How To Trade Forex And Why You Might Need A Good Forex Trading Education . Quit Dreaming About Software That Will Make You Rich.

Many traders ask me how to trade Forex, many have read a handful of books and articles, some have bought into the present trend of automated trading engines.
What they all share in common is that they have lost a load of money. Why? the reason is simple, trading Forex requires skill, patience and perseverance. Several of the would be traders I've spoken to, have none of the above.

The majority were told that it's easy money, all you have to do is set up a trading platform with charts, plot some indicators and that's it, money in the bank. Some were sold trading robots, here they were told; just get a Metaquotes (MT4) system set it on auto trade and go to the beach, or play Basketball or whatever takes your fancy.
Sounds easy? Yep, an easy way to ensure you kiss your money goodbye. Why do trading robots not work? well some do, to a degree, however, they need to be set up in a specific way, they need to monitored and one really needs a reasonable understanding of trading and some coding for that.

So, is your dream of becoming a decent Forex trader at all possible.
The answer to that depends entirely on you, are you happy to do the essential work, taking the required steps to become one?

If on the other hand, you can, then spend the time learning exactly what it is about. Learn also, what it is not about. Here are some elementary facts about Fx trading:

1. It is a large market and is primarily controlled by large institutional players working for financial organizations.
2. No matter how big you trade, you small fry compared to the large players.
3. Currencies respond quickly and sharply to news affairs, certainly the scheduled ones, like Interest rate, GDP, CPI etc, but can often also turn on a dime when some unexpected news item hits the wire. This is particularly valid when some central banker or politician is commenting.
4. If no special news, currencies tend to trade in levels, and it is very important to find out what they are.
5. This is a highly leveraged market, and leverage can work against you. Make sure you know how many Dollars per pip you are trading.

If you need any help, I am always willing to provide some assistance via the my facebook page or my blog.

Are you willing to spend some time and some money in a Forex trading education??

I have been trading for a living for 7 years now, I run a trading blog (http://tradeconscious.com) and a chatroom for traders, so I can tell you that it is conceivable to learn and become a successful trader, are you available to take the necessary Forex trading training?

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