A lot of people trying to become profitable Forex traders are going about it all wrong. It is easy to understand why they make this mistake because it is counter-intuitive. You see, learning everything you can about Forex is not the way to become a better trader. What most people need to do is to stop learning more systems, techniques and methods, and start practicing and gaining real experience.
You think if you know more, you'll automatically perform better, but that is not necessarily the case. At some point, the knowledge you have starts to work against you. You start to add so much to your trading system that it becomes overcomplicated and cannot be traded. Or, you get so much conflicting information that you never have the confidence to place a trade. In either case, your trading is not getting better and your account is not getting bigger.
You could spend a lifetime learning about different aspects of Forex and trading in general and still not learn everything. But lucky for us, you don't have to know everything about Forex to be a highly profitable trader. If you learn a simple trading system, and gain the necessary experience to master the system, you'll be much more successful than learning every concept about Forex and trading in general.
The only way to become a better trader is to TRADE more. And learning to trade is not trading. Real experience comes from learning a system and placing trades in live market. This way you can learn things about the trading system itself, you as a trader and the Forex market in general that you could never learn from a book, a video or watching other traders trade.
Trading Forex is a skill based activity. And like all things that require skill, you need to practice, practice, practice. Learning alone is not going to help you develop the skills you need to trade profitably.
Here is a quick example. If I wanted to teach you how to shoot a basketball I would devote about 5 minutes teaching you the mechanics of shooting. Then I would give you a ball and you would practice shooting. Only that way would you acquire the real experience you need to start making baskets.
Learning Forex is exactly the same thing. The time you spend to learn the trading system from a book, video or mentor is relatively short. But then you need to start practicing what you learn under live market conditions by placing trades. This is the only way you are going to master the trading system and gain the experience you need to trade the system and make real money.
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