In recent years, there has been no problem getting Forex training. Even if you don’t have the ability or desire to pay for it. The presence of a large number of freely accessible books, articles, videos – all this greatly facilitates the process of learning the foreign exchange market.
And yet, it is not noticeable that the percentage of successful traders has grown significantly. Anyway, people are idle, they don’t want to learn; they still do not value their abilities. And many simply have not developed self-study skills: they need a teacher, a schedule and precise tasks. If these people do not attend broker courses, they get lost in the abundance of information and, as a result, do not get any results. However, malls don’t always help their students in the right way. After graduation, many abruptly find themselves in the turmoil of the financial market. As a result, either they hesitate for a long time to switch from a demo account to a real one, or they plunge headlong into trading, without gaining practice, and the result is a loss of money.
For successful learning, you need to make your own individual plan and not deviate from it when you start to implement it. How to do it right?
Practice and Test
How to Make Forex Training Effective Effective Forex training becomes unlikely if you are not willing to invest your time in it. Do not think that a large amount of money paid for the courses will make you a millionaire. Unfortunately, this is not possible. Success in Forex is not only about knowledge and its correct use: practice is very important here. In turn, it can be hired during the training period, and this is even the best option.
Practice is the most important thing here. And it’s great if in the course of your studies you use all methods: strategy tester, demo account and real account. The tester is ideal, but not all tactics and approaches can be tested in it. For example, the three screen system is extremely difficult to verify. Problems can arise when testing news trading, and the difficulty of correlating economic data and price movements increases over time. Not many of these methods exist, but they are. Therefore, it is not always possible to limit yourself to a single tester; in the end, a demo account is also needed.
As for the real deposit, it is necessary for the “fullness of sensations” when a trader changes from virtual money to real money. This is one of the most difficult moments in the career of a currency speculator, when the most hidden corners of the soul are often opened. Greed, and the desire to earn all the money in the world in a month, and a feeling of omnipotence, and uncontrollable fears of losing funds, and much more come out … so that this sad moment does not catch you off guard when it comes to trade. large amounts, it is better to practice in advance on small investments. For this, micro accounts are available at many brokers.
Therefore, before you start structuring your learning plan, you need to clearly define how much time you are willing to spend on it and divide those hours by day of the week. The willingness to practice hard and often is the first step to academic success.
Free self-study plan
The cheapest way to learn trading without investing in your studies is to take as a basis any textbook, or preferably 2-3. They are available on many sites even now, despite the ban on free downloads.
How to make Forex training effective 2But this method has several disadvantages.
Not everyone likes to read, especially a lot and for a long time.
Not everyone knows how to get the basic information out of what they read, take notes correctly, and learn.
Most Forex books are written in two ways. Either it is a collection of everything in a row, similar to dozens of others, or some separate topic is developed in the textbook, a branch of analysis – candles, waves, etc. In the first case, it can be difficult to structure the information and choose something for yourself, in the second, the obsession with a single topic makes it difficult for the forecast to be complete.
Therefore, learning Forex from books is not suitable for everyone. The most suitable options today are free mini-courses and videos from experts or self-study based on materials from training sites like tradingfin.com.
If you want to study on your own, follow this plan:
Choose how you’ll gain knowledge: videos, books, articles. If you still find it difficult to make a decision, try several directions at once.
Start by learning the basics: order types, stop loss and take profit, money management, trading psychology, trend setting principles.
After that, you can proceed to ready-made strategies or create your own using various methods: news, indicators, candlestick patterns, technical analysis figures, etc. Remember that there must be at least two signals to open a trade, and better yet, at least three.
Check everything in the strategy tester or demo account. To determine the effectiveness of any method / operation, you need at least 10-20 operations. By the overall result, you can judge whether it is worth using. All that can be checked in the tester, check it out, the rest – in the demo. Reserve a certain amount of time for this, a few hours a week. The evaluator not only helps determine the effectiveness of tactics, but also develops an intuitive understanding of the market.
Build your own trading system gradually.
When you’re ready, switch to a real micro account. It is enough to put between 10 and 20 dollars to observe money management. In this way, you can learn to control your emotions while practicing trading.
After a +100% deposit increase, you can go to a real account with a larger amount. It is optimal if the increase is achieved in accordance with the rules of money management.
These plans typically take several months to complete. For many traders this seems inconceivable and they try to get started as quickly as possible. But in the end, they quickly give up, without getting a result. If you have the patience to study well, your chances of becoming a professional will increase tenfold.
