subject: Can I Teach Myself To Trade Forex? [print this page] Can I Teach Myself To Trade Forex?
The forex market is the most volatile and unpredictable of the financial markets, and the majority of sole traders that trade from home lose overall. There is $3 billion traded on the forex market everyday also making it the largest market and the most open market, available 24 hours a day 6 days a week.
Many people ask themselves can I teach myself to trade forex? The answer to that question is yes, but to be a successful forex trader is another matter. There are plenty of websites and forums that have free training courses for the forex market and cover such subjects as how to read charts, support and resistance, Fibonacci levels, rebound trading and so the list is endless. There are so many theories and methods to forex trading, it is baffling.
Learning forex is like learning psychology, you really only learn theories and tests that have been carried out in the past and record there results. The problem with forex although the market does repeat itself it also can be extremely random making any definite predictions hard to gauge. There are certain attributes to forex traders that make them successful and to teach ones' self these attributes could prove difficult.
Forex traders are extremely disciplined and have a lot of patience. They wait for the right trade set up and have a plan in place for their entry and exit strategy, they do not deviate from this plan. It is the hardest thing in the world to stick with a trade that has suddenly turned against you even though all the signs tell you it is going to go in the right direction eventually.
To teach yourself forex from the free information available on the internet is a great place to start to learn the basics. Before you start to trade using real money I would advise getting some professional help in the forex market. This doesn't have to be one on one tuition or financial advice but in the form of a professional forex club. Forex clubs are great places to learn forex and trade for real at the same time. They are coordinated by a professional trader and in many cases the professional will trade live over a webinar where the members of the club can copy his trade's real time.
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