Learn to walk

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Learn to walk

Postby myfxpt » Mon Sep 28, 2015 6:56 pm

Forex is attractive because of the massive profits that can be achieved if you get it right. But don't try to run before you can walk!

If you are a complete newcomer with no experience, then I highly recommend you go to http://www.babypips.com/school, which is free, and comprehensive. The Babypips School of Pipsology will take you from Pre-School to Graduation, and provide you with a solid foundation on which to build your knowledge and experience.

Next, forums and websites such as FSR can help you get started with trading strategies and methods used by others. Used wisely, such forums can fast-track your learning. Just remember that none of us are infallible, and no strategy or method is guaranteed to give you success. Beware of the sharks that will try to sell you a system using unrealistic claims of profit and success, and beware of the many self-proclaimed guru's and mentors that offer to guide you, but who don't actually trade their own money...academics! Ultimately, you must develop a strategy that is unique to you and your personality type, and that takes time.

If you think you know yourself, Forex will test that knowledge. I guarantee that you will learn new things about you, and your reaction to fear, greed, and self-discipline. Making money consistently in Forex really has little to do with your strategy and money management plan. Provided your strategy generates a reasonable batting average and you employ the use of stop-loss protection, even a basic strategy can take you to success. But are you ready for success? Are YOU ready? Placing a stop-loss is easy, but are you able to sit tight when price moves close to your stop, or will you be tempted to move it? Setting a take-profit target is easy too, but are you able to sit tight when accumulated profits are being eroded by a price pull-back, or will you be tempted to close-out the position early? Self-discipline is by far the most difficult and elusive skill to master, and yet it is vitally essential if you aspire to be a successful Forex trader.

Good luck!
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