Many traders ask me how to trade Forex, nearly all have read a few books and articles, a few have bought into the prevailing trend of automated trading robots.
What they all share in common is that they have spent a load of money. Why? the reason is obvious, trading Forex requires skill, patience and perseverance. Several of the would be traders I've spoken to, have little of the above.

Many were told that it's simple and easy money, all you have to do is set up a trading platform with charts, add some indicators and away you go, money comes rolling in. Some were sold trading programs, here they were told; just get a Metaquotes (MT4) system set it on auto trade and go to the seaside, or play Tennis or whatever makes you tick.
Piece of cake? Yep, an easy way to ensure you lose your deposit pretty fast. Why do trading programs not work? well some do, to a degree, however, they need to be set up in a particular way, they need to monitored and one really needs a reasonable understanding of trading and some coding for that.

So, is your dream of becoming a decent Forex trader possible at all.
The answer to that will depend on entirely on you, are you likely to do the necessary work, taking the needed steps to become one?

If on the other hand, you will, then spend the time learning precisely what it is about. Understand also, what it is not about. Here are some fundamental details about Foreign currency trading:

1. It is a massive market and is primarily governed by large institutional players working for financial organizations.
2. No matter how large you trade, you small fry compared to the large players.
3. Currencies respond fast and sharply to news issues, undoubtedly the anticipated ones, like CPI, GDP, Interest rate etc, but can often also turn sharply when some unexpected news item hits the news. This is particularly valid when some central banker or politician is talking.
4. If no special news, currencies often trade in series, and it is important to find out what they are.
5. This is a highly leveraged industry, and leverage can work against you. Make sure you know how many Us dollars per pip you are trading.

If you need any help, I am always willing to provide some help via the blog or my Facebook page.

Are you ready to commit time and possibly some money in a Forex trading education??

Yours trully been trading for a living for seven years now, I run a trading blog (http://tradeconscious.com) and a chatroom for traders, so I can tell you that it is conceivable to learn and become a profitable trader, are you prepared to take the needed Forex trading training?

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