Almost anyone can be successful in the Forex, but only if their strategy matches their psychology.
This is what Yuriy Zaycev, the recipient of the 2012 Analyst of the Year award from InstaForex, answered when we asked if he had advice to share with his fellow Forex traders from around the world. According to him, “If a trader is not in a hurry and he waits for the right moment, then he will earn a stable income. The only thing I can wish is patience.”
The success of Yuriy that helped him win the votes of international traders on the MT5.com portal can be attributed to the diverse set of tools he uses to analyze currencies on the Forex. Rather than relying on a single resource or technique, which he did when he was a beginner, he found out through experience that by combining them, his trades have a greater chance of profiting.
He said that, “I started out as a technical analyst. Later, I studied fundamental analysis which increased the accuracy of my analyses in defining the market trends and reversals. Now I prefer complex analysis.”
Besides, analysts are often looking to satisfy a longing within themselves by discovering new ways to take advantage of the market, at least according to Yuriy. “An analyst is creative by his nature. There comes the time when he gets a craving to broaden the horizons and advance his basic system.”
But for new traders, Yuriy believed they should first strive to master the basics before getting into more complex methods. He said that, “The path of financial trading is rough and long and it is better to start it in the classic way. All computer indicators, graphics, and trading methods are based on the principles described in classic books. Having understood them, a trader can master the novelties easier.”
Don’t worry even if it takes you some to learn the basic techniques of how to trade and analyze the Forex because these concepts are likely to still be true in the foreseeable future.
“In the course of a couple of years, I think, nothing will change globally.”