. . . or automated robot software.

Bill Poulos, a practicing trader and long time instructor of Forex, in his Forex Nitty Gritty program does not promise get rich profits and he does not promise a no-effort automated process for continuous profits.  This is because these “promises” are impossible.

But he does show you how to become a profitable independent trader with a minimal amount of time because he only teaches the best and simplest methods using 5 technical indicators.

This entry was posted on Saturday, May 23rd, 2009 at 8:14 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.