According to a seasoned trader, it can take anywhere from a few months to 3 years to learn Forex education, depending on the person's level of experience or ability.
This is a learning curve that takes a lot and a great time to achieve despair from your partner or family members because they see you sitting in front of a computer screen hour after hour, and no money comes as a result of your efforts.
Fortunately, there are simple steps you can take to halve the learning curve.
If you are an absolute beginner and know nothing about forex, then you need to spend a few hours reading on the basics of Forex, educating yourself about terminology and how the market works.
Then open a demo account with an online broker and set aside a few days to get to know your trading platform and charting package.
Learn about the different menu options and how to quickly place entry orders, define entry points, stops and limits, so that the procedure becomes normal.
Once you have laid this foundation, you can now start raising the ladder of learning. The following suggestions will greatly reduce the time it takes to become a profitable trader:
1. Invest in the Forex education package
Not all Forex educational materials are born equal. Much of what is online is full of 'fluff' and 'stuffing', written by people who deal with theory but not actually trading on their own.
So when choosing a Forex education package, make sure that the people behind it are professional traders with a proven track record of success. Often times, by putting your Forex education course name on Google, you can review forums and user comments that it can reveal.
2. Maintaining a continuous Forex education
Once you pass your Forex education course as soon as you need to do it over and over again. In other words, you have continuous Forex education. Why is it so important for coarse material to pass several times?
Since there is so much information, the brain cannot absorb it once. As you train and evolve as a trader, the information that you previously read and that was of great significance at the time, will take on a new meaning when you relate it to the actual trading scenarios that you may have acquired as you progressed in trading.
3. Take notes and create notes
This is Baiji! Every successful trader I know has scored, noting their good trades and losses while gaining experience. True, it involves work and effort. In the long run, however, this individual step alone will reduce your learning curve.
Without taking notes and posthumous in your trades, you can continue to repeat the same mistakes over and over again. This is time consuming, frustrating, and stressful. By keeping a record, you can determine which trading behavior patterns need to be corrected.
These days, with free screen capture utilities on the grid, you can just save a gif or jpg image from the graphic screen, print it, and write notes around, highlighting the features in the chart that made you do what you did.
Returning to and learning from these publications is a very powerful way to bring you speed as a successful trader.
4. Keep studying the charts
There is no acronym for this. You will need to spend hours following charts, identifying patterns, trends, support and resistance lines, etc. The more time you spend doing this, the faster you will feel the market.
After a lot of workouts, these items will jump you every time you look at the chart. This is the stage you want to reach, and get to know immediately.
Instead of blindly following the day-to-day practice of the demo account and getting nowhere:
- Invest in a professional forex education course
- Maintaining continuing education by repeating readings
- Keep records and analyze your trades carefully
- Invest in time to develop immediate pattern recognition
When applying these four key points, you will focus on your Forex education and guidance, and your learning curve will be greatly reduced.
Why not explain to your partner or other family members your program or business plan until they know what to expect?
Help them realize that this business involves a significant investment of time and energy until skills are acquired and with perseverance and application, your education in Forex will lead to a large income.