This happens to be one of the most common questions among people who want to start forex trading and as usual, the answer is more complex than “yes” or “no”. Since there are several nuances on this question, we would like to clarify as much as we can, so you won’t get overly optimistic, nor too pessimistic from the start.
What kind of person are you?
If we were to examine all the information about trading available online, we’ll notice that +80% of it has to do with strategies, setups, and technical terms. This is the main focus of beginners, as they believe there is a particular formula for success in this industry.
However, most of the reliable forex mentors recommend a completely different approach. “Start with your mind” is what they say and there’s a lot of insight into that. Just think about: we were all born in a particular culture and the education we received is not necessarily the absolute truth, but what other adults thought we should learn.
As a result we end up with habits and beliefs that influence how we operate on a day-to-day basis. Being fully aware of this is a must before you start to learn forex trading because your current state-of-being may not be tailor towards success in trading and it will have a damaging effect on your performance.
Are you able to stay motivated and do the things that you need without having someone at your back all the time, or when you’re not in the right mood? If the answer is no, you’ll need to learn how to be disciplined before you start to learn forex setups.
Trading is a fast-paced environment where there’s an infinite amount of variables that can influence how prices fluctuate. Because of that, you need a rules-based system and more importantly, you need to follow those rules to the tea.
Working with reliable companies
Choosing the best forex broker is much harder than you think, simply because the company you are dealing with should comply with a relatively-large list of requirements. Trading instruments, platforms, educational material, spreads, commissions, deposits/withdrawal methods, regulation, and others, are just a few of the aspects that need to be taken into account. Whether you choose easyMarkets, Oanda, or forex.com, make sure it has everything you need to trade effectively.
To summarize, you can learn how to trade forex if you are willing to put in the work, stay disciplined, work with reliable companies and view this activity as a process that gets better and better as you continue to evolve as a person.