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If you are willing to look at your Forex experience a bit like an apprentice completes an apprenticeship you are likely going to achieve a higher level of success.
Why should opening a live account and making money in the financial markets be any different to any other career? You don’t get to build a house without the appropriate qualifications nor do you get to fly a plane without taking hours of flying lessons and passing some final tests. A professional sports person spends hours building their body, mind and talent to compete at the highest level but being a Forex trader for some reason is often considered differently. Why? Because as human beings we want instant gratification and because online forex trading involves the opportunity to make money we as humans are greedy and are usually not prepared to take a logical and sensible approach to learning, practice, discipline and patience. We want it all now so the gambling approach can take over.
When you trade forex you are effectively competing and the online trading competitors who you are playing against (banks, institutions) are some of the most experienced, knowledgeable and at times ruthless currency trading competitors on the planet. They want to win and your best chance of winning in my experience is to learn to ride their coat tails and trade similar strategies and systems, which also includes extremely tight risk management. For example most successful forex banking traders have honed their skills for years often working their way up from a retail banking position, through the research departments, through the company courses and finally over time into a forex trading position on the trading desk. They’ve done an apprenticeship.
With such strong competition does this ultimately put you in an uncompetitive position? No, provided you are willing to spend the time to learn about the fundamentals and technical charts that give you an edge and apply professional risk management you can succeed in the currency markets. There is no question you will fail along the way just as every apprentice failed at times through their apprenticeship but if you do things steadily and slowly you will likely fail gracefully as you learn and stay in the currency trading game long term.
Success in the currency markets requires one very important ingredient. Time! You are going to need time and you need to be able to give yourself the time to fail, time to win, time to learn and time to grow as a currency trader. Think of trading forex like an apprenticeship and you are likely going to achieve a higher level of success.
Join me live online every Wednesday evening at 7pm AEST for a Free Professional Forex training lesson. I will do my best to share with you the important fundamental and technical information to make your currency apprenticeship as enjoyable as possible.
To log into the session simply use the following link. Please make sure you are logged in at 6.45pm AEST as the room is often full.
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.