Learning to trade. Stages.

I read an article some time ago that said it took 6 years to learn to trade the FOREX. I’m at 4!

So here’s my plan if you want to learn to trade

Month 1.

Only trade your demo account, DO NOT put money into trades. Join Pro-Act Traders and save yourself a fortune in lost money and shortcut some of the market knowledge you will need to trade.

Month 2.

Time to trade in competitions. See my post of yesterday about some good competitions, actually I think Forexball is the better one because it uses MT4. The trading champions contest has its own very bad java software that doesn’t even allow you to set stops.

Year 2

Now you should have saved up at least $5000 us in your trading account. In fact, if you are trading right you will have got that from your competition trading (well done!), it’s your choice if you feel ready and your trades from your competition accounts should tell you if you are.

Year 4

Start trading your own account now. You should have it at about $10000US

You cannot, it’s nearly impossible, trade on a tiny account. I know this from experience, making trades that make you $10 US is not realistic. So it’s better to learn for 4 years and to save up your trading account. In fact with competition trading you may build it up just out of that.

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