Author: sacha tarkovsky
Many new traders want to take FOREX Trading advice to give them
success, but what should they look for from an advisory service?
How do you pick FOREX trading advice that can make you profits?
Let's find out.
Here some of the things you should look for in terms of FOREX
trading advice.
1. Know how the advisor makes trades
You will never make money following FOREX trading advice if you
don't understand the logic the trades are based upon.
Why?
Quite simply any FOREX Trading advisory service will lose money
at some point.
They all do, (don't believe track records that look to good to
be true they probably are) so when the losses occur, unless you
know how the advice is generated, you wont have the discipline
to stay with it.
Currency trading success is based around the following equation
A logical method + the discipline to follow it = currency
trading profits
If you don't have the discipline to follow the advice you will
never make money and this comes from having confidence that a
system can overcome losing periods and lead you to currency
trading profits
2. Look for a real-time track record
A lot of FOREX Trading advice is presented with a hypothetical
track record (lets face it we can all make a profit if we know
past data) and they all look great but the acid test is trading
in advance.
Look for a real time track record of the advisor making money in
currencies. That's real dollars and account statements.
Today, many e-book writers offer advice with simulated track
records and simply appeal to the greed and stupidity of buyers -
Don't fall into this trap.
Get a real time track record and make sure the advisor has put
their money where their mouth is and have a track record of
success.
No track record? Then don't buy - PERIOD.
3. Does the advisors strategy suit your mentality?
Does the FOREX trading advice suit your trading mentality?
For example, they may make 100% annual gains but with 80%
drawdowns at times.
Can you cope with this?
Or
Are you happier with lower profits and lower drawdowns?
Some traders like to preserve their capital and others like to
be more aggressive, so only pick a FOREX advisory service where
you can cope with the worst drawdown (peak to valley) they have
had in the past.
4. Look for a satisfaction guarantee
Most reputable sellers of FOREX trading advice will give you a
satisfaction guarantee if not delighted, so only buy from one
who does.
Final words
There is some great FOREX Trading advice you can buy but you
need to be careful to get a service that has made money, to
inspire confidence and one that suits your trading mentality.
About the author:
MORE FREE BETTER TRADING INFO
On all aspects of becoming a profitable trader including info
about legendary trader W D Gann who made a $50 million fortune
trading go to our website for an exclusive Gann
Trading Course visit our website at http://www.net-planet.o
