Like many people out there with dreams of hitting it big time in the Forex market, I initially started trading by signing-up to a Forex trading course but with the intentions of retiring not to long after opening my first micro account. Looking back at my journey, it all seems laughable how I genuinely believed I could become a superstar trader with very little experience and beat the professionals who have been in the business for a number of years. However on a serious note, something which I can’t laugh about is the fact that many people still hold on these false beliefs and expectations of retiring early through trading. To clarify this point, it is possible supplement your current income and rely on trading for your sole source of income and potentially even retire. However, it is only after taking all the appropriate steps in terms of learning the relevant skills to acquire the competence and confidence to trade that you will reach your trading goals.
After making a plethora of mistakes throughout my Forex training, I hope to dispel some trading myths and also help new traders avoid the same mistakes I made. One thing which changed my approach to trading as well as my trading results was simplicity. Instead of trying to master every indicator, time-frame and new strategy I discovered from a forum, I focused on choosing a simple approach that enabled me to master a specific set up on one market. With time and experience I discovered that I gained a lot of confidence as my competence and results improved. I put my improved performance down to spending plenty of time mastering this specific set up. That is, by getting as much time chart time as possible I was able to gain an insight and an understanding of how this set up works. Once my first set up was fully internalized, I started back testing and paper trading a new trading strategy (but not before I made sure that I completely owned my first strategy).
To conclude, although this article isn’t meant to be an exhaustive list of steps to take to reach consistent profitability, I hope you have realized that the strategy you use is not as important as your patience, mental attitude (psychology), money and risk management and support you have for trading. The trading methodology you decide to use is only important to the extent that it has a positive expectancy; everything else is more to do with you as a person and how you approach your trading from a mental point of view.
A Forex trading course is the best way to start you career as a Forex trader. Make sure that you continuously exercise patience throughout your Forex training and you should be well on your way to becoming a successful trader.
- Learning About Currency Trading Taxation (2011taxes.org)
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