Don’t Listen To Anyone But Yourself

This is a point I've brought up many times and believe me, I've been guilty of violating it on more than one occasion.  Don't listen to anyone but yourself when it comes to taking a trade.   Learn the fundamentals of trading and develop your own style, don't follow someone else's.  The most prevalent category of Forex sites out on the net are related to technical analysis.  I have made it a habit to not read any daily analysis where a lesson is not included.   I feel like you can learn something from what other people write about technical analysis but their commentary has to be geared more towards "students" who may glean something useful from this particular trading strategy.

I follow the Forex Mentor blog from time to time because like I've said above, I try to glean something from Peter Bain's analysis.  I don't know if this guy makes money, this doesn't matter to me.  A lot of what is mentioned on Forex sites on the net is fluff but if you read enough, you may find something that you could incorporate into your trading strategy.  The H-system trading system was created in one day because of one bit of information I read somewhere.  I don't remember where at this point.   I guess the point I'm trying to make in this post is that you can read all the analysis you want but the bottom line is that they are merely guesses by someone just like me and you.   Peter Bain couldn't have been happier about his long USD/CAD trade on Thursday of last week.   He said, "this pair is on fire, and shows no signs of retreating any time soon."  He couldn't say enough about how the loonie was making him lots of money.  What happened a day later to the USD/CAD?  

See the huge plunge on Friday?  I bet he didn't see this coming.  My point isn't to disparage Peter Bain's analysis.  Most of you that have been trading for a while already know this but NOBODY knows what direction a pair is going to go at any particular time.  Maybe the market makers know more but the retail trader doesn't.   This is why you have to plan accordingly when making a trade and manage your risk.   Most of all, don't take a trade because someone else is touting it.  Do your own technical analysis.  

I don't want to sound hypocritical because I am listening to other trader's technical analysis, Lien and Schlossberg.  Using this service was more of an effort to diversify my own trades and also to look deeper into forex signal services.   I'll wait a little longer to see how the service goes before I make a final conclusion.

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