Forex Trading Beginners: How Much Knowledge To Be Successful?
Forex trading beginners are hungry for knowledge. They want to know how to make money in the Forex market… enough money to make an impact on their lives. But sometimes this desire for knowledge is exactly what keeps them from being successful. In this article I want to show you that you don’t need to know everything about Forex trading to be successful, you only need to know enough to be successful. Let me explain…
Knowledge Without Action Is Useless
I’m going to use an example from the fitness industry, and then we’ll talk about how this effects Forex trading beginners. Go to any fitness forum and there will be hundreds of very knowledgeable posters… that have failed to reach the goal they set out to achieve. They know all the scientific names, have studied all the top trainers and could earn a college degree with all the knowledge they know. But they are still fat, weak and with an unfit body.
You see, the mistake they are making is putting their priority on gaining knowledge, and not putting the knowledge they have into action. They spend their time in front of the computer and reading books. Neither activity gives them the results they desire because they aren’t spending any time in the gym..
How This Relates To Forex Trading Beginners
The Forex market is not something you just want to jump into. So, the beginner Forex trader wants to learn everything they can before they put any money into it. They go from one website to another. They buy eBooks and take courses. And at the end of the day all this knowledge has the reverse effect of only making them confused.
Sometimes, too much knowledge can actually be a handicap. If you had to take everything into account before you make a currency trade, you’ll end up analyzing and not trading. This system says go long… but this other system says go short. What should I do? The beginner Forex traders usually ends up doing nothing… which means they have no chance of making any money.
How To Turn Forex Knowledge Into Success
The fact is, Forex is such a big topic that you may NEVER know everything. But the good news is… you don’t have to know everything in order to be successful. You only need to know the information necessary to put a successful trading strategy into action. Nothing more, and nothing less.
You see, I am not suggesting you jump into the Forex market without doing your homework. Just opening up an account and making trades off the top of your head is the fastest way to lose money. What I am suggesting is you learn the right information really well and then put that knowledge into action.
You could spend the next ten years learning everything you can about the Forex market. And maybe you might be the one person on the planet that knows the most about Forex trading. But who cares when your goal was to actually make money trading currency. Unless you’ve figured out a way to get paid for studying, you need to trade in order to make any money.
When everything is said and done, FOCUS and ACTION are the fastest way to go from a Forex trading beginner to a successful Forex trader. Focus on the specific information that will aide you in putting a proven trading system into action. But the most important part is to use that knowledge to take action by actually trading a proven Forex trading system. This is the fastest way to make money as a Forex trader.
In your search for knowledge, make sure you are getting the “right” knowledge. By that I mean you need to learn from someone who is telling you the truth about what is and what is not possible trading the Forex markets. A good place to start is by focusing on long term, investment type trading… and that usually filters out the “get-rich-quick” crowd.
Article provided by Edward Lomax at ForexInvestingLive.com. Take the FREE course, Forex Investing Battle Plan and learn the 4 Foundational Core Principles that leads to life-changing profits. This is the LAST WORD on Forex Investing Success.