How a forex trader can increase the trading skills – Onlinemarketshare review
The forex trading at first glance is elementary. The idea to buy cheaper and sell with the profit attracts thousands of new traders every year. The apparent simplicity becomes a trap for new traders, says Onlinemarketshare broker. They enter the market planning to make a fortune in several days and never manage to gain money. The first losses make them soberer, and they start to learn the theory of the market. Unfortunately, sometimes the basic theory is not enough for successful trading. So, how a young trader can increase trading skills?
Does a trader need special education?
To answer this question, we should step away from forex and discuss the role of education in our lives. What do we learn for successful living, and how? The training usually starts in the early years, at family and in kindergarten. In the age of 5-8, depending on the country, kids go to primary school and then to a secondary school. Most countries, at least the most developed ones, provide free secondary education to the residents, and somewhere it is even obligatory. However, in what measure parents and students can influence what they will learn and how? Very little, say Onlinemarketshare broker experts. In the most democratic and open-minded schools, the students can choose some subjects to learn.
So, society gets the number of young people who have just a basic knowledge of their professional sphere. The luckiest of them will enter the best University and get a degree. However, the right University costs a fortune, so many young people cannot afford it. Others will get the skills in different ways, probably working in the chosen industry. The education lasts from 4 to 6 years. Some professionals extended training, for example, medical doctors. You can calculate yourself: a person spends on education for up to fifteen years! Now is the time to return to trading.
As we see from the previous story, people are ready to spend years of their lives to get useful skills. Why does anybody suppose trading requires less time for education? Moreover, the forex market continually changes, writes Onlinemarketshare review. A trader should continue learning all the time. Starting a career in the forex market, a new trader should define its global purpose. If a trader enters the forex market without a strong purpose to become a professional in this field, it is possible to try trading without special education. Such a career can be fast: after the first success or losses, a young trader loses money and stops trading. But the good news is that this study is no theory but practice.
However, for the traders who want to stay on the forex for a long time, the education is a must. There are serious reasons for this, says Onlinemarketshare broker. Reviews show only 5% of forex traders make considerable money from month to month. What about the rest 95% of traders? The rest claim that all brokers, including Onlinemarketshare, scam - with no understanding that the only reason why they can’t trade is that they don’t understand the market. Each trader should decide which path is more appropriate for him. If you decide to join 5% successful traders, you shall learn from everything you see or do in a market.
Planning your Forex education
The process of education should be structured and systemized. Of course, you can learn something spontaneously – any day you want and with any activity. For most novice traders, forex education starts with reading articles on a broker’s page. The problem is that after reading numerous “success stories” a young trader sees the currency market very tempting – it is an option to earn great money with no need to leave his home. But surfing on the Internet is not enough for actions. Onlinemarketshare reviews prove the results would be more impressive if there is a learning plan. And it should combine studying theory with practical training.
Any plan has a part where you need to try your new knowledge in practice. The ability to plan your activities will help any trader when you start creating your trading strategy. There are several consequential types of activities you should include in your learning curriculum.
- Communication with experts: colleagues, experienced traders, account manager.
- Listening to podcasts about forex, watching video lessons and webinars.
- Reading the articles and manuals of forex and other related topics.
- Practice, practice and nothing but practice.
It can look too simple and primitive, but it works. The simplest plan creates the structure you can follow. Besides, planned training will help to distinguish correct information from false information and fakes. Now the Internet is overcrowded by a scam. Onlinemarketshare broker assures that numerous self-made gurus retell the content of good old forex forums and pretend this is a Holy Grail of the Forex.
Fortunately for us, the Internet opens many options for self-education, including education for traders. If you just google “forex lessons,” you’ll get a bunch of links to videos, articles, guides, and others. Brokerage companies prepare some of these learning materials. Experienced traders record video lessons or create text guides to educate their younger colleagues. Onlinemarketshare broker offers the section on the site named education. In this section, a new trader can find the glossary of forex terms, interesting articles, and so on. Besides, onlinemarket-share.com reviews describe the real interesting cases, brokers, and trading strategies so that the trader can learn this material. And, of course, with this company you always have the option of consultation with experienced broker employees.
Another existing option for self-education is the daily market reports. The report usually describes the most important events on the forex market and the following reaction. For example, the market waits for the new U.S. unemployment report. If the number of new applications is higher than expected, the greenback will go down. However, the incoming news is positive, and the index is below expectations. The market reacts with the growing rate of the U.S. dollar. Studying such reports day by day, Onlinemarketshare writes, increases the understanding of a forex market in the trader.
A demo account is a kind of online training: this is an account in brokerage, like Onlinemarketshare, which uses only virtual money. A trader does not transfer money to this account; instead, the brokerage company sets an amount of virtual money on this account. A trader can open and close positions using this Demo Account, use indicators and graphics, test the trading strategy, and so on. The only thing that it is forbidden on Demo Account is money withdrawal. The trader cannot withdraw money from Demo Account or transfer it to a real account. The money remains virtual.
Many traders are skeptical about Demo accounts. On the one hand, Demo account is the best way to try trading, terminal, speed of work, trading terms, and so on. On the other hand, the trader does not train the skill if risk management on the Demo account. And that’s the essential skill for trading. The trader does not afraid to lose his capital. So, he uses to open risky positions because there is no real fear. That can be harmful after the trader switches to a real account: he or she risks losing the deposit.
This is a rare option that is not frequently available. Fortunately, the Onlinemarketshare broker offers the service of Account Manager to each of its clients. Account Manager works as a personal consultant for the colleague. He can answer the current questions and provide a short market review for existing trends, help to understand the way of building your own trading strategy and much more. It is a kind of mentoring but on the forex market. Friendly and professional, the account manager really helps a new trader to enter the market and gain experience while studying and gathering first earnings.
After the first period of forex education, a trader has to understand what the foreign exchange market is, who the main players are, the role of brokerage, and so on. What’s next? One of the available options is the courses offered by brokerage companies and dealing centers. The most reliable companies organize free trainings for their clients. Their reasons are clear: they need more clients, and moreover, they need successful traders. First, successful traders pay spreads and bring profits to the broker. Second, with their success stories, they attract new clients.
As a rule, the learning course is created by real experts who can answer almost all questions. These courses offer a real value: most of them use the storytelling to explain some aspects of a forex market. It is the most effective method of learning. However, they are still not wizards with the magic wand, who will teach you the secret spell “Make money”. Any story about the guaranteed profit is a scam. Onlinemarketshare broker recommends avoiding such courses and experts.
Onlinemarketshare reviews also prove even the courses are not always informative and helpful. However, an experienced trader usually talks about percentages but not amounts. In general, paid courses are little better than free courses because the student gets more attention, but even the best courses do not guarantee successful trading. The courses can only help to help you become a professional in the forex market and trade profitably. And if you can get private consultations and not pay for any additional education, receiving all the attention of your helper, it would be much better that any recorded video or tutorial.
Successful people continue learning. The world changes very fast, so it is necessary to follow the recent trends, get the news skill, and adapt to changes if you want to stay on the market and keep a high level of competitiveness. Forex market works the very same way: the profession of a trader is one of the most dynamic. A wannabe-trader should find some free learning materials to understand the basics of trading. After the first steps, he can continue and start trading on the Demo account or get the lconsultation from the reliable broker company. Onlinemarketshare broker offers a Demo account, many educational materials, and an Account manager service for its clients. Moreover, the company covers the first period of trading with the Risk-Free program to prevent the loss of money. So, a reliable broker is also an important part of education.