A significant number of forexForex
Monarch traders responded to the question as a total of 6645 responses were received from the membership, providing direct answers to this question. These were responses from actual forex traders who have faced the same question earlier in their trading careers, and who, now having learnt the tricks of the trade, are able to look back with much hindsight and wisdom, and to share their feelings on what exactly would be the best way to learn forex trading successfully.
Topping the list of the main ways was " to attend more seminars, read books and forums, get some experience and make trading decisions yourself". In other words, members were overwhelmingly endorsing a period of self study and education and paper trading and practice as the best way to become a successful forex trader.
A close second approach was to "sit side by side with a Mentor and study his methods and techniques".Other responses which receive little support included subscribing to a signal alert or to get live deals from a guru and trade according to them; to buy a software package and trade according to the signals therein; to hire a professional forex portfolio manager or to invest in a hedge fund and monitor trades done by the fund manager to learn from him, and several other minor approaches.
On the basis of these responses from experienced forex traders, it is clear that they were subscribing to the concept that in forex trading, it is important to know how forex trading works, why it works, and to do self study on the various aspects, which will include knowing the win/loss ratios, back testing and strategy testing. By a period of self study, a forex trader can find a system that matches closely his trading profile, his personal tolerance for risk and time frame of trading. Those who were supportive of having a mentor would have the benefit of a fast tracking of practical skills and knowledge, from the mentor to the student, and to gain hidden and lesser known information from a reliable source, namely the mentor himself.
Topping the list of the main ways was " to attend more seminars, read books and forums, get some experience and make trading decisions yourself". In other words, members were overwhelmingly endorsing a period of self study and education and paper trading and practice as the best way to become a successful forex trader.
A close second approach was to "sit side by side with a Mentor and study his methods and techniques".Other responses which receive little support included subscribing to a signal alert or to get live deals from a guru and trade according to them; to buy a software package and trade according to the signals therein; to hire a professional forex portfolio manager or to invest in a hedge fund and monitor trades done by the fund manager to learn from him, and several other minor approaches.
On the basis of these responses from experienced forex traders, it is clear that they were subscribing to the concept that in forex trading, it is important to know how forex trading works, why it works, and to do self study on the various aspects, which will include knowing the win/loss ratios, back testing and strategy testing. By a period of self study, a forex trader can find a system that matches closely his trading profile, his personal tolerance for risk and time frame of trading. Those who were supportive of having a mentor would have the benefit of a fast tracking of practical skills and knowledge, from the mentor to the student, and to gain hidden and lesser known information from a reliable source, namely the mentor himself.
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