Tips for Improving Trading Skills and Staying Ahead [Currency Demon]

Due to my work, I have opportunities to talk with individual investors through seminars and the like, and one of the most frequently asked questions is “What should I study to be successful in trading?” I have been involved in FX for 11 years now and have learned many things. I have greedily studied areas that could be somewhat useful to FX, including fundamental analysis that moves the currency markets, technical analysis, as well as behavioral economics, financial engineering, psychology, probability statistics, and even gambling theory, hoping to gain hints to continue winning.

From years of trial and error, I can say that if you study hard, you can become knowledgeable about the global economy and FX. However, in the trading world where skills are more important than knowledge, merely acquiring knowledge through study is not enough to keep winning. How can trading techniques be improved, and what is necessary to win consistently? In this article, I would like to share my own views on these points.

Table of Contents

1. What kind of studying is necessary for FX
2. The future market cannot be predicted
3. Trading left to luck will eventually fail
4. Skill lies in the world of “practice makes perfect”
5. Identify your weak points
6. The essence of trading

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※This article is a re-edited version of an article from FX攻略.com, March 2014 issue

What kind of studying is necessary for FX

In my trading room, there are about 500 books on investments and related magazines on the bookshelf. When seminar participants see this, they often ask, “Did the FX master read all of these books?” The answer is, of course, “YES,” but my honest impression after reading them all is that what you learn from books is surprisingly little. Not to fear the misinterpretation…