subject: Forex Traders: Stop Learning More, And Start Profiting More [print this page] Forex Traders: Stop Learning More, And Start Profiting More
Many people who want to become successful Forex traders are making a huge mistake. This error is easy to make because it seems logical. You see, learning everything you can about Forex is not the way to become a better trader. The path to trading success is not found by learning more systems, methods and techniques, but by practicing what they already know and developing the skills needed to trade successfully.
You think if you know more, you'll automatically perform better, but that is not necessarily the case. At some point, the knowledge you have starts to work against you. You start to add so much to your trading system that it becomes overcomplicated and cannot be traded. Or, you get so much conflicting information that you never have the confidence to place a trade.In either case, your trading is not getting better and your account is not getting bigger.
You could spend a lifetime learning about different aspects of Forex and trading in general and still not learn everything. But the good news is, you don't need to know everything about Forex to succeed, and you shouldn't even try. If you learn a simple trading system, and gain the necessary experience to master the system, you'll be much more successful than learning every concept about Forex and trading in general.
Simply put, to become a better trader you need to TRADE more. And don't be fooled, the time you spend learning is NOT considered trading.Real trading experience only comes from placing trades in the real market under live conditions.This is the only way to learn the finer points of the system, discover psychological trading issues you need to overcome and gain real experience in the Forex market.You can never learn these things from reading a book, watching a video or even watching other traders trade.
Trading Forex is a skill based activity. And like anything else that requires skill, you need to practice. Learning alone is not going to help you develop the skills you need to trade profitably.
Here is a quick example.If I wanted to teach you how to shoot a basketball I would invest about 5 minutes teaching you the mechanics of shooting.Then I would give you a ball and you would practice shooting.Only that way would you gain the real experience you need to start making baskets.
Learning Forex is exactly the same thing.Learning the system from a book, video or mentor is the easy part and takes a relatively short time. But then you need to start practicing what you learn under live market conditions by placing trades. This is the only way you are going to master the trading system and gain the experience you need to trade the system and make real money.
