Forex trading looks simple yet few succeed – 95% of new traders lose their money and only 5% win. This may seem an odd fact when anyone has the potential to learn forex trading.
The answer is most traders simply learn the wrong forex education and this article will give 4 tips to get the right education and win.
Firstly the growth of the internet has led to a lot more information becoming available to forex traders and some of it is very good – but most of it is junk and will simply ensure you lose and this leads us to our first tip.
1. Be wary of vendors selling education on the net
Most of them make me laugh for $ 100 or so I can get a system to make me regular profits every day, trade with 80% accuracy or even make me a millionaire – all for a few hundred dollars!
Do not buy them – they will not help your forex education.
There simply marketing guys not traders – if they were, they would shut up and trade for themselves, if making money was as easy as they say they would not need me or you.
2. Do not learn the wrong Knowledge!
There are many myths that have beenpetrated on the net mostly by vendors and let's start with the largest one – forex day trading works.
No it does not, day traders do not make money – period
All short term volatility is random, so it can not – that's why you never see a day trader with a real time track record of profits.
Scientific theories are a great way to make money, another stupid myth.
If markets moved to scientific theory, we would all know the price in advance and there would be no market, yet new traders still learn junk theories like Elliot wave and Fibonacci numbers, lose and wonder why.
3. Get Knowledge from the real pro's
You can do this simply by going to Amazon.com and you can get some really good forex education from traders who have walked the walk, rather than simply talk the talk.
For about $ 100 or so you can get some great advice (see our top 10 books for traders) and get them. They will inspire you and give you a good solid grounding in what it takes to be a successful forex trader.
This is an investment in your forex education that is well worth the money.
4. Work Smart Not Hard
Forex education involves working smart not hard and learning the right knowledge.
If you want to learn forex trading ALL that you need to build a successful system is available free on the net.
See our other articles, there is some great information on technical analysis, formations and indicators and it's all free.
You do not get rewarded for the effort you put into forex trading you get your reward from being right with your forex signals – nothing else. All you need to do is get the right info and you can become a successful trader.
CONSIDER THIS FACT
In 1983 Legendary trader Richard Dennis to prove that traders could be taught took 23 traders with no trading experience and taught them to trade in 14 days.
These traders went on to make Dennis $ 100 million dollars! The story is told in "The way of the turtle" and also Market Wizards – Get these books and you will see that Dennis made them focus on the RIGHT education to win with no filler.
Now you may not make as much money as the turtles but anyone can learn to trade and learn to win if they focus on the right education – you just need to find it digest it, apply it and hopefully this article will have pointed you in the right direction – Good luck.
Source by Kelly Price