Hi Vahid,

Another quick question, is there a reading list that you recommend to accompany your analysis? I know we gain a huge amount of understanding from your writings and that shows us what to look for during market conditions and more importantly your anaysis in the midst of live trading, but is there any books that you have found particulary useful in your journey to become a pro trader? areas i thought that might be of interest were:

elliot wave theory
fibonnaci
trendlines, support and resistance
bollinger bands


many thanks once again

sandy

Hi Sandy,

I have read a lot of books and articles so far and I have learned something from any of them. When you just start learning to trade forex, you read a lot because you have not found your way yet. So you read with this hope that a book or an article shows you the right way. There are a lot of useful books and articles, BUT none of them can make you a trader. Like swimming, maybe there are a lot of books about swimming. They teach you a lot of things but they don't make you a swimmer. You have to practice and make mistakes. A good teacher can save you a lot of time and money while a bad teacher can take you away from the right direction and lead you to the wrong place.

Generally, you should learn the basics of technical analysis and practice them. It takes time to reach to this level that as soon as you look at a system, you say that it will not work and it doesn't worth trying. Before that, you just have to try the system to know if you can make money with it or not. Basic technical analysis is the only thing that works:

Chart analysis
Candlesticks
Bollinger Bands
MACD
RSI

All other things are wasting of time and money.