With the dizzying, ever-shifting landscape of the Forex market, is it really wise to learn the ropes from the rigidness of Forex books?
If we talk about common terms and terminologies, yes, without a doubt, you can put these books into good use. But when authors start to teach you about Forex indicators in the market, then you should be wary and think twice.
You should know that the indicators of today may not be the indicators of tomorrow. It will change and develop over time. There’s a risk that the indicator you’re familiar with right now may already be outdated.
But there are good things that these Forex books provide. It covers, not just the technical, but the psychological part of Forex trading.
It is too tempting to learn Forex trading from the technical side, but it is advisable that you shouldn’t just focus on the technical but also on its psychological part. This part of yours will certainly dominate you when making minor and major decisions with your trading.
To equal weights on both sides, yes, there is a need to read Forex books before jumping into trading. But to follow the formulas of the author and passive consumption of any book content is not its intention. It is for you to have a clearer picture of the world you’re planning to venture in.
It is also good that you can read about the personal big-time mistakes of the author, so you can remember these things and avoid them at all cost.
One more reminder: theories, no matter how extensive and detailed they are, cannot compete with hands-on experience. Reading and trying must go hand-in-hand to ensure you are equipped with the necessary knowledge skills to triumph in trading.
Also read: Forex Indicators Traders Should Know