How Long Does It Take to Learn Forex Trading
“How long does it take to learn forex trading?” is probably one of the most common questions from newcomers to the trading arena.
Perhaps, however, a more pertinent question might be: “What does it take to become a successful forex trader?”
For most people, picking up the basics of how forex operates, the mechanics of completing a trade and the knowledge needed to interpret the financial information available is a fairly fast, straight-forward process. The fundamentals may seem simple and the principles can be easily digested. However, we have to face one thing - just like with any other skill in life, becoming a master in forex trading requires years of experience, complete understanding of how the market operates and a never-ending hunger for knowledge and self-improvement.
We have to also take into consideration the fact that the time it takes to learn forex, as well as the approach or style of learning can differ from one trader to the next. Therefore, things are, to a huge extent, quite subjective and depending on the individual trader.
Don’t get annoyed with your trading mentor or even with yourself (that is if you’re studying without any assistance) if you can’t get a clear-cut answer to the question of how long would it take you to become a profitable trader. It’s way too different for everybody and that’s the answer you should accept.
There is, however, one thing you can do that might help you get a clearer picture and that is by examining a couple of important areas:
How much time and hard work are you ready to put in?
This is, essentially, the first thing you have to figure out. When you start drafting up a plan for your trading career you need to set up a timeline and be realistic when it comes to how much of your time you can dedicate to learning forex and your trading activities.
Do you have a full-time job? A lot of family responsibilities? Will forex trading be a part-time gig only or a long-term commitment? These are all the things you need to consider.
If you’re a beginner, there’s no doubt you are eager and excited to start as soon as possible. However, dedicating all of your time to learning forex trading might not be so realistic these days because everyday people have a full-time job to support their families. Therefore, you have to find a source, course or any other way of learning forex that will allow you to make the best use of your study time, even if it’s just two or three hours per day, after your regular job.
The course we at Trading Education have developed is perfectly suitable for people who have the immense desire to become traders but keep their steady occupation. Our course is online, meaning that you can take it whenever you want. You can also go back to the materials as many times as you wish. Our course materials combine videos, presentations, comprehensive files, glossaries, infographics and more.
How much money can you invest in yourself and future development as a trader?
Of course, you have to think about how much you are willing to invest in your forex trading education and preparation for your forex career.
You have to spend some time doing research and trying out various forms and styles of education before you see which form of learning would best fit your personal style and routine.
If you are willing to pay money, you have a variety of options - one-on-one coaching with a trading mentor, classroom lectures, hundreds of publications and books to purchase, etc.
If, however, you are hesitant to pay, you have to make sure you are getting quality materials and well-structured information.
Yes, if you want quality and credibility you have to be ready to pay. However, with Trading Education that’s not the case. Not only is our course designed in comprehensive, well-structured and informative chapters, combining all the information you need to start trading but we are offering it 100% free!
Why you may ask?
Because our course is sponsored by our partners who are leading forex brokers. They want to make sure the world welcomes more well-educated traders who instead of giving up quickly due to lack of education, stay in the industry and benefit from it. For more information on our partners, check out our official website.
The true challenge for an individual looking to make money from their trading is how to become good at it! What strategies, knowledge and qualities are needed to not only understand the world of forex trading, but to also turn a profit?
It’s absolutely true that depending on the individual, the learning curve for trading any instrument varies quite a lot. If you want to be a part-time trader, then it will probably take you longer to learn and get comfortable with trading. If you intend to turn forex trading more than that (even at some point consider trading as a full-time profession), you should be motivated to find a good course or a program that can turn you into a trader in about a year.
Ultimately, it’s all up to you!
Let’s go back to our question.
How long does it take to learn forex trading and what does it take to become a successful forex trader?
We will try to answer both those questions for you in the following article.
We will introduce our FREE forex trading course and how we can turn into your ultimate go-to source, not just for your initial forex trading steps but for your future career development as well.
Given that so many people are asking about the length of time needed to learn forex trading, it seemed timely to put together a body of information that allows new traders to quickly get to grips with the basics of forex trading.
Following our FREE training material will allow people with varying levels of experience to rapidly get to grips with the terms and processes used to trade on the forex market.
Learn forex trading in a month!
For traders who follow our training programme diligently, we expect it will take around a month to have obtained the skills required to trade on the forex market with a degree of confidence.
Our course takes you through the terms you're likely to come across; the nuts and bolts of the trading process; the tools you may need to help you; and more general information on the market.
Let us tell you more about our chapters and what kind of information you will receive from us:
- Chapter 1:
Chapter 1 will introduce novice traders to the basics of forex trading. Throughout the first part, we will talk about what forex is and how it works; we will also discuss how to set up a trading account and what are the different trading styles.
- Chapter 2:
Throughout the second chapter, our students will learn about the mechanics of forex. The chapter will answer fundamental questions and introduce traders to concepts which should become absolutely familiar with, including: leverage, margin call, price and pips, going long/short, spread and more. Novice traders will also learn how to understand charts, trends/channels and manage their risks.
- Chapter 3:
In chapter 3 our future traders will learn advanced analysis in forex and get to know the difference between technical and fundamental analysis. Another highly important thing beginner traders will learn in this chapter is understanding how the MetaTrader platform works.
- Chapter 4:
The last chapter will wrap up our course with the topic of trading strategy and the introduction of the various technical strategies, including dynamic support and resistance, breakout trading, crossover strategy and more. Students will also learn about the famous Fibonacci ratios and Elliott Wave patterns, which are heavily used by traders from all around the world.
Imagine the possibilities waiting ahead of you after you complete our course and learn all of the above-mentioned essentials (and way more) of forex trading.
Keep in mind that after completing each one of our chapters you can test your knowledge with a quiz to so that you can move on to the next chapter with confidence.
Armed with this intelligence, a new trader can expect to be able to operate in the forex arena. You will receive a high-quality education, get to know the essentials, familiarise yourself with terminology without which you can’t simply trade efficiently, get acquainted with the technical aspects of forex and so much more.
Unfortunately, that's not going to be enough to ensure you become a successful trader. From the moment you complete your best trading education, it’s up to you to decide what to do with it. Are you going to keep upgrading and do your best to develop even further with your studies or are you going to stop right there?
The great thing about Trading Education is that we support people who want to keep improving and do our best to provide useful articles, learning materials, educational videos and more.
Our London office has an open door policy so we welcome traders in need of assistance at any time.
When you register for our free forex trading course, you can expect information not only on how to be a trader but on what's needed to optimise your chances of becoming a successful trader: the two are different!
What does it take to become a successful trader?
We talked about some aspects of forex trading that you should take into consideration when you try to find the answer to the question, “How long would it take me to learn forex trading.” We have also touched upon the topic of our Trading Education course and how within a month you can learn forex trading by following our program.
Now, we wanted to talk about the blend of knowledge, personal qualities and rules which are required to maximise success in the forex market.
Successful traders don't just enjoy a healthy return on their investment, they are also able to take advantage of one of the most dynamic markets out there.
Forex trades can be made profitably in both a bear and bull markets (rising or falling prices), so no matter what the market brings, a strong trader can turn it to their advantage.
Forex trading is flexible enough to be combined with other projects: it's certainly not a 9 to 5 opportunity.
During your course, you will learn how to take advantage of the forex market and what methods of working are most likely to deliver the results that you're looking for.
One more thing; We can’t talk about time and give a straightforward answer to the question “How long would it take me to learn forex trading,” without mentioning a few other steps you have to take before even dreaming about becoming a rich and successful forex trader.
A great deal of rules and personal habits should start forming while you learn how to trade, as well as throughout your entire trading career. Let’s talk more about them:
- Make a trading plan:
A trading plan is an absolute must in order to be a successful trader. A trading plan is simply a compilation of rules that specify your entry and exit points, money management strategies and many other criteria. Your plan will be your ultimate go-to source to check out your historical data, brainstorm trading ideas and more. You will also be able to see the expectancy of your plan’s logic and whether it’s truly viable.
- Technology is your friend:
Since forex trading is decentralised and done mostly entirely online, you have to be very comfortable with technology and learn how to take full advantage of it. There are so many ways through which you can view and analyse the markets, including various charting platforms, technical analysis software, trading tools and others. Getting updates on your smartphone can also allow you to trade virtually anywhere. A high-speed internet connection is also important for increasing trading performance.
- Risk only what you can afford to lose:
One of the rules to become a successful trader is to risk only what you can afford to lose. Remember, forex trading is a high-risk environment and the money in your account should be expendable. It goes without saying - don’t trade with the money, allocated for your kids’ college tuition, for example.
Be prepared to lose money from your trading account at anytime. Imagine how traumatic it would be if you lost the money for your mortgage?
- Patience and self-control:
Follow your trading plan and learn how to not overtrade. Emotions, stressful situations, greed, fear, etc. - they all play a role in trading and you have to control them if you want to succeed. Otherwise, you would fall victim to overtrading and lose your money because you acted irrationally and in the heat of the moment, resulting in your emotions getting in the way of your patient and businesslike mind.
Keep on learning:
The more you learn about forex trading, the better chance you have of improving your skills and being even more successful. Remember, forex is a dynamic market that features many possibilities, strategies, platforms, tools, software, etc. It is also heavily affected by economic news and other events. Therefore, you have to make a habit of reading news, perfecting your trading moves and adding more to the table.
You might also like: How to Start Trading Forex from Home in 5 Easy Steps
Learn trading strategies that can really make a difference
If you've ever considered trading on the forex market, chances are you will have searched online for successful strategies, only to be confronted with a bewildering array of allegedly "proven" ways of exploiting the market to your advantage.
A forex trading strategy is basically a technique you use to help you determine whether you should buy or sell a currency pair at any given time. Having a set of trading strategies, in addition to a splendid money management system are the two things each trader is required to have in order to succeed. Adopting a trading style with no planning and no strategy will only lead you to failure. Chaotic trading is not the way to go.
What you have to know about forex trading strategies is that they can be based on either technical analysis or fundamental analysis. In addition, traders also utilise trading signals that can help them with their decision. Strategies are based on sound financial principles and enable you to gain greater awareness of the various approaches that can be used and how they might work for you.
Dedicating time to learning about forex trading strategies and coming up with a personal style or trading technique to adopt will lengthen the process of becoming an effective trader so keep that in mind when you build your timeline and try to answer the question of how long would it take you to learn forex trading?
Many forex trading strategies are explained online, as well as taught in various trading education courses and programmes.
Our Trading Education course talks in detail about trading strategies, what are they, who are they good for and why it is important to develop your own style, pick what’s best for you and follow your plan. You can learn more if you check our chapter division and apply for the course here.
Ultimately, you have to understand that if you’re looking for that “golden” trading strategy or technique that can guarantee your success, you are looking for the wrong thing. Anyone selling you such strategy is also up to no good. Noone and nothing can promise you an endless stream of riches when it comes to forex trading.
Risk management strategies to protect your investment
A fool and his money are easily parted, so the saying goes: don't be that fool!
Obviously, any investment carries a degree of risk - you can lose on the forex market as well as win, so never trade more than you can afford to lose.
Forex risk management is certainly one of the most essential things you have to learn before you even allow yourself to start dreaming about becoming rich and successful from trading forex.
Learning how to properly manage your high risks takes time and effort and it’s definitely something that you have to go through while you learn forex trading. In fact, it’s probably the biggest and most essential component of your training and you have to pay extra attention to it.
When it comes to time and figuring out how long would it take you to learn forex, keep in mind that you don’t have to oversee risk management and its importance and don’t move on with your learning process unless you’ve fully mastered the art of money and risk management. You will certainly improve it over time with experience and further studying, however, this is the point of our trading course where you have to spend some extra hours.
That said, there are a number of different tactics you can adopt to minimise your financial exposure and you certainly have to get acquainted with them. Let us share some of them for your convenience and information:
- Invest Money You Don’t Need:
We have already talked about this but let us once again emphasise the fact that you should, under no circumstances, trade with money or savings that you need for your daily life and personal/family responsibilities. It’s possible to lose all of your trading capital and it may add extra stress or pressure to your trading, making it even harder than it is. The forex market is very unpredictable. Trade only what you can afford to lose.
- Stop Losses:
Don’t trade without a stop-loss. It acts like a safety net and you shouldn’t bring it down. A stop-loss order is designed to reduce your losses with either a long or a short position. Using a stop-loss order will also eliminate any emotions that can impact your trading decisions. When one is not able to watch the position, a stop-loss is crucial to implement.
- Use Trends:
The trend is your friend. If you decide to be a position trader and hold your position for an extended amount of time, you shouldn’t fight current market trends/movements. Success with forex investments is usually tied up to the trader’s ability to identify trends and quickly position themselves for profitable entry and exit points.
- Risk/Reward Ratio should be set to a minimum of 1:3
If you know your risk/reward ratio (RRR), you can improve your chances of reducing losses and becoming more profitable in the long run. What RRR does is measure and compare the distance between your entry point, your stop-loss and take-profit orders.
- Limit and control your use of leverage:
It can be quite tempting to use leverage and we get that; using it can make significant profits. However, it’s also easy to lose huge amounts of your capital. Don’t take on enormous leverage. In a split of a second the market can change and your account can suddenly become empty. Practice self-discipline to minimise the risks of leverage.
Taking a comprehensive Trading Education course will give you a more thorough insight on risk management and how to handle your finances, emotions and various other factors that play a huge role in minimising or enlarging your risk.
One last thing - remember, successful traders are often those who adopt a cautious, objective approach to their work.
What is the psychology behind successful trading?
Perhaps more important than any forex trading strategy, adopting the right mindset to trading is often the secret to success. Remember, this also takes time and effort and it’s something you probably have to learn and keep on practicing throughout your entire trading career.
There are indeed many skills required for traders to be successful. However, the ability to contain emotions, make a quick decision, exercise good discipline and have the correct mindset; all these things are what we might call trading psychology.
When it comes to forex trading, psychology is just as important as any other aspect of trading; if not, the most important thing.
The time it takes you to master the art of trading psychology and gain that much-needed mental strength to cope with the market is also something to consider when you ask yourself how long would it take you to learn forex trading.
As part of our FREE course, we analyse the personal qualities of successful traders; what is it that sets them apart from the less successful?
What is it that they do (or don't do) which maximises their returns? You will discover the various styles of trading which are out there, finding a method of working that is right for your particular strengths and personality traits.
Discipline, objectivity, systematic market approaches, risk management, consistency and dedication are frequently the hallmarks of a successful trader.
Although a more measured, knowledge-led approach to forex may, at first sight, appear less exciting than fast, frenetic trading, the reality is that a considered strategy combined with confident trading when the time and the price is right is most likely to yield the results you're looking for.
We give you the tools to work out what approach is going to play to your strengths, enabling you to create and tailor a trading strategy that will help you work towards your goals.
Ultimately, our FREE forex trading course will not only enable you to learn forex trading, it also equips you with a wealth of knowledge regarding the various trading strategies available and how they might work to your advantage.
From the psychology of successful traders through to tips and tricks for developing the traits needed to make forex trading work for you, our course gives you the facts you need to not only trade but potentially to trade well.
Register your interest at Trading Education now to take advantage of our FREE forex trading course.
If you remember anything from this article, make it these key points.
- The time it takes to learn how to trade forex, as well as the approach or style of learning can differ from one trader to the next.
- Set up a timeline and be realistic when it comes to how much of your time you can dedicate to learning how to trade forex and start your trading career.
- There's a blend of knowledge, personal qualities and rules which are required to maximise success in the forex market.
- Dedicate as much time as needed to learn trading strategies because that’s what can really make a difference.
- Following our Trading Education program diligently, it will take around a month to obtain the skills required to trade on the forex market with a degree of confidence.
- Learning how to manage high risks takes time and effort and it’s the most essential component of forex trading.
- The time it takes you to master the art of trading psychology and gain that much-needed mental strength to cope with the market is something to consider when you ask yourself how long would it take you to learn forex trading.
As previously mentioned, “The Ultimate Guide to Forex Trading” is available for FREE.
Check it out and apply while there are still open positions.
Throughout our course, you will learn more about each of the above-mentioned aspects of forex trading. We value our time and want to make sure you learn quickly but efficiently.
Our course is online so you can study and test your knowledge at your convenient time.
How can you get it?
It’s quite easy!
Sign up to one of our partners and you will get the course for free.
Once you’ve signed up and made a deposit, email your account number over to [email protected] and we’ll get you started with your course.
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