Forex Training the Hard Way

Forex Training

What do you figure your mistake is in trading forex? If you think you have not made mistakes that would be your biggest mistake. Traders make mistakes all the time, even those who are successful most of the time or all but 1% of the time. The more common mistake above all the others that could be listed here is improper forex training. Someone decides they are going to enter the forex market for trading. They read a couple of articles, blogs, and news articles figuring they can learn the rest as they go along. The first few hundred is put on a currency pair that is showing a gain like EUR/USD showing a gain. The only mistake in thinking is that it is the USD gaining.

The Hard Forex Training Lesson

What if you thought because your account is in the USA that you are always buying the USD when you select buy and selling any other currency in the pair? You would be making a giant mistake. If you have enough smarts to know that the currency you buy is the first in the pairing like AUD/USD and EUR/USD it means you buy AUD and EUR if you buy either of the pairs. You would also need to know when you hit sell you go short thus you sell the base currency. This is forex training 101. It is something you can learn in a book, but if you skip the lessons including reading at least one forex book you are going to learn your mistakes the hard way.

Perhaps the first trade you made was $500 AUD. You lost it so you tried to recoup it on the next trade thus you lost $1,000 AUD. You keep going for three months losing $60,000 AUD of your hard earned money and retirement fund. You still have a little left in one account that totals $10,000. It is the only savings you have and now you need to find a way to grow it again. You could leave the entire forex market behind or you could get proper forex training.

Forex Training with Coaches and Beyond

Mentors, counsellors, coaches, teachers, experts, etc. are all available in forex. Some offer better forex training than others. You certainly have to compare to find the one you trust the most.

Truth is you do not need to hire a coach to teach you the market or to find what your mistakes are. It can be an added benefit especially learning from an expert, but if you are short on funds you can use books and online resources. Plenty of helpful, free resources exist online. It only takes a few moments to find the right sites to trust. You do not have to be a victim of forex by giving up too early or by learning what not to do the hard way. You can start out with proper forex training. There is no reason not to be patient. After all, in a few months you can trade for profit after years of trying to save up the money you are about to use.

 

 

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