Perseverance and right strategies are key to success for Forex newbies Forex is the world’s largest financial market and it is open to all. From a trader armed with little more than a computer, an internet connection, and a knowledge of Forex to large investment banks, everyone can jump into the market.
Just because it is relatively straightforward to become a Forex trader does not mean trading is a walk in the park. The competition is fierce. A big mistake many newbie traders make is to overlook the highly competitive nature of Forex and confuse the ease of entering into the field with the ease of surviving and thriving in Forex.
You cannot learn Forex in a day, or a week, or even a month! This may come as a shock but it is true: Forex is hard. Do not let anyone tell you otherwise. You cannot learn to play the guitar in a day, or a week, or a month. In fact, there is not a worthwhile skill you can acquire in a short period. ForePerseverance and right strategies are key to success for Forex newbiesx is not an exception. It is a skill like any other. But do not let all this dismay you either.
You can learn Forex! Does that sound confusing? Did not we just say Forex was hard? And now we are contradicting ourselves, or so it seems. Here is a revelation: No, we are not schizophrenic. What we have said is that Forex is hard but never did we claim it was beyond you, or anyone. Difficulty should not be confused with impossibility. With perseverance and right strategies, you can not only learn Forex trading but also go on to become an expert and a successful trader.
Don’t get drunk on the beginner’s luck In his famous book The Alchemist, Brazilian writer Paulo Coelho talks about the beginner’s luck. The universe (or so he says in the novel) helps beginners. If you are new to trading and have had a few small success, you may think that you know all there is to know about Forex. Do not let this overconfidence influence your trading because subsequent losses will not only damage your confidence but also lead you to think Forex trading is not for you.
Perseverance and right strategies The beginner’s luck will not take you far but right strategies and perseverance will. One of the best things you can do as a newbie Forex trader is to read books, subscribe to financial newspapers, and visit educational websites that
teach you about the world currency trade. You can start with The Economist, The Wall Street Journal, and other newspapers. As for websites, Forex Integral is a reputed, didactic website for Forex newbies.