Posts Tagged ‘Environment’

Forex Trading & Fast Tracking

April 23rd, 2022

Is it possible to find a way to reduce the time it takes to learn how to successfully trade foreign currencies – Fast Tracking?

The answer to this is YES, but with a proviso. First you need to ask yourself a very important question.

Why do I want to learn to trade foreign currencies?

If the answer is “just for the money”, you may find that learning the art of trading is really a bind.

To be successful in any endeavor, it helps a very great deal if you actually enjoy the subject.

My wife – Virginia – recently decided that it would be great if she could learn to play the guitar. She did not decide that it would be great if she could become a rock star and earn millions of dollars (although that would be great too). Virginia simply likes guitar music and wanted to learn to play for her own enjoyment.

She too wanted to Fast Track the learning curve and so she purchased a couple of “Learning Systems” that would speed up how to learn the chords and how to learn some well known guitar solos.

In just a few weeks, Virginia can play the intro to “Hotel California” and one or two other famous rock songs, so Fast Tracking is working out well for her. But how would it turn out if she really didn’t like the guitar.

What if she was only trying to Fast Track a way to earn millions of dollars.

Now you may think that there is no similarity between Virginia learning to play the guitar and someone wanting to make their fortune by trading foreign currencies, but you would be wrong.

By using a well proven trading system, it is possible to Fast Track the learning curve necessary to trade successfully, but you will still need to enjoy the subject.

Virginia has had to put in a lot of practice and continues to do so (oh the joy of a sound proof room) and she actually enjoys the guitar which makes the practicing much easier than if she didn’t.

It never fails to amaze me when a would be trader writes to me saying that they wish to get a copy of my forex trading system to trade on the foreign currency exchange and they state “but I do not want to have to waste time sitting in front of my PC” and “how quickly can I open a live trading account?”

So what is the best way to Fast Track your route to becoming a proficient trader?

By all means purchase a well proven trading system and be prepared to spend time practicing with a demo account while learning to use your trading system.

Take time to find a style of trading that best suits you and your personality. Some people find that short term trading suits them best while others find that position trading is more their style. We are all different and what suits one may not suit another.

Try to get more involved. Don’t stop at just using a trading system. Read the fundamental reports, there are many available on the internet – some free and some by subscription. Become a regular visitor to the Commitment of Traders (COT) website.

Study some of the acknowledged great analysts such as John J Murphy, Thomas R DeMark, Steve Nison & John Bollinger to name but a few.

If you can afford to, subscribe to one of the specialist forex news services. So much useful information can be picked up from these services.

Your trading system will help you a great deal, but if you fully understand what moves the market and why, your performance will be greatly enhanced.