A Profitable Trader
If you are seeking to educate yourself about forex trading,
most probably your main objective is to gain trading skills so
that you are able to trade independently and to be able to
create personal consistent wealth through forex trading. Most
forex traders are independent traders or individuals who are
trading from the comfort of their own homes and not
institutional traders who are backed with large quantities of
capital by commercial organisations or sponsored by large
investing funds.
The distinction between private forex education and academic
education
If you are an individual private forex trader, then what you
need is a practical forex trading education that will encompass
the practical aspects of trading and how to make money from your
trades rather than an all comprehensive education involving the
historical background of forex, the intricacies of price
movements or the more mundane academic statistical studies of
finance and currencies. So if you are someone entering into the
forex market with the intention to make money from trading
forex, then look for someone or a mentor or a trading course
that can allow you to learn how to trade profitably.
As a wealth creator, this is what you should look out for in
planning your own forex trading education or learning plan.
"Trader, Know Thyself"
It is important for you to research your own trading profile.
By this, I suggest you should consider whether you wish to be a
day trader, who will be trading several times a day and whether
you are able to spend time on the trading terminal, watching
prices or are you better placed as a swing trader who makes a
trade within days or a long term position trader who cna hold a
trade for several weeks. Each type of trader trades on a
different time frame, and each method of trading is different.
So you will need to zero down on the type of trading you wish to
learn.
Risk Profile
The second consideration is your personal risk profile. Are you
an aggressive trader or a conservative trader? This is important
form the aspect of forex education because you will not be able
to fit into day trading forex if you are a conservative trader
who is not looking for multiple trades a day. On the contrary,
the aggressive trader will like to be proficient in day trading
and learning how to trade as a forex day trader will be suitable
for him. By knowing your own risk profile, you will be able to
start in the correct direction finding a mentor or a trading
course that is suitable for your own needs.
Trading Platform
What has a forex trading platform to do with your forex
education? Plenty! For one, the forex trading platform must be
suitable to your trading methodology. This is because you will
need the trading indicators in your charting interface of your
trading platform. In learning to trade, you will need a suitable
trading platform that contains the trading indicators you need
to implement in the trading methodology. At the same time, you
will need to practise your trading strategy and to work with a
demo account.
Gaining Experience in Trading
Here is one secret that can shorten your learning curve as a
forex trader. Get yourself a trade simulator and practise your
trading methodology repeatedly till you are consistently
profitable before you trade. Practice makes perfect, and you can
pick up years of experience as a forex trader within weeks on a
trade simulator with a large database of price movements.
Mini Forex Trading Account
For the beginner trader, the use of a mini forex trading
account will greatly reduce his risk as he puts into practise
whatever he has learnt in forex trading. A mini forex trading
account possesses more leverage and a trader can start to trade
with very low capital, and therefore reduced risk. In that way,
he can start to maintain discipline in trading without worrying
too much on losing a big sum of money.
On the basis of these guidelines, it is possible for a person
to craft or design an initial plan to acquire personal forex
training and education so that he can become a professional or
private forex trader.
About the Author: Be sure to read Part #2 of this article to
discover how you can acquire the powerful trading knowledge from
an experienced mentor to trade forex successfully in the
shortest possible time. Read Part #2 on my blog
http://1forex-trading.blogspot.com
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=145248&ca=Finances
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