There is a massive range of tools, indicators and strategies available to Forex Traders. Siphoning through them can be confusing. For a beginner it's hard to know which tools to keep and which to discard. The more you take on board the heavier you become, and you don't want to be overwhelmed with tools that are weighing you down instead of helping you out. Always remember: Simplicity is important and basing your trading plan around that single word will ensure your learning curve will be fast. When things are getting too complex and overwhelming, that's when your judgment becomes clouded and mistakes happen.

The Trading Tool Box singles out some of the most effective tools and indicators that still allow the trader to have a clear ‘work space’, without over–cluttering his analysis. Some indicators are very similar to others, so instead of doubling up and creating confusion you should just chose the one you like better. Back-Testing your indicators is important, and you should add one at a time to determine their overall effectiveness against the other existing indicators within your trading plan. Don't be sentimental - if one isn’t working, get rid of it! 

Just to be clear: There is no defined group of special, secret tools or indicators which hold the golden key to success. There are thousands of combinations out there. Experience shows that the best plans and tools come down to simplicity, and only become effective when at trader finds the ones that most suit them personally. Just because your trading buddy finds success with a certain tactic doesn’t necessarily mean that you will.

In the next few sections you will be exposed to many graphs accompanied by explanations on how to read them and how to trade from them. You will also learn how to use additional indicators on top of these graphs - indicators that act as buy or sell signals. Despite the abundance of indicators out there, many traders still only use the graphs. Successful traders utilize all the tools they have at their disposal, without overdoing it.

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