This is a subject that I am extremely passionate about! I could go on for hours and hours about the subject of foreign currency trading education and getting knowledge about forex trading. But let’s keep it focused and to the point. Let me give you some of my concise thoughts on foreign currency trading education.
Firstly, I view forex trading as a full-blown business, like any other business. I have a plan, I have separate accounting records, I have separate bank accounts and I have proper systems. I also work at my trading business every day like any other business. I constantly read relevant content, I subscribe to news sites with relevant information, I constantly test new products, I visit blogs and forums. In short, I am serious about trading, despite the fact that I might have a day-job or other commitments, such a family and kids.
I want to use an analogy at this point.
Imagine you had a “normal” business and a massive opportunity suddenly falls into your lap, you only need to close this big deal. But you do not know your product well enough, you do not know your competitors, you do not have any systems in place in your business to deliver, you do not know your customer’s needs, etc. Will you be successful at your business? Will you close this deal? This is a recipe for disaster.
But, you would be surprised how many new forex traders set themselves up for this disaster by following this exact recipe. They simply do not allow themselves the chance of being successful, as they neglect their foreign currency trading education. This education does not have to be formal.
Returning to my example of a “normal” business. All successful business people have one thing in common: knowledge. Knowledge that they got through educating themselves. They know their products, their competitors, their customers, their markets and their businesses intimately – and not necessarily through formal education. But they are successful because they have put in time and effort to gain knowledge, to become educated in their fields and businesses.
All of these principles apply to forex trading. You have to regard it as a business and then get a proper foreign currency trading education. You should gain as much knowledge as possible in order to be successful.
There are numerous online resources to get you going on your journey to becoming a successful forex trader, but is it up to you to distinguish between the truths and the lies. The more knowledgeable you become, the easier it gets.
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