Forex traders are dime a dozen but if you scrutinize them I bet you would hardly find a handful of them who have undergone a forex trading training course or who have received a formal training. The general tendency is to jump into forex trading after reading a couple of articles or maybe after watching a few free videos on YouTube.
Are You Planning to Trade Currencies Live?
In all probability, you too may have followed exactly the same steps like these traders and might be planning to start your live forex account anytime soon. If that is true, I would suggest that you stop right here.
No, I am not kidding you. You really need to stop and reflect a bit on what you are about to do. You already heard and read a million times over and over again about how forex trading is a high risk activity and that you could make trillions of dollars in profit if all goes well, but could also lose everything that you own and even become homeless if you were unfortunate.
Useful Insights About Forex Trading
Well, let me give you some useful insights on this particular piece of counsel that you have received about forex trading. The ‘high risk’ part is definitely true. What is not true is the ‘unfortunate’ part. There is nothing called luck or fortune at play in forex trading.
No amount of luck could make you a successful forex trader. What actually matters is the extent of your education and level of expertise in this forex field. Though it is not a customary approach, acquiring systematic training in forex trading is certainly recommended and proved to be effective.
This way you can not only avoid the pitfalls of a guessing game approach to forex trading, but also can have a better edge over those who have not yet formally trained before starting a live trade.
Do You Need A Forex Trading Training Course?
If you ask me, my honest opinion is that having a proper training and educating yourself about the nitty gritty of forex trading is NOT just needed, rather it is CRUCIAL or necessary. In case you are not convinced about my viewpoint, let me ask you one question.
Would you ever jump and captain a ship without learning to steer the ship wheels or without receiving a full hands on practical training and extensive learning program to do so?Even if you answered yes, don’t you think that in doing so, you would be deliberately exposing yourself and all the others who are ill-fated enough to be travelling with you on the ship, to a huge risk?
Why Amplify the Risks?
Maybe you can still trade forex and of course win a lot of trades as well, even if you did not bother to get a proper training. But imagine how risky it will turn to be. When the currency trading markets are already risk-filled and prone to devastating losses, why would you amplify the risks and dangers by attempting to trade a live account funded with your hard earned money, without first learning the basics and essentials of currency trading?
But remember that it is equally risky to learn the trade from the wrong tutor. If he / she is not credible or does not have the proper qualifications and knowledge, it would only worsen the scenario for you. This type of learning will not be beneficial and of course is not at all recommended. Make sure that the tutor you select is indeed the right one.