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How To Trade Forex And Why You Require A Good Forex Trading Education . Stop Dreaming About Software That Will Make You Rich.
Many traders ask me how to trade Forex, a few have read several books and articles, some have bought into the current trend of automated trading robots.
What they all share in common is that they have spent a load of money. Why? the reason is uncomplicated, trading Forex requires skill, patience and perseverance. Most of the would be traders I've spoken to, have very little of the above.
Most were told that it's easy money, all you have to do is set up a trading platform with charts, plot some indicators and away you go, money floods your account. Some were sold trading engines, here they were told; just get a Metaquotes (MT4) platform set it on auto trade and go to the seashore, or play Golf or whatever takes your fancy.
Easy eh? Yep, an easy way to ensure you lose your deposit pretty fast. Why do trading engines not work? well some do, to a degree, however, they need to be set up in a specialized way, they need to monitored and one really needs a good understanding of trading and some programming for that.
So, is your dream of becoming a decent Forex trader a pipe dream only.
The answer to that depends entirely on you, are you willing to do the necessary work, taking the essential steps to become one?
If on the other hand, you will be able to, then spend the time learning exactly what it is about. Find out also, what it is not about. Here are some basic facts about Forex trading:
1. It is a massive market and is primarily managed by large institutional players working for financial organizations.
2. No matter how sizeable you trade, you small fry compared to the big boys.
3. Currencies respond rapidly and sharply to news events, certainly the planned ones, like CPI, GDP, Interest rate etc, but can often also turn quickly when some unexpected news item hits the news. This is particularly true when some politician or central banker is speaking.
4. If no special news, currencies tend to trade in ranges, and it is important to find out what they are.
5. This is a highly leveraged business, and leverage can work against you. Make sure you know how many Bucks per pip you are trading.
If you need any help, I am always happy to provide some recommendations via the blog or my Facebook page.
Are you willing to invest time and possibly some money in a Forex trading education??
Yours trully been trading for a living for seven years now, I run a trading blog (http://tradeconscious.com) and a chatroom for traders, so I can tell you that it is possible to learn and become a prosperous trader, are you ready to take the necessary Forex trading training?
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