Forex Education 1: Learn Forex Before You Invest

The Makings of a Forex Trader

What makes a good forex trader? What is the personality profile of a successful trader? What are the characteristics of a professional trader?

Self-disciplined, self-controlled, unemotional, analytical, wary, patient, diligent, persevering, fearless, confident, wise, moderate, sensible, alert, objective, and—what else?

Important Traits of a Good Forex Trader:

  1. Focus on what is important and ignore the unnecessary details
  2. Make mistakes, learn from these mistakes, and move on
  3. Learn to be brave but start small while fighting the trading nerve
  4. Be independent and learn to decide for yourself
  5. Be patient, be willing to wait-and-watch, and be ready to leave without trading

Who Could be a Forex Trader?

Before we go any further, here’s a quick introduction of myself. Please call me Mumsie FX, a middle-aged forex trader wanna-be. I decided to use a penname because I’m kinda nervous about tackling such a challenging task of studying forex and writing about what I learn along the way. I might fall flat on my face so I’d better hide it now. lol

Where to Start with Forex

The very first step to forex trading is to learn the ropes thoroughly. The first investment to spend is not money, only time. Setting aside ample time to study forex is very important. Forex trading is not easy but to some individuals who have developed and transformed themselves as skilled forex traders, forex trading can be profitable.

Finding a forex school online is not as easy as Google-ing the keywords “forex education”. The list of search results is quite daunting. What offers the best forex training course? Which forex school to choose? How much should be paid for forex education tuition?

BabyPips.com's School of Pipsology

Checking out each website has shortlisted 3 sites, where forex education could be gained without having to shed a dollar, one free forex online school called BabyPips.com’s School of Pipsology outshines the rest. It offers the most detailed forex training curriculum with different levels of learning. Forex students would have to go through elementary, middle, and high school; then, college and graduation. Cool!

I like BabyPips.com’s simple definition of what a successful trader is—one who is able to do these 3 important things: “make pips, keep pips, and repeat.”

Share
  1. Get up to the minute information about forex trading

  2. KCSEOPaul says:

    Really nice stuff, thanks for writing that up. I’ve been trying to read up on this for a while now and I didn’t think about it until today when I came across this post. Putting this one in my RSS feed! Take care

  3. In my experience, it is always good to put these Forex Tips infront of you, as a reminder:
    - Trade with the trend.
    - Do NOT Forget ” Stop Losses ”
    - This is very important, no emotions in trading
    - First try Forex with a demo account
    - Do your research before entering a position
    - Choose the right day to trade I hope, it helps.

    I hope you find it useful.

  4. I did like the article really much, was really informative and the best part was that only the required part was elaborated, to the point concise information always helps and keeps readers running around digging for the information’s will never require a reread. I really wish spammers read these articles and check how easy it is to be human and respect knowledge.

  5. An interesting blog with an awesome design thanks to wordpress.

  6. When i used to be starting with exchanging forex trading, i taught that it would be simple to earn a living with currency trading however soon i realized that i will not be doing much without hard learning the ropes

  7. SaraW says:

    Really nice points. Really touched on some of really nice points. Thank you for putting that together. Putting this blog in my RSS !

  8. Quite neat article. I just now discovered your weblog and needed to point out that I have really loved checking your blog posts. In fact I will be signing up for your feed and I am hoping you write again soon!

  9. Forex Alert says:

    To get concerned in the forex trading markets, contacting any of those massive broker assistance corporations is going to be in your best interest. Certain, anyone will get involved within the forex market, however it does take time to find out about what is hot, what’s not, and just where you must place your money at this time. International banks are the markets biggest users on the forex markets, as they need many greenbacks to invest daily, to earn interest and this can be simply one methodology of how banks make cash on the cash you save in their bank. Suppose concerning the bank that you deal with all the time. Do you recognize if you can go there, and acquire cash from ‘another’ country if you are heading out on vacation? If not, that bank is presumably not involved in forex trading. If you have got to understand if your bank is involved in forex trading, you’ll raise any manager or you can take a glance at the monetary info sheets that banks are to report back to the general public on a quarterly baiss. If you are new to the forex market, it’s necessary to understand there is nobody person or one bank that controls all the trades that occur in the forex markets. Various currencies are traded, and will originate from anywhere in the world. The currencies that are most typically traded in the forex markets include those of the US greenback, the Eurozone euro, the Japanese yen, the British pound sterling and additionally the Swiss franc also because the Australian dollar. These are simply a few of the currencies that are traded on the forex markets, with many alternative counties currencies to be included as well. The most trading centers for the forex trading markets are located in Tokyo, New York and in London however with alternative smaller trading centers located thought out the planet as well.

  10. super!, grazie molto delle info, sono utilissime.

  11. Paul Minda says:

    I love your blog recently found it to Yahoo and I liked it. Thank you very much for that information.

  12. Just came across your article from Tehnoratti. Well written, a pleasure to read it

line
footer
Powered by Wordpress | Designed by Elegant Themes