How did you learn to trade Forex?
How did or are you learning Forex? Did you learn from one of the many "trading schools"
? One thing that has always intrigued me is the number of people who have taken these courses and still have no idea of how to trade the Forex market.They learn about trend lines and multiple trend lines. They learn about Japanese Candlesticks. Then they learn about how to use different time frames to trade, then about all the indicators that can be used. After that there is support and resistance, Fibonacci ratios, Gann, and Elliott Wave. There is trend analysis and consolidation and chart patterns and price patterns. Some claim to have proprietary trading systems that will make all the money back that was spent on trading the course.
What is wrong with this picture? It's not teaching you how to trade, it's introducing you to all of the ways people have invented to trade and quite frankly most of these methods don't work. The proof is in the puddin' as they say because the percentage of traders who trade Forex fail; all but about 5%.
The question then is why do people take these courses? Most likely it is because they want desperately to succeed and education seems the best way to get started. You will get no argument from me here. But can you educate yourself for less and do a better job?
The answer is yes, but where and how? First, you can get the same education above on the Internet but if the above information didn't help you then why would learning all of the above help? Sure, learning all you can about something is good there is no question about that but if we are going from A to Z in the least amount of time then we don't need to know about much of the stuff that gets caught in our head.
For example, take a simple concept. Much of us are taught early on about trend lines. Why? They are simple. You can draw them easily. In some cases they are easy to see. Trend lines do help to locate trend direction however, many times what is taught is that they provide points of support and resistance. And sometimes it appears that is true. But unless a huge number of traders are trading all over the world off the same trend line, it could be meaningless. And remember there are 9 major time frames so not only do people have to trade the same trend line you have drawn, they have to be drawing it on the same time frame.
Last, they have to draw the trend line just like you did. Now with 2% of the Forex market being the retail market, people like you and me, and then all the banks that trade, the hedge funds that trade, the institutions, companies and governments that trade, how many of them do you think are trading off that trend line? Very few and certainly not enough to create consistent successful trades. A trend line might perform at times but essentially it is meaningless except as a method to determine the direction of trend.
This example is true of many of the methods and tools that are taught in these trading schools, courses and seminars. Lifetime membership also means little because most traders take the course, fail and quit.
One of the best things a trader can do is find a simple book on how the Forex market works with as little information about how to trade as possible. Then that trader needs to spend time and research looking for a method that works, used by a trader who trades. Anyone interested can look me up and by telling me a little bit about your circumstance, I would be happy to point you to books and resources that might be of aid.
How did you learn to trade Forex?
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