How Long Does It Take To Learn Forex?
Shorter Than You Think If You Take This Path
Many people want to learn Forex due to the incredible wealth building potential. But they are put off by what seems to be an extremely long learning curve. I mean, there just seems to be so much to learn it has to take forever, right?
Well, how long it takes to learn Forex depends on the path you take.
- One path can be extremely long, seem never ending and rarely leads to success.
- One path can be very short, surprisingly simple and have a high degree of success.
In this post, I want to go over the two different paths to learn Forex. You’ll gain some insight into each one and be able to determine which path is right for you.
If you only thought there was one path to learn Forex, you are about to be enlightened. As a matter of fact, you just might be shocked at how simple and fast it can be to learn Forex, accumulate wealth faster and create multiple income streams.
The Accessibility Of Forex Trading
One of the reasons Forex trading is so popular is because it is very accessible. You don’t need a lot in order to participate in the Forex market, and most of the things you do need you already have or are free.
Here is what you need to trade Forex:
- Internet connection
- Forex broker account
- Trading platform (I use Metatrader4, which is free)
- Startup capital to fund account
Most people interested in learning Forex already have a computer and Internet connection. Getting a Forex broker is a pretty simple and straightforward process and the MT4 trading platform is free.
You will need some money to fund your account. But it does not have to be a huge amount of money to start with. It is actually better to start with a smaller account and add to it when you become more confident and grow your account over time.
So, as you can see, there are no big obstacles in your way when you want to learn Forex.
But what else do you need to learn Forex? What about special abilities?
The Only Forex Abilities You Need
To Be Successful
So, if setting up your Forex trading infrastructure is not a big problem, the specific tasks you must perform as a Forex trader must be, right?
Here are the specific tasks you must know how to perform:
- Place a BUY trade or Place a SELL trade
- Calculate proper lot size
- Place stop loss and take profit levels
- Be able to move your stop loss to breakeven or lock in profit
- Be able to manually close your trade
These are the manual tasks a Forex trader must be able to perform. And even if you don’t know how to do these things now, it is very easy to learn.
You can get a demo account and learn how to perform all these tasks without risking any money. As a matter of fact, learning to perform the trading activities is the only value I find in demo accounts.
Therefore, you can simply get a demo account and practice placing trades with the proper lot size, stop loss and take profit levels. You’ll see this is not very difficult at all.
Side note: In Forex Trading Blast Off I actually provide Scripts to help place trades on the Metatrader4 platform. This makes placing trades properly drag and drop simple. So, even these simple trading activities can be simplified even more.
OK, what you need and the tasks you need to perform should not be an obstacle when you want to learn Forex. But what about making the trading decisions?
That is where you have two paths. And it is in choosing the correct path to take where most people who want to learn Forex make a critical error.
Learn Forex By Developing
Superior Trading Skills
Forex is a big topic. And there are a lot of different approaches to trading the Forex market. So, this means the learning curve is going to be steep, right?
The common approach is this…
First you need to learn as much about Forex as possible.
Second, you need to practice and develop superior trading skills.
Basically, you need to become extremely knowledgeable about Forex, and then extremely skillful in applying that knowledge to the live markets. This is why most people automatically think a Forex traders success is directly tied to their KNOWLEDGE and SKILL.
The thought is, if you can learn enough and practice enough you will eventually reach the point where you can look at the charts and somehow know how to place trades that end up being profitable.
Your success is all about YOU. Your success is about how much you know, and how skillful you are at applying what you know to the live markets.
I hate to bring gambling into this. But it is much like wanting to be a gambler and developing superior skills so you can win a game where the odds are against you.
However, if you want to learn Forex by studying every aspect of Forex trading and developing superior skills, you are in for a long journey. And because this path to learn Forex makes your success all about YOU… you also need to deal with the emotions of being inadequate if you are not profitable.
It is not impossible to learn Forex by taking this path. But it is definitely going to take a long time. And most people who try to learn Forex this way don’t achieve their goal of becoming a profitable Forex trader.
But there is another way.
Learn Forex By Following Rules
To recap, your trading infrastructure is easy to set up and the trading activities are not that challenging. So, the problem is making the actual trading decisions.
And as we’ve previously discussed, making everything about YOUR knowledge and YOUR skills is a long and frustrating road to success.
This is why I think a better way to learn Forex is to simply follow a rule based strategy. But not any strategy. It needs to be a Forex strategy that is strategically designed to be profitable over time… as long as you stick to the rules.
Previously I stated that making your success about superior knowledge and skill is like trying to be a profitable gambler. But by following a rules based Forex strategy strategically designed to be profitable over time is like being the Casino.
And we all know, the House never loses.
Here are some things a strategically designed Forex strategy must have:
- You need to be able to trade the strategy as perfectly as possible.
- It must be easy to learn and easy to trade.
- The trading decisions cannot be ambiguous.
- The strategy must focus on risk to reward.
I personally trade off the Daily charts, which means I never miss a trade or mismanage a trade. It is simple to learn and trade (and I’ve taught my wife and godchildren, as well as hundreds of clients). The strategy is 100% rules based so I always know what to do and focuses on risk to reward, often catching trades 10 TIMES the risk.
So, if you want to learn Forex, taking this path is definitely a lot faster.
How Long Does It Take To Learn Forex?
If you take the first route, it could take years… decades even. And there is no guarantee you’ll become a profitable Forex trader even if you study hard and practice a lot.
On the other hand, the second route can be completed in days, or weeks if you really take things slow.
However, just because you can learn Forex very fast does not mean you’ll become an instant millionaire. You need to apply what you learn by trading the market day in and day out.
Some months will be better than others. Some years will be better than others. But stay the course and stick to the rules, and you can build wealth faster than other investment opportunities, create multiple income streams and secure your financial future.
But the short learning curve means you’ll start your trading journey that leads to profit faster. And the sooner you start, the longer you can trade and the more wealth you can grow due to the power of compound interest.
To Your Wealth,
If you’re still not ready to start Forex trading to accumulate wealth, get this free training: