I remember watching a really interesting series you can see it still on Youtube called “Million Dollar Traders”, they took some people “off the street” and then tried to teach them to trade, ok it was stocks and shares not forex, but very interesting none the less. A few of them quit because of the pressure.
Anyway – The reason I’m writing this is to bring you down to earth if you think you can become a trader in 5 minutes with the latest super – duper trading system.
Trading is like learning to drive a car. You learn to drive, you pass your test THEN you learn to drive your car. I would estimate to become a profitable trader you need to spend 4 to 6 years (yes folks YEARS) studying charts and learning how the markets work.
Some of you might be reading this saying “yes but I made double my account last week, and I’ve only been trading a month”, you are lucky if you do that, but it will not last, because you have learned to deal with only ONE SET of market conditions, the market conditions change all the time, so what you had that worked this week may not work next week. This is why perseverance and consistency are the keys to learning. NOT spending money on the latest trading indicator.
If you want to make faster progress it is worth joining Pro Act Traders so you can see live trading every day, you will find that you will learn good trading techniques in the live session and market knowledge as well, but if you join, you are in for the long haul. Because of the reasons outlined above.
Most people trying to learn to trade do lose money, they do, before they make it, that doesn’t make trading wrong or bad, just that it costs money to learn it. The number of people who say “Oh I tried trading for a month and lost money”, “Good”, I reply, “You’ve just got another 4 years to go”, but some people just don’t want the freedom as much as they think they do.
Don’t give up, never give up, you will be successful if you persevere but please stick to a demo account or trading competition until you have been making consistent profits. The forex market is like a snake, just when you think you have conquered it something will come along you are not expecting and you have to adjust and change what you were doing.