Trading Forex: The Importance of Practice and Training

Filed under: Learn Forex Trading |

Following on from yesterday’s article which drew an analogy between sport and trading, I would today like to take that sentiment a little further, and look at why it is so important for forex traders to practice and train themselves; and how many beginner traders take this lightly.

 

In some fields, it seems obvious that you need to practice hard day and night to have any chance of success. For example, aspiring lawyers seem to study day and night trying to gain the knowledge necessary to get ahead of the competition. The world of competitive sports is again a good example. Any aspiring athlete seems to be completely dedicated and practice their craft day and night. And this is the same for most professions. You have to be dedicated because there is so much competition out there. You need to get the qualifications necessary before you can even get a job interview. But this is not the case with trading.

 

Nowadays, anybody with an Internet access and some funds can trade forex. While many people think of this as a good thing, it does raise a few questions. If anybody can now trade, then people can go into the markets completely untrained. This is unlike any other field that I can think of. People completely untrained and unskilled at trading can go into an arena up against people who have years of experience and training. It is no wonder that many of them are like lambs to the slaughter. It is no wonder that an estimated 95% of forex traders lose money. It is like Manchester United playing the local village team. It is like Tiger Woods playing some random bloke on the local golf course. It is simply not a fair competition. So if you do decide to go into the forex market, do make sure that you have as much knowledge as you possibly can before making any live trades. There are some big players out there, and if you are to have any chance, you need to be prepared.

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