With the Internet making so much information available to us these days, it’s easy to get overwhelmed by the wealth of knowledge at our fingertips.
When you seek advice on trading, do you ever get contradicting answers? “Do this,” say some. “Do that,” say the others.
And then there are those who flaunt a baller lifestyle and give general “advice” without much substance.
It’s like having a million voices shouting at you all at the same time, so you sometimes end up being even more confused.
It’s easy to get answers, but it’s very hard to get the right ones.
So how do you figure out who is the real deal and who’s just in it for clout?
There’s a reason why books about the life and careers of seasoned traders (such as Market Wizards) are so popular.
More than being an interesting read, these books can teach you a lot about the habits and tried-and-tested strategies of top investors.
Studying and following successful traders helps speed up your forex education greatly as it enables you to learn from the experiences of others. Reading about their journeys to success will help you avoid their mistakes and pick up some personal tips and tricks along the way.
You’ll be surprised how much you can accelerate your learning process from following successful traders. Some of the things you’ll learn from successful traders could take you years to pick up on your own.
Most importantly, studying a winning trader will give insight into his/her thinking. It will help you THINK and PROCESS information like them, which will help you develop the proper trading mindset.
You can also make it a habit to follow your favorite traders’ blogs and/or forum threads.
Our forums section, for example, has many full-time traders who are actually profitable AND are willing to share their approaches and share their two cents when asked.
Now, before you set out to study successful traders, I’d like to give you all a final word of caution:
There are many scammers out there who pose as successful traders in hopes of tricking people out of their money.
Make sure you do a background check on those traders that you follow. Study their them for a long while before applying their teachings or advice, so that you don’t end up wasting your time and money on a phony, or worse – walking into a scam trap.