How To Trade Forex And Why You Need A Good Forex Trading Education . Give Up Dreaming About Robots That Will Make You Wealthy.
Many traders ask me how to trade Forex, many have read a handful of books and articles, some have bought into the prevailing trend of automated trading robots.
What they all share in common is that they have lost a load of money. Why? the reason is obvious, trading Forex requires perseverance, patience and skill. Several of the would be traders I've spoken to, have none of the above.
The majority were told that it's easy money, all you have to do is set up a trading platform with charts, add some indicators and away you go, money comes rolling in. Some were sold trading programs, here they were informed; just get a Metaquotes (MT4) system set it on auto trade and go to the beach, or play Basketball or whatever takes your fancy.
Piece of cake? Yep, an easy way to ensure you lose your deposit pretty fast. Why do trading programs not work? well some do, to a degree, however, they need to be set up in a particular way, they need to kept in check and one really needs a reasonable understanding of trading and some coding for that.
So, is your dream of becoming a decent Forex trader at all possible.
The answer to that depends entirely on you, are you likely to do the necessary work, taking the needed steps to become one?
If on the other hand, you will, then spend the time mastering precisely what it is about. Learn also, what it is not about. Here are some elementary facts about Forex market trading:
1. It is a massive market and is primarily governed by large institutional players working for financial organizations.
2. No matter how large you trade, you chicken feed compared to the large players.
3. Currencies respond quickly and sharply to news affairs, certainly the anticipated ones, like CPI, GDP, Interest rate etc, but can often also turn sharply when some unexpected news item hits the news. This is specially valid when some central banker or politician is commenting.
4. If no special news, currencies tend to trade in series, and it is important to find out what they are.
5. This is a highly leveraged industry, and leverage can work against you. Make sure you know how many Us dollars per pip you are trading.
If you need any assistance, I am always willing to provide some assistance via the my facebook page or my blog.
Are you willing to commit time and possibly some money in a Forex trading education??
I have been trading for a living for seven years now, I run a trading blog (http://tradeconscious.com) and a Traders chat room, so I can tell you that it is conceivable to learn and become a successful trader, are you available to take the necessary Forex trading training?
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