So you've just found out about Forex, what is the first thing you do?
Well, very simply put, you try to find out information.
When Learning Forex Trading: Don't Do The Following
The best way to get the information you need is dependant on the type of person you are. Someone who really doesn't understand Forex will only look to scour through loads of freebies (websites, videos, webinars, presentations, podcasts & whatever they can find). Without putting hand in pocket for their education that type of person will more than likely end up losing much money (Click here to listen to our podcast episode about education). The reason is, taking in so much content in so little time and trying to make sense of it is very hard to do. What most people who do not put hand in pocket for education think, is they can save loads of money being self-taught.
The money you keep in pocket is the money many will lose, when trying to trade.
Putting your hand in pocket primarily will:
Cause you to be much more motivated to learn
Help you understand what putting money on the table feels like before receiving results
- Is a good trade (the first trade any trader should take is in themselves (via education)
It may be you invest with VintagEducation, or somewhere else. Whatever the case, we urge you to put some money into education. We offer free material all the time but this is a platform for you to build on. What many people who think they can do it all on their own fail to understand is, Forex is an investment business.
The formula from many who lose is Free education + no money spent = millions in the bank. Success in Forex is more like Education + capital investment = growth. You need to invest in both education and your trading account. So lets finalise this part.
Search for information about the field your entering
Find a home
Find Your Forex Home
After surveying a new area, you must look for a home. After investing in a home, don’t go over the top spending money on any and every company stating guaranteed gains. Try to invest and stay the distance of the product purchased. There is no point in enrolling for a period of 3 months, 6 months or 12 months and skipping classes, or trying to learn another system at the same time. This is not fair on you or the company you're investing in. At this point you should only have spent money on education.
Now is the time for you to be practising, learning your trade, looking to practice what you have learned. This can be done through seeking advice from your educators on opening demo accounts, taking evaluation exams of some sort and testing yourself.
Its now time to take the next step forward. If you are ready to trade you should have money to put in a trading account or two. Remember, this should be money, you don't need for anything else or it will effect your trading psychology. We understand you want to make money but don't rush things, you'll only regret it in the future.