| Why Forex Traders Need Training From Real Professional Traders |
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| Written by Edward Lomax |
| Sunday, 20 June 2010 17:28 |
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Trading Forex is a great opportunity to supplement, increase or even replace your current income. The potential for money is huge and the trader's lifestyle that frees you from the 9-5 grind is very attractive. And as long as you have a computer and an Internet connection you can get involved. But the truth is, most at home Forex traders are not preparing themselves properly to succeed as a full time Forex trader.
Trading Forex is a great opportunity to supplement, increase or even replace your current income. The potential for money is huge and the trader's lifestyle that frees you from the 9-5 grind is very attractive. And as long as you have a computer and an Internet connection you can get involved. But the truth is, most at home Forex traders are not preparing themselves properly to succeed as a full time Forex trader. Don't Take A Knife To A Gun Fight You don't need to be hired to trade Forex or trade for a bank. You can trade with your own money and from your own home. But don't forget that you are trading the same markets against the big players. So, you need to take your trading seriously and prepare yourself by treating your Forex trading as a serious business. Imagine going into and asking for a job as a currency trader and when asked for your experience you say, "I learned a MACD system off a forum on the Internet". Do you think you are going to be hired? In my opinion, if you get into the currency market with such limited preparation, it is like taking a knife to a gun fight, you don't stand a chance. You Need To Learn Forex From An Experienced Trading Professional Who you learn Forex trading from is very important. You absolutely must learn from a REAL Forex trader willing to show you how to trade based on real experience. Even as an at home Forex trader, you should look toward the pros for proper trading advice. Since you are going to be trading the same markets as the big bank players, the best thing to do is learn from someone with experience as a bank trader, or someone who worked for a broker. When you get training from a professional, don't make the mistake of holding on to previous beliefs. You probably need professional guidance because what you've learned so far isn't working. I shouldn't have to say this, but some traders sabotage themselves by holding on to previous beliefs that don't work and resist taking the advice of a pro trader teaching a proven system. Don't do this. Trade And Use The Tools The Pros Use One of the biggest differences between at home traders and professional traders is the tools they use in their trading. Every trading platform comes with a whole bunch of indicators. And there are tons of custom Internet floating around out there. But these public indicators have one major flaw, they lag behind price. It is like trying to drive your car by looking in the rear view mirror. Most pro traders rely on price action and maybe a few indicators. And instead of spending all their time looking back, they develop formulas and methods for looking forward. "Where is price likely to go?", is the most important question, not "where has price been". If you get anything from this article, I hope this point sticks with you. Pro traders are more concerned with where price is going than where it has been and is the major difference in how pros and home traders trade. If you want to succeed as a Forex trader, you need to start thinking and trading like a pro trader. You need to find a pro trader to learn from and be taught the REAL way to profit as a Forex trader. Even though you are trading currency from the comfort of your own home, you still need to trade with a professional edge. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Tom Strignano and Vladimir Ribakov are two professional traders who give signals, tools and mentoring to at home Forex traders inside The Forex Signals. I've created a Forex Signals Bonus to make sure you get the most of of this service by creating your personal trading plan. |