Having a Reasonable Training Period

Filed under: Learn Forex Trading |

It is curious that so many beginner traders think that they can acquire the skills necessary to be a professional trader in a matter of months… or even weeks! It takes four years of study to become a lawyer, seven years to become a doctor, and even at least one year to become an elementary school teacher and teach the ABCs! So why, oh why, do intelligent people think that they can become millionaires in the forex markets without first putting in years of study? It is an anomaly that needs some investigation.

 

A lot of people assume that if they are intelligent, if they are already doctors or lawyers, that they can outwit other people with ease in the forex markets – WRONG. It takes a whole host of other skill sets to become a forex trader, and anyone who comes to the market for the first time will be coming with a clean slate. Sure – some mathematical skills can help you along the way, but even that will not help a great deal. In fact, being too good at maths can be detrimental, as intelligent people have a tendency to overcomplicate things in the forex markets. They tend to layer their charts with technical indicator after technical indicator, until it resembles more like a Jackson Pollock painting than a forex-trading chart.

 

If you think more in the long term and don’t try to make a million in your first year, you have a much better chance of success. Give yourself a three or four year training period where you use virtual funds, or at the very least, a minimal amount of money. This way, you can learn as you go with making any great losses. You may get off to a flying start, but continue your training and see how things turn out over a longer period of time. Training is important in any field, and this equally applies to the world of forex trading.

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