Actually, I personally think that when it comes to forex trading the Internet has far more damaging influences than positive when it comes to knowledge dissection, analysis and judgement. Why? Because there's so much information out there on the Internet it's mind-boggling. The average trader wants to make a decision; is he going to buy EUR/USD or is he going to sell? Alright; that's pretty simple enough given an analysis of candlestick charts and given that the trader has sufficient understanding of patterns and how they affect the markets. But to most traders that's not enough; they have to refer to ADX, ATR, Bollinger Bands, Elliot Waves, price-envelope theory, MACD, OBV, oscillators, RSI, stochastic, Wiiliams percentage and so on and so on until all the hair splitting analysis takes so long that the petrified trader in the end doesn't know whether to buy or sell because his brain has been fried by the sheer size of information out there.
I'm going to relate to you a bad story now. A friend of mine was once hit on the road by a car at 50 mph in London, UK. The doctors said to her the only reason she lived was because she closed her eyes. if she had kept her eyes open and watched the car hit her the sheer shock of vision would have killed her instantly. It is an unfortunate example that I have to draw upon. Gratefully my friend recovered within a year miraculously. Thank God for her life. But the point I'm tying to make rather starkly is that with so much information out there hurtling at you almost at the speed of light on your broadband optics who is to say that you won't end up like Bambi frozen before the headlights? Because there's just way too much information out there for your brain to rationally process. The more indicators you study then the more time goes by and the more confused you begin to feel. No wonder 90% of new traders implode within 6 months of forex trading. This is because they have not learned to filter out the noise and retain only the most accurate and relevant analysis needed to make a very fast decision. Then their emotions run riot when the mental confusion sinks in. Good traders react fast. By the time you read over all the analysis on the Internet the trade window has long since gone and you're going to end up stressed with the burden of information overload.
But there is a solution; the answer is very simple. Just as simple as Alexander the Great cutting through the mighty and fabled Gordian Knot with his sword. Whether you buy or sell just do it and do not procrastinate with information overload. If it's a mistake, ok, never mind, you win some and you lose some, but do not look at the hurtling information flying in your face. Close your eyes, be silent, meditate in peace and become decisive. If you can understand Japanese candlestick charts as a science of trading then truly you will let your system do all the talking without having to refer to endless technical indicators out there on the Internet.
find inner peace as if you were within the eye of the storm. Unlock the real you of you in the face of boundless information and trade your system methodically and unwavering to success.
