Dear Raymond,

When I try learning technical analysis, I get overwhelmed by the charts and statistics. I’ve never been exceptionally talented with numbers, and I assume this is part of the problem.

On a positive note, I have been achieving successful trading by following fundamental analysis. In particular, I have been trading currency pairs by following the economic calendar, and joining events with my account manager.

Nevertheless, I still feel guilty that I have not been investing energy to study technical analysis more intensely. Is that weird?

Do you think it is a “must” to learn technical analysis in order to become a great trader?

Sincerely,

Technically Confused.

Dear Technically Confused,

In answer to your question. Yes, fundamental analysis is a fine method for making profitable trades. That being said, fundamental analysis is based on events which only take place during certain hours of the day. Therefore, the impact of these events on the currency markets are also limited.

In short: by disregarding technical analysis, you are limiting the amount of successful trades you can make per day.

If, like you say, you are mathematically challenged, there are still a variety of technical indicators available to you which require very limited math skills. Support and Resistance, for example, is a great place to start. Support kicks in when the asset is under-bought, and Resistance kicks in when traders begin to sell in large quantities.

I encourage you to continue mastering the fundamental analysis strategy. When you have spare time, don’t be afraid to learn more about trading at your own pace.

Have a look at the “Learn Binary Options” center on our website. Remember, as long as you’re learning something new every day, you deserve to give yourself a pat on the back.

Hope that helps,

Sincerely,

Raymond