There’s a well known phase in Forex learning curves that I for now will simply call “the guru” phase.
This phase will let the trader feel like a small fish in a wide ocean. Countless of books, guru’s and systems will show up to learn you “the way” of how to trade Forex. If you’re unfortunate you will most likekly throw several thousand of dollars into some system or method you hardly even understand yourself.
Sure, there are multiple elements that you can eventually impliment into your own trading system, everyone does in some way . However, Its a different case when you fully use a predefined system created by someone else. Small chances you will become profitable on a consistent base. I know there’s a good chance that this statement will get a lot of criticism because surely there are people around that claim to be succesfull with pre-defined/bought systems. I do think this group however will be very small.
The reason for this? Believing. I believe that the correct amount of order in chaos, discipline & consistency in a trader can only be achieved when that trader is learning from previous experience on a system created by him/herself.
Ask yourself, how many times have you not read articles about the mental state of traders, and how many times did you actually take solid action on a consistent base right after? Reading or listening the same story a few times is different from believing , Most information received will simply fade in time unless you actually condition yourself into believing it. The same goes for predefined systems / bought systems. You are obtaining the information but will not believe in it because you did not condition yourself into believing in your system.
Even more so you don’t feel responsible for any red pips created on such systems. Not learning from mistakes and therefore not making your own solutions which obviously results in not conditioning yourself in believing these solutions.
In my opinion the very best way to learn Forex is to simply trade isolated as much a possible with keeping outside guru/system influences as limited as possible. Watch price, asks yourself why price interacts with “x” area and why it reacts in certain way. Come to conclusions yourself and try to limit implimenting other people conclusions. Find and experience self constructed trading and management methods as much as possible. Find a synergy between them in which you believe , quite an achievement! You should be the one that creates selfmade trading and money management methods, to find them while stumbling on internet afterwards! Not the other way around!
This phase will let the trader feel like a small fish in a wide ocean. Countless of books, guru’s and systems will show up to learn you “the way” of how to trade Forex. If you’re unfortunate you will most likekly throw several thousand of dollars into some system or method you hardly even understand yourself.
Sure, there are multiple elements that you can eventually impliment into your own trading system, everyone does in some way . However, Its a different case when you fully use a predefined system created by someone else. Small chances you will become profitable on a consistent base. I know there’s a good chance that this statement will get a lot of criticism because surely there are people around that claim to be succesfull with pre-defined/bought systems. I do think this group however will be very small.
The reason for this? Believing. I believe that the correct amount of order in chaos, discipline & consistency in a trader can only be achieved when that trader is learning from previous experience on a system created by him/herself.
Ask yourself, how many times have you not read articles about the mental state of traders, and how many times did you actually take solid action on a consistent base right after? Reading or listening the same story a few times is different from believing , Most information received will simply fade in time unless you actually condition yourself into believing it. The same goes for predefined systems / bought systems. You are obtaining the information but will not believe in it because you did not condition yourself into believing in your system.
Even more so you don’t feel responsible for any red pips created on such systems. Not learning from mistakes and therefore not making your own solutions which obviously results in not conditioning yourself in believing these solutions.
In my opinion the very best way to learn Forex is to simply trade isolated as much a possible with keeping outside guru/system influences as limited as possible. Watch price, asks yourself why price interacts with “x” area and why it reacts in certain way. Come to conclusions yourself and try to limit implimenting other people conclusions. Find and experience self constructed trading and management methods as much as possible. Find a synergy between them in which you believe , quite an achievement! You should be the one that creates selfmade trading and money management methods, to find them while stumbling on internet afterwards! Not the other way around!
