Forex training - how to trade forex successfully

Forex Trade is a business that is based on speculation and prediction. And like all other speculative business, no forex trader can predict with certainty the next turn the forex market will take because
unlike a cartel no forex trader has control over the forex market to influence its direction. Not even the inside traders can do that.

Below are what you need to learn and implement before becoming a profitable forex trader.
1.    Be prepared to lose at some point: most forex traders, especially the newbie start trading the forex market with the mentality of win! Win! Win! on all trades they executed. The truth is not all trades executed will end up winning trades. Even the expert traders don’t have it all rosy, they also looses sometimes and win sometimes. Put it into your psychology that in forex trade is not always a win! Win! Scenario.
2.  Learn how to trade forex with demo trade before going live: there is a reason why forex brokers made provision for demo trading for newbie to learn how to trade forex before they go live. They (the forex brokers) are not stupid for making such a provision for newbie to play around with before going live. But, unfortunately a lot of newbie bypass or underutilised this crucial aspect of their forex trading development to go live trading only to get their hands burnt in the process.

It’s very important to learn how to trade forex with demo trading first before doing live for the following reasons:

•  Money is not involved, just virtual money therefore if the trade goes bad, you won’t lose any money.

• Demo trading allows a beginner to build and test or rebuild and retest his forex trading strategies and plans without running the risk of losing money in the process.

• It builds confidence in a trader.

It’s very important for a newbie forex trader to demo trade his forex trading strategy for one to two years before going live. The reason why you should demo trade your forex trading strategy for long is to know how well your strategies perform in all forex market conditions.
3.       Forex trade is not a get rich quick programme: if you want a get rich quick programme, go and rub a bank, but if you want to get rich slowly but consistently, then forex trade is meant for you. Forex trade only rewards those traders that are patient and consistent enough with forex wealth but it punishes those that are greedy and anxious to make quick money with misery and anguish. So, if you want to become wealthy trading in the forex market, you have to be patient and consistent in learning how to trade forex which will make you an expert and also in sticking to your forex trading strategies and plans.
4.       When going live, don’t trade with the money you can’t afford to lose: unfortunately most newbie forex traders learn it the hard way including me. They realised what happened only when it’s too late and they cry about telling whoever cares to listen that nobody can make it in forex trade. The truth is if you don’t make it in something doesn’t mean someone else is not making it in that particular thing you failed in.

The difference is, there is something the guy that succeeded knows and did well that the guy that failed knew not or implemented poorly.

Below are reason why a newbie forex trader shouldn’t trade with money they can’t afford to lose.

• Trading with the money you can’t afford to lose will make you trade with emotions.

• Trading with money you can’t afford to lose will make you not to stick to your forex trading strategies and plans.

• You won’t be relaxed all through the trading section, if you are trading with the money you can’t afford to loose

5.       Learning forex trading within a short period of time: if you want to become an expert in forex trade, you must be prepared to learn how to trade the forex market for a period of one to two years. You can’t become an expert by learning how to trade forex in three months.
Below are reasons why you should learn how to trade forex for a long time before climbing.

• It builds confidence in you which is the most important ingredients for you to become an expert trader.

• You get to see, watch and analyse the forex chart for a long time thereby seeing how different forex patterns and trends are formed and broken on the forex trading charts.

• It will enable you to test your forex trading plans and strategies on different market conditions.

• It builds your self confidence and the confidence you have in your trading system and plans.

6.       The forex market is not constant; it changes from time to time. This was made evident during the global economic meltdown of 2008 when the forex market became very volatile. So, if you are building a forex trading plan and strategy put in mind that each strategy performs best in a particular market condition and performs poorly in another market condition. Also, some forex trading strategies works best in a trending market and performs poorly in a ranging market. Your success as a newbie forex trader depends on how you learn to handle those times the forex market will be against your strategies.
7.       Choose an expert trade as a tutor or guide: if you want to be profitable in forex trade as a newbie, you must look for an expert trader that will guild and tutor you all through until you become an expert trader..