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Many traders ask me how to trade Forex, nearly all have read a few books and articles, some have bought into the current trend of automated trading robots.
What they all share in common is that they have spent loads of money. Why? the reason is uncomplicated, trading Forex requires perseverance, patience and skill. Most of the would be traders I've spoken to, have little of the above.

Many were told that it's easy money, all you have to do is set up a trading platform with charts, plot some indicators and away you go, money floods your account. Quite a few were sold trading engines, here they were informed; just get a Metaquotes (MT4) platform set it on auto trade and go to the seaside, or play Tennis or whatever takes your fancy.
Easy eh? Yep, an easy way to ensure you lose your deposit pretty fast. Why do trading engines not work? well some do, after a fashion, however, they need to be set up in a specialized way, they need to kept in check and one really needs a good understanding of trading and some programming for that.

So, is your dream of becoming a decent Forex trader possible at all.
The answer to that depends entirely on you, are you willing to do the necessary work, taking the essential simple steps to become one?

If on the other hand, you will be able to, then spend the time mastering exactly what it is about. Understand also, what it is not about. Here are some fundamental facts about Forex trading:

1. It is a massive market and is primarily managed by large institutional players working for financial groups.
2. No matter how sizeable you trade, you chicken feed compared to the big boys.
3. Currencies respond fast and sharply to news issues, certainly the planned ones, like CPI, GDP, Interest rate etc, but can often also turn quickly when some unanticipated news item hits the news. This is specially true when some politician or central banker is talking.
4. If no special news, currencies tend to trade in ranges, and it is important to find out what they are.
5. This is a highly leveraged business, and leverage can work against you. Make sure that you know how many Bucks per pip you are trading.

If you need any assistance, I am always happy to provide some suggestions via the my facebook page or my blog.

Are you willing to invest time and possibly some money in a Forex trading education??

Yours trully been trading and making a good living for seven years now, I run a trading blog (http://tradeconscious.com) and a Traders chat room, so I can tell you that it is possible to learn and become a profitable trader, are you prepared to take the necessary Forex trading training?

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