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  1. #1
    Standard Member Array nisky's Avatar
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    Why am I learning Forex?

    I am now getting close to a year since I got interested in Forex. With all the demo accounts that I have killed, forums I have joined, real money I have lost and expert traders I have talked to. I come away with this conclusion.

    Trading Forex is a skill that has to be learned to a level of proficiency. You have to be humble and think of yourself as a kid in primary school just trying to understand the world around you. It can become confusing. Especially when you read or see a video with a guru telling you that everybody uses a technical tool the wrong way or most people donít have the guts to make it. You think of yourself as being one of those people because you almost always get it wrong.

    Of all the expert traders I have spoken to. All of them lost trades and some amount of money before they were able to become successful. In some cases it took them months and months of losing money before they actually felt comfortable about their trades. So I am not alone and just need to stay in there and develop the skills.
    Have you ever used a screw driver to open a can of paint or used a knife to punch holes in a can of juice? Well they were not made to be used that way but they did the job. So this is the way I see it. Technical tools are used the way you understand them. Hence used the wrong way according to some people, but get the job done. People cannot teach you to trade. They can only provide help with your learning. You have to develop the art yourself. It takes time and effort and a willingness to understand youíre learning a complex art.

    Am I going to continue learning to trade? Yes! I would have to die trying for me to not to become a sufficient trader. Like the guys at the gym say "If you don't feel the pain then you're not building muscle". So for all of you who are new to Forex like I am. Don't give up! The pain is all part of building muscle.

    Nisky

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  • #2
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    Re: Why am I learning Forex?

    I can give u simple advice:

    You Don't have to trade.
    Don't Chase the market.
    Let the market come to you.

    The gurus will tell you patience...

    I hope and believe your persistence will pay off..

    SmartFx

  • #3
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    Re: Why am I learning Forex?

    I never think learning forex as my shortcut to get easy money. For me, learning forex is the best way to learn about discipline, emotional control, and money management. When I've mastered those three things, I believe(money) success will find a way.

    Keep on spirit :geek:

  • #4
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    Re: Why am I learning Forex?

    Nisky,

    I'm half way through a training course on Forex that I have spent quite a few dollars on. The two main things they teach and hammer into you is money management and patience / discipline. You have to set out your own strategy as each person has their own thought process, constraints and stresses.

    I'm hoping to get it to a stage where I can make as what I do as a 9-5 job, and then over a period of time make that my full time job

  • #5
    Diamond Member Array William's Avatar
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    Re: Why am I learning Forex?

    Nice. I love the pain theory.

  • #6
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    Re: Why am I learning Forex?

    Quote Originally Posted by nisky
    I am now getting close to a year since I got interested in Forex. With all the demo accounts that I have killed, forums I have joined, real money I have lost and expert traders I have talked to. I come away with this conclusion.

    Trading Forex is a skill that has to be learned to a level of proficiency. You have to be humble and think of yourself as a kid in primary school just trying to understand the world around you. It can become confusing. Especially when you read or see a video with a guru telling you that everybody uses a technical tool the wrong way or most people donít have the guts to make it. You think of yourself as being one of those people because you almost always get it wrong.

    Of all the expert traders I have spoken to. All of them lost trades and some amount of money before they were able to become successful. In some cases it took them months and months of losing money before they actually felt comfortable about their trades. So I am not alone and just need to stay in there and develop the skills.
    Have you ever used a screw driver to open a can of paint or used a knife to punch holes in a can of juice? Well they were not made to be used that way but they did the job. So this is the way I see it. Technical tools are used the way you understand them. Hence used the wrong way according to some people, but get the job done. People cannot teach you to trade. They can only provide help with your learning. You have to develop the art yourself. It takes time and effort and a willingness to understand youíre learning a complex art.

    Am I going to continue learning to trade? Yes! I would have to die trying for me to not to become a sufficient trader. Like the guys at the gym say "If you don't feel the pain then you're not building muscle". So for all of you who are new to Forex like I am. Don't give up! The pain is all part of building muscle.

    Nisky
    absolutely well said nisky.

    a trader I know (a good one at that) makes 2-4% a month on his trades and he doesnt trade anything less than the daily/weekly charts...

    how does this compare with other traders who claim to double their equity in 21 days or the likes.

    this is a long and painful learning experience and as malcolm gladwell says - you become an expert in anything once you've spent 10000 hours on it.

    im still trying to get there.... 1 hour at a time, 1 pip at a time.

    happy trading and learning.

  • #7
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    Making money through foreign exchange has now become a profitable measure for the individuals and with the evolution of forex trading; the number of traders to the forex market is increasing day by day. Forex Market adjoins one of the largest as well as most profitable networks of financial market in the current world scenario. The forex trading industry has spread globally and is gaining immense reputation in the market with a daily turnover of more that three trillion dollars.

  • #8
    Standard Member Array flogger's Avatar
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    I'm learning forex for one thing. Money. It just needs time and patience to get it.
    Last edited by flogger; 12-27-2011 at 02:50 PM.

  • #9
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    Forex trading rule #1: always trade with only what you can afford to lose.

    Forex trading rule #2: always remember rule #1.

  • #10
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    Trading in the forex market can be simpler, earlier and profitable for the traders; however, some steps should always be followed to get sure benefits in the forex market with secure trading. After all, every one enters into any kind of investment with expecting a certain sort of returns. The prosperous and risk free trading in the forex market remains the dream of every investor, especially for the forex beginner who is not at all sure of what he or she is performing.

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