A lot of people looking to invest their money and turn a good profit are becoming interested in learning to trade forex. And I can understand the attraction. Forex trading is a very exciting and potentially very lucrative way to make money… regardless of what the economic climate is. Here are some things you should consider.
Learning To Trade Forex Takes Time
Trading Forex is a skill. And like any skill you try to master, it is going to take time to learn properly. And unless you are willing to risk your hard earned money during this learning process, you aren’t going to be making any money while learning to trade Forex.
It starts like this…
First, you know you know nothing and need to learn. Then, things start to make sense to you. In stage three, you have a good idea what you are doing, but you must still make a conscious effort. It is not until the forth stage that you are comfortable with what you are doing. And you don’t want to invest any real money until you are comfortable with the process… meaning you are a long way off from seeing your first profitable trade.
And here’s the important thing to remember. Even if you learn to trade Forex effectively (you get to the fourth stage), you are still human. No matter how much knowledge you have, you are still open to the emotions of greed, fear and lack of confidence. These are not emotions you want guiding your Forex trading.
Actually Trading Forex Takes Time
Even if you learn everything there is to know about trading Forex, you still have to do it. This means sitting in front of the computer (at all hours day and night), interpreting charts and placing your orders. And your success is determined if you interpret the charts correctly, and are at your computer at the time to make the trade.
I want to profit from the Forex Market as much as the next investor. But I certainly don’t want to spend Monday through Friday glued to the computer screen. After all, I have a life and other things I do to make money. Plus, I want to enjoy the money I make Forex Trading with my family! So, I went about learning to trade Forex a different way.
Learning To Trade Forex As You Earn
I got into trading currency by using a EA or Expert Advisor. This is a script that attaches to the Forex Trading Platform (like Metatrader4), that keeps an eye on the currency market and makes trades automatically depending on certain indicators. This is fantastic because everything happens automatically based on professionally determined indicators that are programmed into the software. Plus, it takes the human emotion out of trading that can get in the way.
So, I learned Forex trading by watching the “robot” do its work. First, I set the script up on a Demo account. This is how you can make sure the EA is making more good trades than bad, which is its job. (After all, nothing is perfect… even a robot!) Then, when I am confident the automatic Forex robot is trading in a way that is profitable, I switch to a live account with real money. Effectively, I’m learning Forex trading as I earn real profits!
Without a doubt, once you see how profitable Forex trading can be you’ll want to learn and understand more. But don’t let the time it takes to learn Forex deter you from getting started immediately. Using a software program to automate your trading makes profiting in currency trading accessible to just about anyone by dramatically reducing the learning curve. So, if you don’t want to spend years learning before you see your first dime of profit, then using a Forex trading robot is the way to go.