How To Trade Forex And Why You Might Need A Good Forex Trading Education . Stop Dreaming About Robots That Will Make You Rich.
Many traders ask me how to trade Forex, nearly all have read a few books and articles, a few have bought into the current trend of automated trading programs.What they all share in common is that they have lost loads of money. Why? the reason is obvious, trading Forex requires patience, skill and perseverance. Most of the would be traders I've spoken to, have little of the above.
Many were told that it's simple and easy money, all you have to do is set up a trading platform with charts, plot some indicators and there you have it, money in the bank. Quite a few were sold trading programs, here they were informed; just get a Metaquotes (MT4) platform set it on auto trade and go to the seaside, or play Tennis or whatever makes you tick.
Easy eh? Yep, an easy way to ensure you lose money fast. Why do trading robots not work? well some do, after a fashion, however, they need to be set up in a particular way, they need to checked and one really needs a good understanding of trading and some coding for that.
So, is your dream of becoming a decent Forex trader possible at all.
The answer to that will depend on entirely on you, are you willing to do the needed work, taking the required simple steps to become one?
If on the other hand, you will, then spend the time finding out exactly what it is about. Understand also, what it is not about. Here are some fundamental details about Forex trading:
1. It is a significant market and is primarily controlled by large institutional players working for financial groups.
2. No matter how large you trade, you insignificant compared to the big boys.
3. Currencies respond fast and sharply to news issues, undoubtedly the planned ones, like GDP, CPI, Interest rate etc, but can often also turn on a dime when some unanticipated news item hits the news. This is especially true when some central banker or politician is talking.
4. If no special news, currencies often trade in ranges, and it is critical to find out what they are.
5. This is a highly leveraged market, and leverage can work against you. Make sure that you know how many Us dollars per pip you are trading.
If you need any support, I am always happy to provide some help via the my facebook page or my blog.
Are you ready to invest some time and some money in a Forex trading education??
I have been trading and making a good 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 possible to learn and become a profitable trader, are you prepared to take the needed Forex trading training?
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