You Don’t Need a Set Trading Routine to be Successful but You Need This…
Good trading education! And we’ve got just the thing for you..p.s it’s free!
Whether you have a set trading routine or not there's one thing that is significantly more important and that is a good education. Learning how to trade in the forex market, especially when you’re just starting out, might seem like an impossible task. However, keep in mind that the secret of getting ahead is getting started. Everything might seem immensely difficult at the very beginning but it’s your attitude that will determine your success or failure, as with any other new venture you start in your life.
The foreign exchange market, also known as forex, is a global, decentralized market for trading currencies. So far, so good. On the foreign exchange market, traders can exchange one currency for another, considering the exchange rate between the currency pair. Traders make money by buying a currency pair at a lower price and selling it at a higher. Knowing the right time to buy and sell is the key, though.
If you’re serious about becoming a trader you should be well aware of these basic principles that guide forex trading.
What is next?
You have the passion and the desire to make money by becoming a forex trader. Now you’re probably asking yourself what else you might need to become successful. You do need a computer, of course, and a connection to the Internet but that’s a given.
There are many ways to get started and many steps to be considered but don’t for a second think that there’s a well-established road to success or a fixed daily routine that will magically gift you with tonnes of cash.
There is, however, one thing that should always be part of your daily trading habits; the one and only thing that should be consistent and walk hand in hand with your trading activities and that is your desire to learn and constantly improve.
From the very beginning, you need to quickly realise that forex education is the key to your success. As a trader, you have to be ready to devote time and energy to stay updated, study new trading techniques and keep up with the economic calendar.
How do you expect to quickly go through tonnes of numerical data, analyse a great deal of charts, calculate the risks and take immediate action without having the knowledge to back you up?
If all this is too much for you then you should probably stick to your steady 9-5 job and avoid the commitment.
It doesn’t really matter if you’re a beginner or an experienced trader. One thing is for sure - you have to keep learning and improving not only your technical knowledge but your personal characteristics as well, including intelligence, discipline, courage, patience and determination. This is something that should occur on a daily basis and certainly be part of your daily habits.
The first and most essential thing to start with, as already mentioned, is to learn about forex and turn it into a consistent, daily habit. You might not have to set a specific trading routine that will result in success but you most certainly have to include learning in your daily trading life to be successful.
Where to learn forex?
There are many ways to learn forex trading, however, signing up for an online free forex course has proven to be the best way to get all the information you need, structured and ready for you to learn, whenever you have the time to do so.
Trading Education’s free trading course is one of those courses that can teach you the basics of forex trading through interactive online materials. The course covers the most essential parts of forex trading, divided into four chapters:
- Foundation in Forex Trading
- Mechanics of Forex Trading
- Advanced Analysis in Forex
- Popular Trading Strategies in Forex
The free trading course, designed and offered by Trading Education is 100% online, making it possible for traders to absorb trading information on a daily basis, depending on their style of learning and free time.
More information on the course availability and what exactly you will get from it can be found on the official website of Trading Education so go ahead and check it out here.
The course combines lectures, video materials, presentations and more and it is available for free to traders. Moreover, trading quizzes are available for you to double check what you’ve remembered.
Why are we offering it for free you may ask?
The cost of the course (£2,500) is covered by our partners who have invested time and resources to educate the ambitious and motivated traders of the future.
A desire to learn should go with a desire to practice, build experience and overcome the fear of risk.
So far, we emphasized on how your passion and appetite for learning should be the key ingredient to your trading success. We also introduced our free Trading Education course that can guide you on your way to forex. Hopefully, by now you figured how important trading education is and how becoming a trader without the desire to learn and constantly upgrade your skills might be a huge mistake.
What else should you prepare for?
Well, all that’s left to do is apply what you’ve learned and start building that trading confidence.
Start by opening a real forex account. Keep in mind that the risk is always there so if you are a beginner, open a mini-sized account. If you’re unsure which broker to use you can check out the ones we use here. At the initial stage of your trading career you should remember two things:
- Don’t assume you’ve read and learned everything about forex. Keep track of your activities, winning and losing trades. See which aspects of trading you have yet to improve and work on.
- Trade cautiously. Forex is not a learn-fast-earn-fast scheme. Take your time, patiently follow the currency pair and don’t risk it all by putting all your money at once.
You’ll never find peace of mind with no experience and no desire to learn. Without having that peace of mind that you’re confident and capable in your trading, it’s highly unlikely that you’ll succeed.
Nothing is given to you in this world, so you have to work hard. Don’t expect to dig out a treasure map that will guide you to riches. Don’t expect the magic trading formula to appear out of nowhere and tell you to do this and do that to achieve your goals.
Trading is not like following a strict diet or performing a choreographed dance - there’s no routine and nothing is set and done.
To sum it up…
The difference between success and failure is hard work, persistence and having a good education.
The ultimate goal of forex is to make money and if you want to enjoy the many benefits of the market and earn extra profits, buckle up!
Still wondering whether you should make that commitment and devote time and energy to learn forex? You’re not sure is forex worth it? Let us remind you of these advantages and of the forex trading earning potential:
- Liquidity: the forex market is the largest market in the world, meaning that it’s relatively easy to get your money in and out of the market.
- Accessibility: The forex market is open 24 hours a day, five days a week and you can access it from anywhere in the world, as long as you’re connected to the Internet. This means that you can trade before or after you go to work.
- Leverage: Leverage gives traders the possibility to trade larger amounts of money while having a small amount of money in their accounts. This can result in more substantial gains.
- Low Transaction Costs: When trading forex, the cost of a transaction is the spread, which is the difference between the bid you made and the asked price (or the buying/selling price).
Are you ready to learn and earn after reading all that?
Expand your financial horizons with knowledge and experience. Don’t be afraid if at first, you can’t make a winning trade because even experienced traders lose money. As long as you are motivated and ambitious, it’s all going to work out for you.
Remember, Trading Education has your back.
“Develop a passion for learning. If you do, you will never cease to grow,”
Anthony J. D’Angelo
Our free forex trading education course is designed to help you, guide you and give you the base knowledge you need to become an effective trader. Staying up to date with the market, eagerness to learn more and more, gaining experience, overcoming fear and discovering your trading style is up to you.