Gathering Market Information
The first part of gathering market information for system development is to develop a completely open mind. Here are some suggestions. You’ll become a lot less rigid and develop much more flexible approach. Remember that the reality that we know consists solely of our beliefs, and when we change our beliefs, out reality will also change.
When evaluating each new belief in terms of its “utility”, while gathering information about foreign exchange, stop and think if this is a more useful belief. Be open and receptive to new ideas and new inputs. Most traders are trading an illusion, which is particularly dangerous when you don’t know it.
With your mind open, start reading and gathering information about market. Some of the best books in this field are- Market Wizards2 and The Nezu Market Wizards by Jack Schwager. Two new books by Schwager, Fundamental Analysis and Technical Analysis, are also excellent. Tuschar Chande’s book, Beyond Technical Analysis,” is also good and recommended.
What you will learn from these books is about going with the flow-an extremely important concept when playing the markets. You will also get rid of many personal issues that could prevent you from working at an optimal level. These books can also teach us on how to overcome our tendencies of losing a great deal of money in the market. The suggested readings will give you the appropriate background required to develop useful beliefs about yourself and imbibe useful foreign exchange information that will support you in the game ahead of you.
You will also find answers to a lot of the pressing questions about trading in foreign exchange that might be cluttering your mind and holding you back. Once you have compiled information about foreign exchange, write down your beliefs about the market. This will be a good starting point for you.