Forex Basics

Using Non-Conventional Methods to Fast-Track Your Forex Education

Starting with forex trading has a few stages before the real live account trading. Forex is a specific kind of business where you need to acquaint yourself with the terminology, the tools, how to use indicators, and price action elements. It puts you as the main subject and your actions isolated from everything else, so trading is more likely to be a lonely, one on one business with forex.

Of course, trading can also be teamwork of like-minded individuals or companies but you can only be a part of them if you have experience with trading. After the first stage, you can move on to learn about the strategies, money management, and psychology, how it all fits into a trading system. At this point, beginner traders can try to demo trade and try out the endless possibilities of trading effectively. If you are asking the title question because you do not want to read or follow other professionals, you are out of luck, you will have to acquire basic knowledge the old way. Practice comes next, your demo account will be your playground after the first stage and it will stay like that for the whole trading career if you choose to step into the world of forex. Perfecting the trading system requires trying out new things, with a demo account you can try out anything without any real money losses. 


Aside from following experts and their various strategies, you have many options on how you want to take this market. You can trade using automated scripts, apply for a managed account, copy trade others, invest in the long term, stake, and so on. However, you will need to acquire knowledge. Experimenting with indicators and strategies on a demo account is definitely beneficial to your learning curve. Sometimes, having a coach might come as an idea if you struggle to advance. Some prop firms give support to their traders, but the help is mainly aimed to stabilize their mindset on a losing streak.

Traders have two options if reading is excluded. There are free but rare coaching channels and those that charge for their service. Those that charge are not necessarily of better quality than those that offer free education. Often the coach traders will stick to one or two ways of trading, their strategies may not be what you want to follow for various reasons, and that is ok. Still, try new things, what you previously disregarded might surprise you with good results. Coaches that do not charge a fee often use video streaming services, podcasts, and YouTube. Sometimes you will see ads, on the other side, some uploaders want to keep ad-free content and still be free. One such channel is created by Partick Victor, also an author of a book, by the name of “No Nonsense Forex”. His channel is mostly based on pure technical trading strategies, if you tend to learn more about price action style trading then you will have to search elsewhere.

Finding a free education may not be that hard, but finding advanced knowledge is. When you have an opportunity to take a glance at something different than what you are used to, take it. This knowledge will give you so many new ideas even though it is not directly related to your starting strategy. Inner Circle Trader is another channel where you can learn about scalping if this is your initial idea about how you will take forex trading. Both traders are experienced and have their blogs and other social media pages. If you want to take trading heavily on fundamental analysis, follow people who are independent, who are not tied or biased to some institution, asset, or groups. Additionally, identify that their opinions are backed up with sound data. Our advice is to slowly get away from the popular analysis on the news if you already follow them, use it mostly to learn the terminology. To sum it up, there are two options, listen to the podcasts and videos or hire a coach, which leads us to the next topic.

There is a difference if you are seeking more than just reading, and if you do not want to read to learn forex trading. If you fall into the second category, your chances of succeeding are slim, maybe if you only take a lucky trade or two, cash out and stop. Of course, few will walk away if they feel lucky. If you fall into the second category, this is great, you are an explorer and want to learn more. Hiring a coach has its cons. The coach might do this for additional income, but he also has to be experienced and consistently successful in trading. If your coach is not a real trader or used to be, know he failed and now he is doing what he can in this business. This kind of coach is just a hand holder, he will not give you anything special that is not already explored many times over. If you are new to trading all this might be new, but ultimately there are better and much less expensive options.

Now, if you just need someone to hold your hand during the learning process, this is a problem if you want to establish the right trader’s mindset. Asking for special treatment is a bad sign, trading forex is not really teamwork where you can share the load with others, it is all on you. Asking to depend on others might leave you empty-handed when you are alone at some point. Mentorship will get you used to relying on other opinions on advanced topics and depending on the basics. When it is decision time, you will be alone after the sessions are over. Independent critical thinking is now tested, you will likely fail and you might feel like you do not know anything, especially when things get downhill. There is no excuse to plead for help and make yourself special if you are on the same path as everybody else trying to get into forex trading.

The internet, videos, and books are all giving you a lot to learn, but to some people, this is not enough, and need a guide that is just basically reading this content out loud. When some problem, a situation, or question needs answering, these people will just ring a bell for help. It is about being independent, if you are not ready to be your own boss, do not try trading. Do yourself a favor and do not try anything if it will reduce self-reliance. Any question you cannot google you can ask for free on specialized forums. Find a forum or a portal where you think it is appropriate and ask other members. Pay attention that you first exhaust all other sources, it is very likely somebody already asked the same question and there is an answer to it. 

In addition to all this, most of the successful traders shaped their strategies and systems according to their ideas and thinking. None of them are the same, even if the same strategies are applied. The trading plan and systems are specific to them and only they can effectively use them. Some technical traders have developed strict rules based on indicators and tools, leaving the ability to be used by others. Such systems are sometimes publically shared, all with the rules when to enter and exit a trade, however, even then you might not be successful with it. This is one more reason to follow your own path to forex trading, use all material you can find and if you need more, try the free options mentioned above. Likely, you will never need a mentor at all.


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