By: Charley Warady
Not everyone is a natural when it comes to Forex and even the most experienced require additional Forex trading training. A certain amount of any kind of currency trading or futures trading involves luck. Just old fashioned, blind luck.
There is an old saying among traders in the days of the Chicago Mercantile Exchange and Chicago Board of Trade that goes, “I'd rather be lucky than smart any day”. Truer words could never be spoken. The problems with relying on this philosophy are pretty obvious. Therefore, although it does remain a fact that a certain percentage of your trading experience will depend on luck; it is up to the trader to get that Forex trading training in order to cut that percentage down to a very small number. If you want to depend strictly on luck, then go to Las Vegas. At least there you can see Wayne Newton.
Do your homework
Do your Forex homework. It may take patience, and it may be time consuming, but it is the difference between time being spent and time being invested. With time being invested, you will get a return. If you go to Google and type the words “Forex trading training” you will receive over 17 million results. If you go to YouTube and type the words “Forex trading training” you will receive over 5,000 videos. With all these options available, to go blindly into the Forex market is as smart as relying on “Buy low...Sell high”. It's great if you can do it...but just in case...better have a backup.
In Google, take a look at the first few pages of Forex trading training links. Also, click on the Sponsored Links and see what they have to offer. With so many choices, it becomes obvious that nobody has “the” answer. So, do some reading. Find out what makes sense to you. Perhaps you want to take two conflicting strategies and formulate your own somewhere in the middle. Knowledge is meant to be shared; and whether it's for a price or for ego, it's available to you and should be utilized.
Use what's out there
In the old days of commodities, a person would start out as a runner for a commodities firm on the floor of the exchange and move their way up, getting a hands-on education. Nobody was expected to jump right in. It makes no sense that the Forex market, being electronic, would require any less of an education. The process may be different, but the results remain the same. Luck is a great thing to have; but you don't want to depend on it.
Even if you're an experienced trader, your Forex trading training doesn't stop. There are always new strategies, or a process you might not have considered yet. Whether it's participating in a Forex forum, or investigating new technical analysis, it is always good to stay fresh and up to date. The day you stop learning something in trading Forex, is the day it's time to switch professions. That's what keeps it interesting; there is always something new.