Forex has a bad reputation among some traders as a kind of online gambling scheme where the house (the brokers) makes money, while you lose just about everything that you risk. No doubt, this has been the case for many traders, but forex itself isn’t the cause of this low success rate – it is a lack of understanding and knowledge that has doomed so many traders to failure. As with any business, trading currencies requires knowledge and patience to deliver its returns. To acquire the knowledge, and gain experience, you must study hard, but given how much useless information there is online on forex trading, the question of who to ask and where to seek acquires a critical nature.
Ultimately, the best forex education for beginners is practicing in the heat of the action without risking much. Since forex is about probabilities, no textbook on golden rules can provide us the foolproof blueprint for a constantly successful trading strategy. Most successful and experienced traders admit that knowing what not to do is just as important, if not more important than knowing what to do in the world of forex. And on the list of lessons on forbidden practices, emotional trading is the first item.
To avoid the dangers of trading too much, and to prevent your feelings from making your trading choices, you must get the best forex education. You can’t open a door without a key, and the key to riches in forex is study. There have been traders who failed in spite of a good education, but there will never be anyone who succeeds without learning and studies. So make sure that you arm yourself with the best knowledge available on currency trading.