Master Forex Trading Tools

Written by on August 14, 2010 7 Comments

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By Casey Stubbs

There are tools that can help in your trading such as charts, news feeds, special software, strategies, signals, etc… However none of those will be able to help you if you are not able to be in control of yourself. Forex Tools sell for thousands of dollars and people line up handing over their money for the latest piece of forex software thinking it will help them in their trading. From that point they end up losing money and blaming the tool.

The problem most times is not the tool but the one behind the tool. A tool is used to help achieve and objective. A hammer is used to build but the person still needs to use it correctly and follow the building plan in order to actually build anything. If I am building a bench and the thing falls apart on the first use because I didn’t know what I was doing and I didn’t follow instructions am I going to say “That hammer is a scam!, I got ripped off.” No, I don’t think so. I would say ” I don’t know how to build I need practice let me call a skilled carpenter to help with this.”

Now don’t get me wrong I am not saying there are not bad and useless junk out there in the Forex market because there is. I am just saying before you go blaming your tools look at yourself first. Are you using the tools correctly? Or are you completely unskilled in what you are doing. A trader is like a carpenter, he can do amazing things with tools because of his skill. The tool adds to the end result but it is not the tool that makes someone great.

Check out my Trading strategy and Trading Video here

Categories: Casey Stubbs Forex Education Tags:

  • Ositaphoebe

    Great! One needs to understand what the tools do before they can use them. Even AEs will work better when properly configured by user. To do this the user needs the relevant knowlege education, and practice.

  • http://www.winnersedgetrading.com caseystubbs

    Helder,

    That is solid advice, keep it simple and learn the basics.

  • http://www.winnersedgetrading.com caseystubbs

    Good Point about reading plans. Reading Plans is one thing following them is something else.

  • http://www.winnersedgetrading.com caseystubbs

    Thanks for sharing

  • Helder

    One of the problems of this blossoming industry is the large amount of tools, they come in different shapes and sizes, and are all adjustable. Where to start from? One advice that I would give to any trader starting his career is to run away from most indicators, they will not tell you anything that you can’t read for yourself in the movements of prices. Instead sit down, figure out your style of trading (scalping, position,etc.), come up with an idea (breakouts, ranges,etc.), and then use the most simple tools you can find (sup./res. levels, pivotal points, etc.), and then come up with a few rules and test them. This is the most important part, testing. But testing them without cheating! This is how you will beuild confidence and the trust necessary to believe in your plan and rules. Keep it simple.

    Happy trading!

  • Brent

    Ican relate to this Casey, As a tradesman myself I have taught many apprentices and other than the use of tools which is an art in itself they also have to learn to read and understand the plans or they will never get anything done correctly

  • Johnkellam

    Or as my Grandad used to say,’a bad tradesman always blames his tools’,appropiate term’tradesman’ i thought!!