Learning to Trade Forex Is it Really Necessary
Interested in learning to trade forex? There are some things you should consider first. And there might even be a shortcut that is right for you. Trading Forex is a skill. And like any skill, it is going to take time to learn. 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.
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 forex robot 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.
First, you know you know nothing and need to learn. Then, things start to make sense to you. In the third stage, you know what you are doing, but only with dedication and 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.
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.
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 way I can make sure the EA is doing its job correctly and making more good trades than bad. (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 an automated Forex robot dramatically reduces the learning curve and makes profiting in the currency market accessible to just about everyone. 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.