I have come across so many people who told me how messed up and disappointing they are in forex trading despite all the hope they had in making it from the market. Some have not stopped asking, what is wrong since they have paid out their hard earned money to learn forex trading, but end up with the worst result. Some peolple have given up on forex while some are still searching for their answers.
This piece of write up is to guide, alert and instruct aspiring and already-made forex traders on the must follow stages they need to follow in other to be like the professional traders they want to be. May be there is something wrong with your stages of learning which you need to correct.
Stages in learning forex:
STAGE 1 - this is the stage of discovering about this market and the potentials it has. A discovery stage. At this stage, you feel motivated and ready to give your best short in making it big in the forex market.
STAGE 2- this is the stage one goes for practical one-on-one training. Some people make the mistake of replacing this stage with one day seminars making themselves half-baked forex students. Even if you attend seminars, you still need to sit down with a good forex trainer for some days (like 3-5 days) in order to have an in-depth understanding of what forex trading is all about.
STAGE 3- this is the stage you need to train your self using demo-account for weeks or months. Forex trading is an art which needs practice in other to master it. Practice all the strategies and trading system you have received and browse for more in other to give you more understanding of how the market works. From my personnel experience any day i opens my platform to trade, i do learn a new thing. There is a lot to learn in forex and you will discover on your own those areas your trainer did not teach you.
STAGE 4- the stage to train your emotions. When you are comfortable with your forex skill and confident enough to go live trading, you still need to battle with emotions of fear, greed, hope, anger and pride. This is your real bucks we are talking about here so, your emotions will definitely come to play. Train your emotions and stay disciplined. I recommend that when starting your live trading, don't hope to carry all the money in forex market at once but trade with a very little risk of about 0.5% or lesser of your trading capital.
STAGE 5-at this stage, you are now the master of your trading and can increase the your percentage risk to 1-5% of trading capital as professionally recommended. Just know that nobody knows it all, we stop learning only when we are in the grave. Change is the only thing constant in life so you should update your knowledge as the market changes with time.
FOR RELATED ARTICLE see: REASONS WHY MOST TRADERS FAIL IN FOREX TRADING
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8 years ago