Glad to know that you are in a thirst to learn about forex market. Now, I just want to say that learning forex is not that easy. Yes various e-books, video tutorials, learning from professionals, etc. are various tools in forex market. but demo trading is somehow different since demo trading accounts offer the real experience of trading and you will egt the opportunities to learn forex market. So how much time you will require is dependent on your abilities to learn forex trading and your abilities to read the market.
The more you connect your life with this sphere, the more you have to know. It means you are always learn something new and step by step become from newbie to profi.
Sorry to sound so argumentative, but I’d say exactly the opposite, myself: in my experience, almost nobody ever becomes very capable after only 6 months. Even people who join the graduate entry trainee trader schemes of financial institutions and get highly focused, full-time, professional education take a lot longer than that, before becoming “very capable”.
Another perspective strongly opposed to my own, there. In my opinion, far from being “the only way”, I think very commonly experienced results actually demonstrate that that’s a really bad way: in my experience, the people who do best, and benefit most from their initial live trading experiences, are usually those who’ve mastered the theory first, rather than trying to learn by practical experience. The skills we need, to trade successfully, are counter-intuitive ones, and trying to learn them by practical experience, without starting from a sound initial theoretical understanding, is a real mistake for most people, in my opinion. And one that’s very often difficult to recover from.
No way to ignore the learning process but learning can be valueless if there is no proper practice. That’s why we have to ensure practice more and more bedsides learning if you want to get maximal result in Fx.
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But practically we the traders who are particularly newcomers always try to earn money without practicing , as a result they become loser due to lack of real trading experience , we all should understand the reality of Fx trading , there is no one who can earn something from here without passing a long time with great patience.
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“The more I know, the more I realize how much I don’t know…”! Learning is a lifelong exercise. You would never be completely learned. So, what is important is to be learned enough to get down to the job, in this case, trading.
Yes , there is no way to stop learning and practicing in Forex trading even for the professional traders , it’s a long journey for until the end of time . that’s why most of them traders above all newcomers lost to keep motive when trading.
Nice point . keep motivation for a long time is the main challenge . there is nothing 100% in Fx trading and that’s why no way to stop learning in spite of passing a minimum time. now I am looking for a real Fx Mentor who can keep motive for all time in spite of having much losses.
Forex is the largest market of the world where trillions of dollars are exchanged daily. You will learn from every trade you will take. But if you are a quick learner and hardworking then you would learn the basics very quickly.
Some discord I have. For the beginners level quick learning decision could be dangerous. Minimum 6 months mostly needed to ensure good basic knowledge and experience.
in spite of practicing trading can be useless if there is no reliable support from a credible trading broker , because the broker always can affects the result of our trading with certainly.
Yes it is. That’s why we the traders who are particularly newcomers have to choose the broker which is more appropriate to the concept of trading that will be used , if you love doing scalping , should choose the broker which allows trading concept such as this .
A true fact; I know a trader he struggling till now although he has more than 4 years trading experience!
The problem is that when it comes to educational support from a broker you never know how honest it is. Do they genuinely want to help you or are they just helping you enough to lose money?
This depends on how smart you are and how interested you are about trading.
So, for example, you are doing a part-time learning and may see video and book. You probably need 1 year or more to understand everything related to trading. I mean the ‘basic knowledge’ like swap calculation, margin level calculation etc.
The best way and the fastest way to learn is depositing your own money into it. Cause you probably will pay a super attention.
I lot of people will say without any irony that online resources for learning forex are a bad idea. I don’t really think the medium through which you educate yourself is as important as the quality of the education itself, and there lies the problem; if you are new to the trading racket and can’t decipher good or bad advice as a result then how do you know what to choose.
I don’t think it would be instructive to buy a how to guides that purports to teach you a particular method of trading that is successful, at the end of the day you have to find your own rhythm and what works for you considering your personality, skill set and what ever else.
In that case I would suggest that you instead seek to understand the market(s) better and how they work, the features that give each currency pair it’s distinct personality for example and the macros behind the longer term trends. And not just on FX but other markets too, with a view to understand how everything fits together.
Maybe you have an indication that certain commodity prices will rise for whatever reason and that might have an impact on your FX trading for the commodity linked pairs. Who knows, and that is the fun, I think learning the markets is an educational pursuit for life.
Use well vetted introductory guides to gain a overview: FT Guides | Book Depository
and then move on to study the same literature that buy side investment professional read. check out the cfa courses and look for relevant content there CFA Institute
or check the IFoA Investment A and Investment B.
Go on to the campus recruiting page of any global bank and look for the recommended reading list for candidates seeking Markets roles. I know Morgan Stanley used to have a very comprehensive list.
pick up the phone a call a trader (preferably buy side) and ask them what they would recommend.
And then ask them if they would lend you some money for your trading account; you never know.
some broker offer 0 pip spreads for using scalping . its really true or not ? i have a confused.
and coincidentally, 90% of traders lose 90% of their monies in 90 days … as the saying goes.
I’v been listening a podcast that interviews a different professional traders every episode, when they speak about the timeframe from starting out to being able to perform consistently, it’s between 2-3 years, in general
It depends on us how we take time to learn and manage the basic knowledge to implement on real account so basically, we should first spend time on a demo account at least three to four month so that trading in the real account will be done properly with maximum profit generate.
4 months is not good enough as a basic level , minimum 1 year have to pass in demo if anyone want to get good knowledge and experience from here. and of course with preschool level.