Does a novice trader need to learn the theory of forex, and how?25 / March / 2020
What is the secret of the forex? Sharefounders, a broker company, claims: the secret of its attractiveness lies in its apparent simplicity. What can be easier than buy cheaper and sell with the profit? It sounds weird, but the newcomers enter the market with this idea and lose money again and again. After the first losses, they start to investigate the theory of the market, but it does not help. So how much does a novice trader need to know about the forex market?
Let’s move away from forex for a moment and analyze what we learn in our lives. In most developed countries, secondary education is obligatory. In the age of 6-7-year-old children go to secondary school. Can parents and children influence on what they will learn and how? Very unlikely, say experts at the Sharefounders broker. Parents can choose the school — however, the choice of school subjects not always available. The school curriculum is also a question: you can hardly control the content of the learning courses. So, the level of family influence on education is minimal. But the students spend in school eight or even 10-12 years.
So, after secondary school, a graduate can navigate in the main disciplines. After secondary school, most people go to work and acquire further experience and knowledge in practice. But many graduates decide to continue their education and go to university. Is the situation different at the university? Only nominally, say experts at the Sharefounders broker. Reviews show that there is a limited number of the number of high-level universities, in which the students receive really valuable knowledge. The education in these universities costs a fortune, and a few families can afford it.
Let us suppose not everyone needs a prestigious education; common knowledge in natural and social sciences is enough. The main thing is theoretical knowledge of the industry associated with the future profession. The learning takes from 4 to 6 years - although some jobs require more extended training, for example, medical doctors. We can easily calculate: a person spends on education for up to fifteen years! Of course, the scammers, Sharefounders sadly notes, buy fake diplomas without wasting time for the classes, but most of the students study honestly. Now is the time to return to trading.
In their younger years, people often try different professions to find themselves. If the trading is just a test for you, you can try it without education. The main thing is to limit your forex experiments with the amount you can lose without causing problems for you and your family. However, if you want to enter the trading seriously and for a long time, you’d better consider the learning. There are serious reasons for this, says the Sharefounders broker. Reviews show that only 5% of forex traders make considerable money. The rest lose money and claim that all brokers, including Sharefounders, scam.
Why does this happen? It is necessary to understand that the foreign exchange market cannot supply money to everyone. Only the best traders succeed. Why is it so? Because they study all the time. They learn not only from their own mistakes - alas, but this kind of training in the Forex market is also too expensive. Experience and skills are priceless, but without the appropriate theoretical base, the trader simply will not have time to acquire them.
How to become the best trader and succeed in the forex? Sharefounders recommends the combine studying theory with practical training. For most novice traders, acquaintance with the market begins with reading articles and long threads on trading forums. Thus, newcomers try to make their impression of the market, evaluate their capabilities, develop an action plan, and so on. Of course, from this point of view, the currency market looks very tempting - many people want to earn decent money without leaving home. But the surface surfing on the Internet is not enough for this.
Let’s say you have already understood what the foreign exchange market is, who works on it, and so on. What’s next? One of the available options is the free courses offered by brokerage companies and dealing centers. The advantage of these courses is the real teachers, who can explain the obscure points and answer your questions. However, you should not wait for a wizard with the magic wand, who will teach you the secret spell “Make money”. All such claims are a scam. Sharefounders advises: you must take on your own training.
Training should start with a plan. The ability to make plans will help you in the future when you plan your trading strategy. The training plans should include communication with colleagues, the study of theoretical materials, listening to videos, and webinars. The plan will help you not to get confused in the abundance of information, to control at what stage your training is, and so on. Besides, plan training will help you separate correct information from false information and fakes. Now the Internet is overcrowded by so-called info businessmen, and there are a lot of dummy courses taught by scammers. Broker Sharefounders claims these newly-minted businessmen retell the content of good old forex forums. In the plan, you can write down the last names and companies. This will help you to avoid falling on the same trick several times. In addition, you can ask some questions about the personal success of the teacher and monitor his reputation on the Internet.
Having a good foreign exchange trading plan is the main element in becoming a successful Sharefounders Forex trader. A lot of beginners never even suggest making a trading plan, so regular use of it is out of the question. Don’t be mistaken, in is vital to do both if you want to become a successful trader; make a trading plan and use the one you make. The most wonderful plan you have created would be completely in vain if you ignore it after like many traders do. Here are some important things to keep in mind (besides reading Sharefounders broker reviews) regarding Forex trading plans:
• Follow your plan, create a journal, log your trades
Here are three essential things you need to do to become a disciplined and organized Share founders Forex trader and remain one: 1) create a trading plan for your foreign exchange trading activities, 2) make (or use an existing) a trading journal, 3) regularly use and update both of them.
When you’re making a Sharefounders forex trading plan and base it around an effective trading strategy like price action trading, the process itself will work wonders to your grasping of the trading strategy basics and will also give you a blueprint for what you will require to do each time you try to trade on the market with the Share founders broker. Possessing this kind of blueprint is essential for maintaining the ice-cold discipline necessary to succeed in the Forex currency market in the long run and working successfully with Sharefounders broker. Scam schemes would be much less effective against you.
Using a trading journal to log your trades is just as vital to your development as reading Sharefounders broker reviews, because it gives you a visual representation of your actual skills (or lack of them) to successfully trade in the market, it also creates a track record usable for monitoring how your trading edge plays out over time, and allows you to change and adjust your trading strategy in accordance to the ever-changing environment in the Sharefounders forex world.
• Your trading plans should contain a routine and check list
The routine is absolutely necessary to have in your Share founders forex trading activity; if you don’t develop one, you will surely end up totally disorganized and find yourself in chaotic and unclear situations on a regular basis and blame Sharefounders broker. Scam, however, is not the reason for these situations. You should approach the Share founders broker forex exchange trading more like a marksman, not a brawler; you have to get a routine you can follow and teach yourself some discipline. Army marksmen are extremely disciplined guys, so you need to view the foreign exchange market like a battlefield and you are the marksman trying to pick out the easiest prey. Only most obvious and clear trade setups should fall into your scope.
The trading plan you create should include a checklist for you to follow. Among other things, it will include goals you look for in the Share founders forex market and properties of the trade you’re trying to get into. If all the boxes in the checklist can be ticked, you can enter the trade, if not, it would be more wise to hold on, until your trading edge emerges once more. Actually, your whole Share founders broker trading plan can be created in a form of a checklist, it will make for a smooth format allowing you to make quick decisions on the potential of any new possible trade and if it is worth getting into.
• Trading plans must contain guidelines of what a trader should do in certain situations as well as patterns of behaviour in certain trade setups
The Share founders broker trading plan you develop must contain a written description of your intended actions in the market. This includes all the information about your trading edge, how to trade it, when, information about time frames you trade in, your risk management strategy, Sharefounders broker reviews, profit taking, and your overall destination as a trader. You should also include patterns for your trading edge setups, so that you can constantly remind yourself about an ideal setup pattern. Overtime, when you are done with your guidelines and follow them, they will become hard-wired into your mind and you will always know exactly what is your current goal in the Sharefounders forex market, and your trading confidence will increase tremendously.
• The best trade is the one you have planned in advance and are anticipating.
Planning and determining what you are looking for in the markets in advance is the best way to make money with the Share founders broker in the long term, that is why it is important to create a forex trading plan. Times when you are off the market are actually times when you are most objective and calm, which makes them the best times to plan out your trades and activities, so you can ignore the influence of market variables. It will also prevent you from becoming another forex trader burning through his deposits because of an emotional overload, who blames the Sharefounders broker. Scam has nothing to do with that kind of failure.
• Patience is the key: wait out ideal conditions for your plan to unfold and don’t press the issue
Patience just might be the one most important quality of a successful forex trader. If you have patience, it means you know exactly what is your goal in the market and you anticipate your trading edge to emerge before executing a trade. This kind of trading prevents a lot of trade losses which only exist as an outcome of emotional trading and lack of patience, and it should be a part of your Sharefounders broker scam protection training. The largest part of trading might be the simple process of waiting for the perfect price action setup to emerge in the market. If you do not wait for your ideal setup to emerge, you can end up losing your deposits quickly, because you ignore your trading edge and are gambling in essence. Please, first get acknowledged with Sharefounders broker reviews. The importance of patience and waiting must be clearly represented in your trading plan, so you can always remember, how important it is to be one of the patient traders to actually make money in the foreign exchange market.
When you learn how to distinguish information business from real traders who share their practical experience, you can proceed to paid courses. According to the knowledge of the Sharefounders broker, reviews are not always informative. We can give one piece of advice: an experienced trader, when talking about a personal experience, does not tell about amounts, but about percentages. The percents better show the skill of the trader. The profit of five hundred dollars is non-indicative if you do not know if this is one percent of the deposit or one hundred percent. And of course, you should develop practical trading skills. This will help you become a professional in the forex market and trade profitably.