Is it possible to learn how to trade Forex?
There is a group of traders who believe that outside help in the process of learning to trade in the Forex market is not required at all. Truly, such traders can be called ambitious. These include all those who have not yet become a professional, and maybe never will.
The Forex market attracts, first of all, because it makes it possible to gain independence and freedom. But they are possible only if the trader is lucky and most of the trades are profitable. And profit, in turn, is possible only when the trader knows and knows how to get it. This is such a vicious circle that allows us to conclude that Forex trading involves a process of preliminary training, knowledge and experience.
Ambitious people believe that they can get the necessary knowledge on their own. This is a false idea. In contrast, those who have already achieved considerable success in the field of Internet trading say that outside help is simply necessary. Of course, experience comes only over the years, when everything has been passed: losses, profits, disappointments, depression, then revenge – and, of course, well-deserved success. And many of them believe that the best way to accelerate the acquisition of knowledge is to learn from Forex professionals. Moreover, it is a professional person who will be more effective for a novice trader than special training programs and electronic textbooks to share his experience.
Let’s look at a couple of simple examples.
Genes or education?
Do you think it is possible to turn a person who is far from financial markets into a successful trader? This question is not accidental. Its popularity has matured in connection with the story of Richard Dennis and Bill Eckhardt, who tried to find out whether traders are born or become.
Eckhard insisted that genetics played a major role. Those who are not genetically predisposed to trading will never become a successful trader, even if taught. Dennis, on the other hand, was convinced that anyone can be taught to become a successful trader.
As part of their research, they advertised in a major financial publication that they were recruiting students who, after a short training course, would be provided with personal trading accounts.
In December 1983, a group of students were invited to Chicago, where, after a course of study, Dennis encouraged them to start trading Forex. In January of the following year, they all started trading, starting with small amounts. After observing the students’ work, Dennis invested another $ 1 million in them in February, and he was not mistaken. After all, the group, which later received the name “Turpakhi”, was able to earn more than $ 100 million over the next 4 years. It was an unprecedented trading experiment that went down in history. Thus, Richard Dennis proved his conviction that learning helps to make a successful trader out of any person.
The Role of a Trading Teacher
The paradox of life is that most beginners who start trading in Forex believe that they absolutely do not need a teacher from among the successful experienced traders. At the same time, they understand very well that about 90% of those who come to online trading give up everything because of losses or disappointments, never reaching effective work. The question arises, why, realizing that outside help is needed, most speculators deliberately refuse it? The answer is obvious enough. They are hampered by pride and arrogance, excessive self-confidence. But these qualities are extremely harmful for working in the Forex market, however, as well as in many other fields.
Realizing that any job requires certain knowledge and assistance, guidance from more experienced ones, why do you resist being helped when you start trading in Forex? Don’t try to reinvent the “bicycle”! If you want to become successful and learn how to make money in the Forex market, then use the experience of a professional. This will save you time and avoid possible mistakes.