Learning to trade forex on your own?
Not the best idea… Here’s why
You have heard about trading forex from home but you don’t really know anything about it. Your side hustles take you away from your family on weekends and you are not living the life you had envisioned for yourself.
Perhaps your children are still small, or they have started school and now you find yourself with a couple of spare hours in the morning. Or maybe you have been retrenched. But any which way, you can use some extra money.
On the flip side, you could still be slogging the 9 – 5 routine, rushing home to bang dinner in the oven, bath your children, finish homework, read a bedtime story, tuck them into bed and then only getting to sit down for some ‘me time’ after 21h00… and then still not being able to catch up on your series because you are just too tired…. then let me be the one to tell you that thankfully, you do have other options.
If you have a pc, internet and some oomph, I highly recommend that you learn to trade the foreign exchange (forex) markets. This is not the same as the stock markets; you won’t work on Wall Street and you don’t even have to dress up because the best part is that you can do it from home. It also won’t take you years to qualify with a degree.
As an online trader, you are also able to have more than one account. In time you can have one to cover your monthly income, one to save for your retirement, of course one for your shoe collection, one for your holiday money…you get the picture🙂
To be quite honest with you, you can actually learn to trade forex on your own, straight from the internet. Everything that you need to know is out there. The problem is, there is simply TOO MUCH information available on the net and it is completely overwhelming.
Before you go online and look for all of this amazing info to embody the next ‘Wolf of Wall Street’ in your own home, have a look below at the thirteen reasons why I would not recommend you learn to trade forex alone.
1. If you are going to look for tutorials, videos and information online you will never know who is a scammer and who is not. Forex trading is not a scam, but unfortunately you do get scammers in this industry as you sadly do in every industry.
2. There is so much information on the net that you are going to be drowning in an information overload and will become completely overwhelmed before you’ve even begun. You will try one strategy that you find online, but then will most likely give up after a few tries if you have lost some money (everyone – even the big players – lose money). You will then try a different strategy and lose again. You will end up becoming the ‘Jack of All Trades and the Master of None’. This is extremely disheartening and frankly a waste of time and money. I highly recommend that you learn from only one trading school as they will teach you what you need to know, and will help you get to where you want to be. They will help you find what trading techniques work for you and they cut out all the internet ‘noise’.
3. Trading terminology is a language on its own and can be a bit confusing in the beginning. Stick with people who will help you no matter what level you’re on.
4. Save yourself time and a serious headache by doing a forex trading course with a reputable company made up of people who are not only good trainers, but also good traders themselves. Find out how long the trainers have been trading for and what their returns are like.
5. The financial markets are constantly changing and so the rules of trading forex are ever changing. To stay on top of this world, you must learn to trade with traders who are up to date and can always give you the latest info.
6. If you do try and teach yourself, you will not have a support system. I recommend that you do have a support system in place for at least your first year of trading. Minimum. Just like a child learns better when they have a community of support around them: a teacher, supportive parents, a classroom of like minded friends asking the same questions and learning together, additional classes, tutors etc. and so you will do the same and learn better and faster when surrounded by similar groups of people.
7. You won’t have anyone to mentor you. Make sure that you are able to have a personal mentor if you want, even if there is a cost involved. Again, worth it. It’s not forever. It should be whenever you feel you need it.
8. You won’t know which forex forums are good to join, or which ones are on your personal trading level so that you can understand what is being discussed. You don’t want to join forums and not have a clue of what they are talking about! That is just a waste of time. You should make sure that you can join forums where you can read about and discuss market/ trade related topics and learn from more advanced traders.
9. You will ask your questions to …. ? You will have questions. End of story. Be able to link up with community groups of people from the forex course that you did and discuss topics, various strategies or what coffee you had this morning (this is usually online but sometimes you might be in an area where you are able to attend a live mentoring session).
10. Your family and friends won’t ‘get you’ when you talk about trading or the markets – you should have a time each day where you can link up with traders to discuss trading related topics, or simply ask questions say from 09h00 – 10h00; these traders want to help you succeed. With trillions of dollars being traded daily, no-one is going to lose out by helping someone else.
11. You might lose confidence and give up before you begin. If you don’t know what you are doing and just try to figure out trading on your own, there is a very real risk of you becoming overwhelmed, losing money and giving up. Take this seriously. Invest in yourself and your future by paying money for a course or mentoring. Paying for this education does something inside of us and makes us want to stick it out and get value from this thing we’ve bought. Chat rooms are great for this. But whatever you do, don’t give up.
12. You could get ripped off if you choose an incorrect broker. You need to find out who the better brokers are and it is advisable that you get this information from a trustworthy source. This is where you will be putting your money so you want it to be with a broker who is regulated and who has a successful history.
13. If you do choose to try and do this alone, who is going to help you with a simple thing like assisting you when your trading platform doesn’t function correctly? Who will help you load an indicator to your trading platform if you don’t know how to do it? Who will show you how to use that indicator correctly?
Remember, when learning something new you will make mistakes, but by surrounding yourself with people who can help you see why you made the mistakes, you will then learn how to do this differently in the future.
You want to do the course with trainers who can actually trade the markets successfully. After the course, you want to be around these people who can trade. You will want the support. So, it might put you out of your comfort zone for a couple of days while you do the course, but in doing a quality forex trading course the pros definitely outweigh the cons.
And in my opinion, every woman should learn to trade the forex markets. Once you have done a course and have a community around you, all it takes from your side is discipline, practice and patience. Simple.
So please tell me below – what is stopping you from learning to trade the forex markets?