People still argue if someone needs natural traits to be able to trade Forex or if it’s a learnable skill. I strongly believe that success in anything can be learnt. If someone has a strong desire to learn to trade Forex then there is nothing can stop him to become a profitable trader.
When I first started trading Forex I thought my personality was completely unsuitable for it. I was impatient; I was completely unable to control my emotions. But I found one way that drastically changed my approach in learning to trade Forex.
Many people come to trading currencies or any other business because of the freedom it promises. I was one of them. I always heard and read ads saying something like “be your own boss”, “fire your boss” etc. What I did realize since I started trading was that it required much more hard work and effort than it was required in a job environment.
As I was putting myself through trading education I found that one thing was missing in my learning process. And I believe that if you put that thing in place you will learn to trade Forex consistently very soon. This thing is accountability. It is very easy to get discouraged and lose your focus in the course of learning a new thing. That’s why I think it is very important to be accountable to someone. To report your progress to someone as you always did to your teacher or your boss.
My accountability partner is my wife. She has no understanding of any technical or fundamental analysis. But she has a great understanding about my completion of tasks and goals. That’s actually all you need. If you can find a mentor who will teach you to trade Forex and hold you accountable to your plans it’s the best way to go in my opinion. But if you don’t have such a mentor you can find a friend or relative who is supportive of your endeavor and can hold you accountable in following your plans.
These are a few tips on how you can go with learning trading with a partner. Take a trading strategy. It can be any strategy that is most convenient for you to trading style. Make a goal to back test this strategy certain amount of time per day. Trade this strategy on a demo account as well. Make a list of things that you want to improve in your trading. For example “as soon as I see X happen I enter the trade” or “I do not exit the trade before price hits the stop-loss or take –profit level”. Put it on paper and keep track of them.
At the end of the day report to your partner how long did you back tested your system and how well you followed your trading rules. It doesn’t matter if a trade was loser or winner. If you managed to stick to your trading rule it’s a successful one if not then you failed your plan.
This advice may not be new for many of you. But the actual implementation of it in a consistent basis makes the learning experience completely different and faster if you were learning and struggling on your own.
Albert Schmidt is a part-time currency trader. After quite a few months of struggle he learned to make consistent profit trading in Forex. Review a trading strategy that he is trading successfully. Or read another article about 10 Minute Forex Wealth Builder.
