2Bull Forex Blog

Forex training if you have never traded forex markets before you need it! Why?
Because 95% of traders lose because don’t get proper forex education. This article is all about getting the right forex training to win.

The first point to keep in mind is anyone can learn currency trading it’s a learned skill not a gift from god but the vast majority to lose. While forex trading looks easy, it’s not - but if you learn the right information and avoid the myths you can win and win big time. Let me tell you a story to inspire you.

Trading legend Richard Dennis set out to prove that anyone could win at trading and he set about training a group of people, of all ages, both sexes and different levels of education - in just 14 days. He then sent them off to trade - the result of this experiment?

They made $100 million dollars in just 4 years and the rest is history.

So what education did he give them?

The education was based around a simple robust forex trading system (based on breakouts and trend following) which was simple to understand and have confidence in and this was then combined with robust money management.

Dennis however gave them something more - a total understanding of the system and the confidence to apply it with discipline.

You will often here that discipline is the key to success - and it is, because if you don’t have the discipline to apply your method, you really have no method!

Discipline is the key and it comes from within.

If you want to trade you need to learn a currency trading system you can have confidence in, ignore the myths and work smart to get one you’re happy and have rock solid confidence in and then you need to apply it.

The vast majority of forex traders don’t bother learning the right information they try and follow someone else and when losses come they have no confidence and throw in the towel.

They also fall prey to myths that are perpetrated and these are the most common ones:

- To win at forex trading you need to predict prices.
- Day trading makes money.
- Markets move to a scientific theory.
- Buy low sell high is a great way to trade.
- Following a system with a hypothetical track record will make money.
- You can trade expert news stories and win.

ETC

There are many more but these are very common and they all see traders lose.

Getting the RIGHT Training

So what you need to do is get some forex charts and learn how to spot repetitive patterns and some momentum indicators to help you confirm movements and then have the confidence and discipline to execute your trading signals in line with your system.

Finally - do not think discipline is easy pick out some books by the great traders and study what they say. Get yourself a copy of Market Wizards by Jack Shcwager and the disciplined Trader by Mark Douglas and it will really ram home how important discipline is.

The Potential

Well Richard Dennis proved what could be done with the right forex training and if you follow the above you could enjoy currency trading success and build wealth quickly.

Your forex training will determine your success, so work smart not hard, be disciplined at all times and good luck!

The online forex trader has plenty of currency trading systems to choose from but how do you find one that can make you big gains? If you follow the two tips here you can find a trading system that can lead you to currency trading success.

The first point to keep in mind is that most forex trading systems sold do not make money and have never actually been traded - the track record is not what it appears to be, let me explain further.

Many currency trading systems are put together with hyped copy and a track record that looks to good to be true and most of the time it is

Why is this?

Because it will normally carry a disclaimer saying they have been simulated in hindsight knowing the closing data - simply look on 95% of track records and you will see this.

It has not been traded real time and this is of course a problem.

If we all knew tomorrows price today we would be rich but it’s not that easy unfortunately!

These track records should not be trusted in most cases.

If the vendor has a mechanical trading system he should have the confidence to trade it and if he hasn’t - why should you want to trade it and see if it works?

If you are lucky enough to find a track record and a system you like you still need to execute the trading signals and this presents traders with another problem even if the system has made money:

They need to understand how and why it works, so they can have confidence to execute the signals with discipline - if you don’t have the discipline to do this you have no system at all!

Most traders don’t know how the system works, hit some losses and discipline goes - so make sure you have the confidence and discipline to follow the system by knowing and understanding the logic it’s based upon.

Most traders like some input and here they can pick systems they can learn and apply themselves so they have some input or control.

Traders generally like some input into their forex trading and if you are one of these people pick a trading system you can learn and apply at your discretion.

Currency trading systems can make money but they do present traders with problems of not doing their homework and ending up with one that’s junk or not being able to follow a system because they lack discipline.

There are good systems spend you time looking around and pick either a totally discretionary one, or one with a manual override to fit your personality.

Many traders like to follow currency trading forecasts from news wires and brokerage houses. Here we are going to give you some tips on spotting the ones that are good and also how to do it yourself.

Today we live in an age of instant communications and information overload and there are numerous people involved in currency trading forecasts:

Banks, brokers, vendors and TV analysts and most of them are dead wrong.

Why?

Because they either forecast to far ahead - or they base their view simply on the supply and demand fundamentals.

There are problems with both methods.

You will often see annual reports telling you where such and such a currency will end up in a year - How on earth can you do that?

We live in a world where events change constantly and you simply cannot look too far into the future as world events will simply make the forecast redundant.

Supply and demand fundamentals don’t move prices - human opinion of them does.

Humans are not logical and we base our trading views not on logic but on the emotions of greed and fear. The facts are there for all to see but we all draw different conclusions from the facts presented to us.

Markets tend to collapse when the fundamentals are most bullish and rally when their most bearish - this is investor psychology at work.

Humans push prices to far from fair value and these price spikes don’t in many instances reflect the supply and demand facts, they reflect greed and fear.

So how do you forecast correctly?

The answer is never to look to far ahead and simply back up your opinion with the reality of price change - this is obvious from forex charts.

Forex charts not only give you the advantage of seeing the fundamentals reflected in price action, they also tell you how humans perceive the fundamentals.

In conclusion you get a complete picture to look at.

By using a forex chart you are trading reality of price change and can act upon it.

You’re trading the facts and truth you see - not speculating into the future, so the next time you see a currency trading forecast that sounds convincing, check your forex charts for confirmation.

Trade the facts as they are and the truth of price movement.

There are many courses in currency trading to choose from online and here we will look at some considerations you should make, when choosing a currency course which can help lead you to currency trading success.

Ignore any currency trading course that make the following statements:

- They Can Predict Currency Prices with Scientific Accuracy

No one can do this. If prices were scientific, we would all know the price in advance and there would be no market. Forex trading is a game of odds, NOT certainties

- They will Reveal Unknown Secrets

If someone really did have important secrets they wouldn’t be revealing them in a course! By there very nature there not secrets anymore as they have been revealed.

There are actually no secrets to successful currency trading, if you get the right forex education you will have them all available to you, the key is putting the elements together to work for you.

- You Can Earn a Regular Income

This is rubbish! Markets are un-predictable in short time frames and you can lose money. anyone who says you can earn X Pips per month is not telling the truth.

- You can earn Money Scalping or Day Trading

No you cant - why? Because volatility in short term time periods is random.

It’s obvious that you can’t tell where millions of humans are going to push prices in a few hours. If you try forex day trading, the odds are you will lose - period.

- If a Track Record Looks to Good To Be True It Is!

You will very often see a track record with very big gains and hardly any losses and you will also see this disclaimer or similar:

“CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.

It’s meaningless, as it enables anyone to make any track record they like in hindsight, knowing the closing prices. A forex trading system with one of these should be treated with suspicion and avoided.

What To Look For

Firstly you should look for a 100% money back guarantee with no penalties or handling fees.

You are trusting what the vendor says in terms of helping you get a successful forex trading strategy and its only right to expect, it should deliver what you say.

Make sure the vendors methods suit your trading style - i.e if you are a patient trader, long term trend following is great, if you are not so patient, look for a forex swing trading method.

Make sure the logic is revealed.

The method should be simple and logical and that you have confidence in it - you need confidence to follow any method as without it you won’t have discipline and this is the essential difference between winners and losers. You should also ask if the person is a trader and ask some questions just to see what answers you get.

You would be surprised at how many forex courses are not written by traders - but simply are from marketing people, who have no trading experience.

Choosing a currency trading course is essentially common sense.

You should use the above as guidelines to help you and if you want to learn currency trading from a course, there are some good ones around but the vast majority are junk.

This checklist will help you find the good ones.

Courses in currency trading can be a big help to you, so get one your comfortable with and starting enjoying some currency trading success.

So you want to become a currency trader and make big profits? Well, the good news is everything about currency trading can be learned, by those people who can get the right currency trading education. Here we will give you 3 vital tips for currency trading success.

1. Your On Your Own

Success rests on your shoulders.

If you think you can follow expert news stories, or buy success from someone else, you’re wrong. Success comes from within and no one else can make you rich.

Becoming a currency trader is not easy and you wouldn’t expect it to be, with the rewards on offer but it’s not hard either.

You simply need to get the right forex education and work smart.

If you have a desire to succeed, a willingness to learn and accept responsibility for your actions, you can get past first base.

2. Mindset is More Important Than Method

Forex trading is essentially simple.

A robust simple method combined with discipline is all you need to succeed.

Your forex trading system should be simple - simple systems tend to be far more successful than complicated ones, as they are more robust in the face of brutal ever changing market conditions.

Having a good method is only part of being successful as an FX trader, you have to have the right mindset as well and this is the hard bit!

This means having confidence in what you are doing which leads to the discipline to apply your trading method and stick with it, when you hit a losing streak.

This is why you can’t follow anyone else to success and you have to have knowledge and confidence in what you are doing. If you don’t, you simply will never acquire the vital trait of discipline.

It’s mental discipline that separates winners from losers in forex trading and we cannot stress how vital this trait is.

3. You Have To Have This!

95% of traders lose with their forex trading strategies and you have to have an edge.

An edge is “the something” that will help you win while the vast majority of traders fail and if you don’t know what it is you don’t have one!

All successful traders have different edges but they all have confidence in them and see their edge as something that sets them apart form the majority of losing forex traders.

If you don’t have an edge you wont win - period.

Becoming a currency trader is not easy - but it’s not hard.

Anyone can be successful if they have the right mindset and they want to be but most people simply don’t want to do what is necessary for success.

The effort you put in can lead you to an income that is simply life changing. It is the final frontier of the free economy and can help you build real wealth quickly.

Anyone can do it could you become a currency trader and enjoy success?

There is only one way to find out!