Forex training if you have never traded forex markets before you need it! Why? Because 95% of traders lose because don't get proper forex education. This article is all about getting the right forex training to win.
The first point to keep in mind is anyone can learn currency trading it's a learned skill not a gift from god but the vast majority to lose. While forex trading looks easy, it's not - but if you learn the right information and avoid the myths you can win and win big time. Let me tell you a story to inspire you.
Trading legend Richard Dennis set out to prove that anyone could win at trading and he set about training a group of people, of all ages, both sexes and different levels of education - in just 14 days. He then sent them off to trade - the result of this experiment?
They made $100 million dollars in just 4 years and the rest is history.
So what education did he give them?
The education was based around a simple robust forex trading system (based on breakouts and trend following) which was simple to understand and have confidence in and this was then combined with robust money management.
Dennis however gave them something more - a total understanding of the system and the confidence to apply it with discipline.
You will often here that discipline is the key to success - and it is, because if you don't have the discipline to apply your method, you really have no method!
Discipline is the key and it comes from within.
If you want to trade you need to learn a currency trading system you can have confidence in, ignore the myths and work smart to get one you're happy and have rock solid confidence in and then you need to apply it.
The vast majority of forex traders don't bother learning the right information they try and follow someone else and when losses come they have no confidence and throw in the towel.
They also fall prey to myths that are perpetrated and these are the most common ones:
- To win at forex trading you need to predict prices. - Day trading makes money. - Markets move to a scientific theory. - Buy low sell high is a great way to trade. - Following a system with a hypothetical track record will make money. - You can trade expert news stories and win.
ETC
There are many more but these are very common and they all see traders lose.
Getting the RIGHT Training
So what you need to do is get some forex charts and learn how to spot repetitive patterns and some momentum indicators to help you confirm movements and then have the confidence and discipline to execute your trading signals in line with your system.
Finally - do not think discipline is easy pick out some books by the great traders and study what they say. Get yourself a copy of Market Wizards by Jack Shcwager and the disciplined Trader by Mark Douglas and it will really ram home how important discipline is.
The Potential
Well Richard Dennis proved what could be done with the right forex training and if you follow the above you could enjoy currency trading success and build wealth quickly.
Your forex training will determine your success, so work smart not hard, be disciplined at all times and good luck!
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