When you’re getting started in Forex, there’s so much to learn about trading Forex it can be overwhelming. These days, the popular wisdom is that the only way to succeed in Forex is to teach yourself how to trade. Given that there’s such a high failure rate among traders learning to trade Forex, is this really a viable option? By the end of this article, you’ll know if it’s really possible to teach yourself how to trade Forex.
Is It Possible To Teach Yourself To Trade Forex?
Ask any “experienced Forex trader”. They’ll tell you that the best way to learn Forex is to teach yourself by reading the popular Forex trading books and through trial and error in a demo account. Why? Because that’s what they’ve been told by other “experienced traders”. That’s the only way they know how. The thing is, if you take a long, hard look at their trading account, chances are you’ll realise that they’re not that much closer to making a Forex trading income than you're.
Is it possible to teach yourself to trade Forex? Yes, just as it’s possible to teach yourself the practice of law or architecture. It’s not outside of the realm of possibility. Really it’s the worst possible way to go about it. In fact, it’s a well known fact in trading circles that 95% of beginner Forex traders don’t make it past their first year of trading. I don’t believe that it’s a coincidence that so many traders who are told to “do it themselves”. Fail so miserably in such a short period of time. So…