I have seen quite a number of adverts on social media claiming that Forex trading can be learnt in 3-7 days.
Unfortunately, the rate at which Forex is portrayed as a get rich quick scheme by online marketers has caused a lot of traders to see Forex as get rich quick scheme. This is not meant to be.
It’s ok to want to know how long it would take to learn and become a profitable trader. However, how long it would take to learn how to trade Forex depends on you, the trader. Your dedication and commitment to learning will determine how long it would take you.
For some traders, they can learn within 6 months to 1 year. While for others, it may take years for them to master the art of trading. Before you start trading, it is important to know what Forex is about. Forex trading is simply exchanging one currency for another in other to make a profit. It is the largest and most liquid globally with over $6 trillion traded on a daily basis.. To open a trading account, click here.
Now, ”How long does it take to learn Forex trading?
There are a lot of factors that determine how long it takes for a trader to learn.
Here are a few of them;
1.The Course You Buy; With so many Forex courses online both free and paid, it may be difficult for you to know which to choose from. However, buying a course from a reputable trading Academy with proven track record of success, will reduce the length of time it takes to learn to trade Forex. If you try to learn on your own, it may take you a longer time to achieve good results.
To learn from a reputable company like Forexlyfe, click here to register.
2. Your dedication to learn and study; Buying a good Forex course is not a guarantee that you will learn how to trade in a few months. You’ve got to be dedicated to learning and following all instructions regarding trading rules. If you are not committed to the process of learning, it would take you a lot more time to become consistently profitable.
3. How much time you spend learning; This is also a factor in determining how long it would take you to learn how to trade Forex. You can’t expect to learn how to trade in 6 months if you only study your chart once in a week. The more time you spend studying and practicing, the faster you progress.
4. Natural Ability; Some people are able to learn and assimilate information quickly. Others may need some more time to achieve the same result.
What Is Involved In Trading Forex
In learning how to trade, technical analysis is usually at the forefront of trading. This is usually the easiest part of trading. The study of the charts (support, resistance, indicators, supply and demand). You can use trading platforms like Metatrader 4 or Trading View to practice what you learn from the course. It could take within 2-3 months of consistent practice to gain a good grasp of technicals. Market conditions are not static. It is important that you keep yourself updated with happenings around the world using any of the economic calendars like Forex factory.
Learning Psychology And Risk Management
Although it could take 2- 3 months to understand technicals, it could take up to a year or even more to start making money consistently from Forex.
This is because, your emotions can get in the way of you making logical decisions in trading. Controlling your emotions takes more time and effort.
Ability to manage the human psychology effectively is really what determines how long it will take a trader to learn Forex.
Common Mistakes That Prolong Time Taken To Learn Forex
1. Focusing Only On Technical Analysis; Forex is 90% psychology and 10% technical. Traders tend to do the reverse. They focus 90% of their time on the charts and 10% on improving their psychology. This singular act can cause a trader to spend 3 years or even more trading Forex without being profitable.
2. Changing Strategy
This is the most common mistakes traders make. When you learn a strategy, backtest it. If it is a profitable strategy, stay true to it. When losing streaks hit, don’t go in search of another strategy. Choose to stay with the strategy you have learned. If you go in search of a ” holy grail”, you won’t find it. And this will increase the time taken to learn Forex.
3. Poor Risk Management; The constant misuse of risk through overleveraging will increase the time you spend learning how to trade. The earlier you start to apply good risk management on your trades, the faster you will progress and become profitable.
4. Not Backtesting; This is a major mistake traders make. You cannot be successful, if you have no proof that your trading strategy is profitable. Read this article to learn how to backtest.
I would love to hear from you. How long have you been trading Forex? Have you attained consistent profitability yet? Please share your experience in the comment below