And due to these abundant free resources online on this particular subject, the sole reason for me to have this blog is not to show people what i knew about forex, but rather more to sharing and keeping my own journal on this interesting and rewarding journey in this trading world.
So now, one of my close friend here did ask on how do I develop my skills in trading. In a glance, he just couldn't believe on my market knowledge (not to brag though...) due to my day job as an electrical engineer.
I told him the number one reason is due to my interest in trading. I didn't know I have this interest until the day I started this trading venture.
For now, I love to learn about trading and it is in my blood already. When I said 'love' doesn't mean that I trade for the sake of trading. I become a student of trading and keep on learning and researching about the subject every day - day in and day out, regardless of how busy I am. I just couldn't stop learning about trading, through books, self-study and of course, life trading experience itself.
I must say that I'm still new, but I am quite sure that I did see and experience most of the market movement and I keep on looking for any new bizarre movements for my own records and references.
The reason is, I chose to do this and at times, it did affect my personal time with family initially but now I am more balance than 2 years ago due to my strict application on trading schedule. I do not trade every night but rather tactical in choosing my trading hours on weekly basis. And yes, I do start my bowling back, slowly...
Back to the subject... there are several methods that you could do in order to start learning and mastering your skills in forex trading... I ranked them accordingly to its effectiveness basis...
1. Find a MENTOR
Having a mentor will shorten your learning curve by at least 50%. Yeah, it is not easy to find a good mentor in which most of the time, these mentors are rather reluctant in teaching someone unless he finds the right candidate who is serious enough to be their student. Most of the time, these true mentors hardly charge their best student but of course, we do have to compensate his precious time reasonably at least... But do beware that some who are self-proclaimed mentors who put charges at sky-rocketing rate even before you hardly knew whether this guy is really a trader or otherwsie. Just beware...
2. Read FX and Trading Books
The easiest way to learn indeed. Though time consuming, I find reading is the easiest and one of the most effective method in gaining knowledge, in whatever field you are currently in. In fact, it is better for you to read and self-learn the basics on your own first prior to seeing any mentor. You save both your time and his time by doing this. The fact about learning through reading is that you can do it at any time, anywhere you want with minimal cost in buying books.
3. Attend FX Classes, Seminars or Courses
Classes, seminars and courses do charge premium rate to their participants. Though you may learn quite effectively through this method, most of the time I do heard people complaint about not getting their "value for money" by attending such and such courses. Still ok though, but I personally prefer to spend my money either on books or my live-trading account... unless I really want to meet that particular trader or trainer in person...
4. Learn from the FX Market Itself
The best teacher of all is no other than the market itself. But surely if you appoint the market as your sole guru, you will have to learn from the school of hard-knocks, where the fees could be beyond your imaginable figures, unless you can stick to your demo account for years. Like Bob Prechter have said once, burning your account is one of the best lesson you could get from the live market, but of course not everyone is meant to take such losses.
Hence in conclusion, though the market is the best teacher of all, just like when you learn driving between a simulator and real road, still learning from the other 3 resources would save you a lot of money apart from saving your time from searching to do it the right way... But still, at the end of the day, you still have to find your own style, strength and weaknesses in trading.
Learning about yourself is surely one way to master your trades...
And most important of all... you have to trust me on this...
Learning about yourself is surely one way to master your trades...
And most important of all... you have to trust me on this...
IT IS EASIER SAID THAN DONE... all gurus knew this by heart... though they hardly say this...
I've been there... I've done that... bla bla bla... and yes, this includes on people telling you to "please do not be emotional" as well... Like it or not, you will get emotional at times especially when in losing streaks ; when the market seems going against you almost all the time... though you did all the right thing by following your own strict rules and systems...
If this happens to you, all you need is really self-control and time out when you start making one bad call to another... yes, just stay out and forget about the market for a while... and yeah, this is not easy either... ;)
Bottom line is - Uncertainties are really something that we traders must learn to deal with in this market coz no one really know what will happen next...
Safe Trade...
Safe Trade...
