Forex Trading newbies, just like the gold-diggers of another era, are drawn to the world’s biggest Market full of hopes and dreams and expectations that flood their heads and make them dizzy. No single thought about proper preparation. They need to see results and get their feet wet immediately. They have no time for Forex Courses or Tutorials.
They hear about the incredible leverage, the instant liquidity, have been spoon fed about the profitability potential, have been brainwashed about the edge they can have by using the latest automation software with this or that pair, and they are definitely determined about jumping on this opportunity train right here, right now.
In most cases, they rush up to open a mini account with money which is not much but not little either given the fact their present financial situation is not the best possible. Sometimes, such a mini account remains a personal secret for a while. I know, I’ve been there. And soon after a few dramatic “rides” using the Broker’s Real Time Trading Platform, with the finger on the mouse, and the cursor ready to click on “SELL” or “BUY” while big sweat drops run down their face, they end up hoping next day the loss will be smaller, and they’ll earn their money back. Quite similar case with that of a gambler’s. But the gambler is conscious of playing a game. The newbie FOREX Trader has a diverse rationale in his mind.
I realized, after I hit the bottom and saw my precious 3000euros almost lost within a few “trades”, swept by the Market and the Broker, that it was time for me to Learn FOREX and learn it well, before I risk my hard earned money again.
By no means my bitter experience did push me back from FOREX, but I knew now that I had to position myself above the majority of FOREX Traders, who are actually big losers.
This highly competitive Market is in a fair analogy with a jungle. So I decided to arm myself with all the necessary advantages that would make me a predator instead of a prey.
I knew I needed a very comprehensive type of a FOREX Course for the following major reasons:
- I had to familiarize myself with the inner mechanics of FOREX Trading, fully understanding the value of both Fundamental and Technical Analysis as well as their main pivots. Although I had already decided that Technical Analysis was what I would like to study and work on, I knew that learning to locate the right information sources and identify their impact on the Markets, would bring me light-years ahead of the flocks of uneducated traders.
- I had to fully understand how the dynamics of Market are being measured and evaluated with the use of charts and indicators.
- I needed to be taught about the proper setup of a trade, the role of the different time-frames, my entry and exit policy, and how I should place my strategy above impulsive moves and gambling tendencies.
- I had to apply my trading style on various pairs, so I could study closely the distinct role of timing to the effective and profitable FOREX trading, and I had to do it repeatedly and under completely different trading conditions.
- I wanted to secure that I got a proper “grip” of FOREX Trading Basics, and a minimum Trading Experience- executing specific strategies- before I started checking out which FOREX Automation Software would minimize my degree of engagement and eliminate my risks.
Success is a very boring procedure and it usually comes riding a turtle. It progresses through small incremental steps, and repetitive tasks and it requires “pig headed” discipline and iron will. There is no “magic trick” or “push button” technique that can make you rich in FOREX. If there was any, the information would have somehow leaked by now and earth would have turned into the planet of FOREX Millionaires.
Before you start swimming with the “sharks” in the sea of daily traded trillions, you must know the ground you’re standing on and you must have already set your reachable and doable goals. Once you start right, you eventually gain momentum and soon your profitability will exceed your expectations.