The Road to Becoming Forex Trader: How Long Does It Take to Learn Currency Trading
Naturally, one of the most common questions a reputable forex trading-related business or an education provider such as Training Education would get is how long does it take to learn currency trading?
There is no doubt that this is one very normal and obvious question and every forex trading beginner have a good reason for asking it. At the end of the day, forex trading is known to be a good opportunity but so are other things in life too and you will naturally be interested in those that are not too time-consuming.
This question that is so important from the point of view of a forex trading beginner also reflects a serious demand of more knowledge and better training in the field of forex from the point of view of an experienced trader. Because the straightforward answer to this question is that you definitely do not need too long in order to learn currency trading as a fundamental educational material as you would do at university with any other field of knowledge.
However, on an individual level, it is a life-long journey of mastering forex trading and developing and perfecting the skills and tactics that increase your chances to become a profitable forex trader.
As it is with everything in life, once you become too fixated and focused on the destination (which is becoming a forex trader), you tend to forget about the journey itself and you will potentially lose sight of what really matters for you as an individual in the world of forex and how you can actually attain what you are aiming for.
There is no doubt that memorising the basics of forex trading as a piece of educational material is neither hard nor time-consuming. However, you should consider what you are going to do with all that knowledge next, how you are going to put it into practice and make it work, how to build it up.
So every hard-working person is able to learn forex trading within a short period of time but it doesn’t stop there and if you want to master all the ins and outs of the market you would also like to spend time in learning all the different aspects of the good forex trading preparation that will help you carve your way into trading opportunities.
Setting a timetable can be a good discipline and help you monitor your progress. However, if you are not able to reach your milestones and deadlines in time, you don’t have to worry and simply continue doing your best.
So what are the different important aspects you have to pay attention to when you want to learn currency trading? Check them out below.
- First of all, you want to understand how forex trading works – When you hear someone referring to forex trading or trading with foreign exchange you know that this is a type of investment trading that is popular nowadays because of the easy entry and good opportunities the forex market is offering even for forex trading beginners with a low initial capital. Many people wonder how exactly the forex market works and they would like to learn how to trade currencies for themselves. The concept of trading with currencies is pretty simple and consists of traders speculating on the fluctuating values of the currencies of two countries. The truth is that no matter how simple the basic concept of forex trading is, it still challenges beginners enough so the studies show that 96% of the forex trading newbies walk away empty-headed after the first few deals (and this trend continues throughout the trading experience of many). It seems like this thing that many people find easy to learn and understand at first is still requiring skills and constantly developing to master. In fact, there is a quite high rate of failure among forex traders (even experienced ones) because there is quite a steep learning curve since this investing environment is primarily set up for people who truly understand its mechanism and the powerful engine behind it. So for forex beginners, the main goal is surviving long enough so they can begin understanding the inner working and how what they have learned about forex as an educational material is applied into practice.
- Be realistic with your expectations – Besides the good knowledge base and educational background, the next very important thing about becoming a forex trader is having realistic expectations about what is going to happen to you once you are in the forex market. The realistic approach should accompany you throughout your whole currency trading experience, from the beginning to the end. First of all, you should be realistic towards the fact that you cannot become a forex trader if you don’t have a good base of knowledge about the material and the field. Furthermore, you should be aware of the fact that all those advertisements claiming that forex trading will make you a millionaire overnight are definitely not promoting realistic expectations. There is nothing wrong if you want to get rich quick, leave your full-time job, and enjoy your career as a profitable forex trader from the beach. However, in real life “quick” does not mean a month. Not even a year. You are lucky if it happens to be a decade for you as this is the case for many forex traders who are patient and disciplined enough to survive that long. So no, you are not going to quit your job just yet but you can definitely focus on learning and practising all the tactics and strategies that can eventually help you be profitable in future.
- Focus on risk management – You need a solid forex risk management strategy in place so you can avoid losing everything. When it comes to risk management in forex trading you can rest assured that it will provide you with the much-needed protection in this market that not necessarily treats your money and you kindly. There are many tactics associated with risk management including limiting your lot size, hedging, trading only during certain hours of the day, recognizing when to take losses or stop the deal in general. Some traders prefer not to implement these powerful technics for avoiding or preventing loss mainly because they see them as too limiting in the pursuit of major profits. While taking big risks can bring a lot of money they are most likely going to cause more failures and loses. This is why adopting an effective risk management strategy is a very important part of learning how to be a forex trader.
- Develop a trading strategy – Maintaining your discipline is a crucial part of currency trading and having an effective trading strategy is a clear sign that you know how to enforce that strategy in all deals you undertake. Your goal is developing a back-tested and well-reasoned strategy that compiles the knowledge and experience you’ve gained, your personal skills, risk management and risk tolerance, discipline and patience. You can learn more about some efficient forex trading strategies in this article by Admiral Markets here. Keep in mind that it is impossible to develop a forex trading strategy without a good educational background and enough knowledge to make sure you invest time in learning forex trading.
- Understand the psychology behind forex trading – Understanding trading psychology as a discipline that is part of the whole forex trading process is one more important aspect whenever someone is aiming to long-term success in the market. Emotional control is the key to better trading as emotions such as greed or disappointment should be out of the equation. Both over-confidence and fear are bad advisors and your main enemies. The truth is that forex trading is an exact science that favours rational decision-making. Part of the learning process is mastering self- and emotional discipline, self-assessment, patience and once you combine these with a good forex education you increase your chances of making better trading choices and enjoying decisions that can eventually lead you to success.
- Take a course – All of the above-mentioned aspects of your forex trading preparation will mean nothing without the right education in training in the field. There is no better way to learn everything you need to know about forex trading than a professional, up-to-date, in-depth, easy-to-understand, and helpful forex trading course. We at Trading Education understand the need of such course and this is why we are providing you with the opportunity to benefit from a world-class course you can learn more about here. The Ultimate Guide to Forex Trading is your best opportunity to learn how to analyze the global market, how to track and capitalize on market moves, how to develop the skills and tactics mentioned above, how to put all that knowledge into practice. The best part is that our fundamental forex trading course is completely free, the only thing you need is registering on the website and you will get the full access to this plethora of educational materials. To complement all that you can additionally benefit from the Technical and Fundamental Analysis courses available on the website here and browse the archive of forex trading articles that will broaden your horizon even more.
So to wrap things out, it is not important how long it takes you to learn forex trading. What you need to focus on and what matters the most is how long will you need to understand the importance of sticking with the rules of what you have learnt, will you be able to stick to your initial plan or continue developing it according to the new things you learn, how good you are at self-discipline and will you be able to master this skill. In a nutshell, you will continue shaping yourself as a distinctive forex trading with every day you trade, every new skill you acquire, every new piece of knowledge you learn, every new concept you understand, every success you achieve, every failure you experience. It is a non-stop process of constant movement, it is up to you whether you will move ahead and get to your milestones or you will walk away with empty hands.
Instead of asking yourself: “How long does it take to learn currency trading?” you can focus on these three more important questions:
- How much work am I willing to put in? – Realistically, for most of the people, it is impossible to spend every minute of their day in learning forex trading. The more time you can spend learning, the better the results will be and the quicker you will make a progress. However, if the time you can invest in learning is very limited you want to resort to finding a good source of information and knowledge that will allow you to make the best use of the limited time you have.
- How flexible am I? – In order to become a forex trader you don’t have to be an A+ student, you just need to be a good listener and have good control over your behaviour and emotions. Forget about your ego and be completely open to attaining new skills and adapting to new concepts.
There is no doubt that the learning curve of forex trading is very individual for everyone and depends on a number of personal and environmental factors. Ideally, you can definitely learn forex trading in a very short timeframe, especially with the help and guidance of reliable courses and training like the one offered by Trading Education when everything is tailored to your requirements, needs, and individual learning style.
However, in order to be able to learn forex trading quick, you would like to make that goal a priority. The time you will need to learn forex trading depends on how important forex trading is for you. You want to find the good motivation within and you will be able to make good progress very soon.
However, instead of fearing deadlines, limiting yourself with weeks and months, and being fixed in getting it all done very quick, you better focus on thinking and planning how you will implement all you have learnt with consistency and discipline and how all the knowledge shape you as a forex trader because this is what matters the most.