Let’s face it, forex trading can be a very confusing and difficult world to enter. It is one of the most complicated financial markets in the world and with that, comes many challenges and obstacles. One of the obstacles is understanding how long it will take to become profitable at forex and when you should start seeing a return on your investment. Well, opting for forex trading training can speed up the process. Here’s how.
Is it possible to teach yourself forex trading?
The short answer is no.
While you can read a book and watch some videos, there are several areas that must be trained by an expert. These include the following:
- Technical analysis of charts
- Market psychology (from primary trend to counter-trend)
- Human psychology (from fear to greed)
- Fundamentals of economic reports
- Bid/ask spreads and liquidity
Educating yourself in these areas requires someone who knows them well and has the patience to explain them. A good mentor can make a world of difference when learning any new skill such as forex trading.
Moreover, most people who try to teach themselves forex trading fail because they don’t make changes as they go along and end up repeating their mistakes over and over again. So, if you are serious about becoming a successful forex trader, it is important to understand that you won’t be able to learn everything from books or online resources alone.
You have to spend time on real markets trading with real money under real market conditions if you want to succeed as an independent trader.
How long does it take to learn forex trading?
It is a difficult question to answer because it depends on what your definition of learning is.
If you are talking about learning the technical side of forex trading, then this can be learned in as little as 4 weeks. The technical aspect of the market is relatively simple and straightforward once you understand the basics.
The other side of the coin is the psychological aspect of trading. Managing risk, controlling emotions and being able to stick with a trade even when things go wrong will take time. Typically, you will have to invest 1 year from starting out to apply these skills effectively to your trading practice.
The reason for this is that forex trading is a mixture of both art and science. The art comes from the fact that you are dealing with human emotions and reactions to events, news, price moves, etc. This requires you to have a large amount of self-discipline and self-awareness in order to remain calm, unemotional and objective when interacting with the market.
This part is more difficult to learn than the science because not everyone has this personality type, even if they have the intelligence and aptitude (to follow the science part) to be successful forex traders or investors.
Benefits of professional forex training
Get the right mindset to trade forex
Forex is a highly volatile market and with so much money to be made, the risk involved for traders is also higher. However, with proper training, you can learn to trade forex like a pro.
The benefits of professional forex training are huge. Forex training will enable you to analyze the market in a more effective manner and provide you with a better understanding of how the currency markets work.
Professional forex training will also equip you with the necessary knowledge on how to prepare yourself for the ups and downs that occur in the currency markets. From learning how to be patient to knowing how to respond to volatility, a course will teach you all the important fundamentals. So, no matter what happens in the market, you will always be prepared for it and know exactly what to do.
Access a global trading network
Trying to trade on your own, however, can be a challenge. Some people make mistakes and lose capital. Others give up quickly because they do not see results right away.
Fortunately, the internet gives you instant access to the biggest financial markets in the world, including the forex market. But even if you are an experienced trader, it is hard to overstate the importance of having a network of contacts that can work in your favour by sharing valuable information, offering mentoring and providing emotional support when things go wrong.
A well-planned forex training course will give you the opportunity to be part of a global community where you will not only get your queries resolved but will also receive the necessary support needed to grow in the industry.
Learn under a mentor
The main benefit of professional forex training is that you learn from someone who has already been through the process of becoming a successful trader. Most often, those who are in the business of giving you this training have already spent years learning and practising themselves. They have made mistakes and learned from them in order to avoid them in the future.
As a student, you have access to their experience as well as tips and advice that they use to keep their own accounts profitable. This opportunity can be so effective that many students will find that after completing such a course, they are able to take advantage of mentor access in order to build their own successful trading business.