Education Is the Key to Successful Forex Trading

Since I came in contact with Forex Trading back in 2002, I have learnt quite a lot. If you are new to forex trading, the information you will receive online will be overwhelming sometimes. My first contact with Forex Trading was through “HYIP” -High Yield Investment Programs. I invested with these people, but lost my money. So your first lesson, is beware of Forex scams. The marketing information can be so thorough, you can hardly figure out if it is a scam. Sometimes, you see even infomercials. Please be careful when to react to these products regarding Forex trading.

Is Forex Trading Easy or Difficult? - AllTopStartups

Education is the key to become a profitable forex trader. I studied and implemented many strategies. Majority of these left me with a $0 demo account from $50,000. This was pretty shocking to me. I lost many demo accounts FXORO. Its pretty devastating. Don’t allow this losses to discourage you, because forex trading is really very profitable as I discovered at last.

My first advice is beware of FOREX TRADING Scams- there are many out there.
My second advice is trade a demo accounts until you become profitable. If you are still loosing trading a demo account and you start with a real live account, the same failures will reflect on your real account. You might become frustrated and prematurely abandon an otherwise lucrative opportunity. Whatever happens, don’t give up. This has been my forex trading experience.

As you trade the demo, continue to educate yourself on the forex. There is a lot to learn, but don’t pay huge sums for forex courses. Any course above $500, don’t go for it. Some people are deceived, thinking the higher the cost of a forex trading course, the more efficient the course will be. Don’t be fooled. Most of these are rehashed information, that you can easily find online. I will do my best to link you to some pretty neat sites where you can get basic education on forex and I will write some good practical articles that will help you also. The main thing to master in forex trading after your basic education on trading the forex, is your emotions. It played a huge part in my failures and now my quite success. Again if you are new to forex trading, take your time and get yourself educated.

If you are already trading a demo, you will find a strategy that turned my business around. It helped me to move my demo account from $50,000 to $155,000 in 2 months. And this results is now reflecting on my real account. In my real account, I was able to take a small account of $502 to $12,666 within 2 months. That is more than 2000% increase. First month I traded from $502 to $2150 and then from $2150 to $12666. This is awesome. But before this happened, I lost a lot. So be prepare for the losses, because it is part of the trading. There´s nothing you can do about it.

To become profitable, you must learn to limit your losses or take only small losses and just let the profits run until your exit signals materialized. I have ignored my exit signals and got out of trades that would have been huge. So learning how to cut your losses short and allowing your profits to run is no easy task. But once you learn how to do it, no one can ever take that skill from you.

Take everything you learn, take every trading system and make it your own. Know what you are looking for in your trading signals. Only when you make your trading system your own, will you become successful.

Every successful trader today has faced all those naughty trading demons before you. So don´t worry, you are not the only one. Hang there, learn from mentors and you will do fine if you do not quit. As you learn, please look out for a mentor. Someone you can trade with daily.

Have you ever allow someone to look at your trading report? It is very important that you trade with a friend, who can tell you when to stop, when things are not going OK. Let them take a look at your trading report and you will be surprised how much help you can get from this one activity. All this is part of your forex education. It never stops. You learn everyday about yourself as you trade

Leave a comment

Your email address will not be published. Required fields are marked *