InstaForex Nigeria professionals states that experience has shown that most beginners or newbies in Forex do not know when to place trades,what to look out for before placing trades. These are some of the reasons why most beginners lose all their money. Hence the need for training is very important. These and many more are very well taught via training.
Forex simply means foreign exchange and it involves the buying and selling of foreign currencies only via the brokers platform. It is the most traded financial market in the world. It is opened round the clock,five days a week; enabling traders to act on news and events as they happen. It is a market where half a billion dollars trades can be executed in a matter of seconds and may not even move prices noticeably,quite unlike other markets.
With such a huge financial market the need for training can not be over-emphasised for the under-listed reasons;
1. FOREX AS A BUSINESS: There is the need to see Forex as a business and not gambling, it is only then that the trader/newbie would have the right mindset to embark on the business. It is a long-term business and should be treated as such. Traders are advised to take trading seriously and as business as it’s only then would they be
able to apply the rudiments or strategies necessary for success in the trading. These could only be acquired via training, re-training and advance training.
2. KNOWLEDGE: Forex is knowledge-based. Any business worth its salt requires knowledge. The essence of training is to acquire knowledge. It is said that every business has its secrets and Forex is no exception. Hence,the importance of training is very necessary as the secrets of Forex trading could only be taught or acquired via Forex training.
A trader must be committed to continuous education,study technical analysis,fundamental analysis,psychology of trading,and be able to make logical decisions devoid of emotions and learn to trade in control. These and many more are very vital for trading and could be acquired via training and re-training.W.D Gann said that,”knowledge of the market is more important than money” he went on to say that “time spent in gaining knowledge is money in the bank”. With knowledge,you can take a small amount of money and make more after time spent in gaining knowledge”. Your success depends in knowing the right kind of rules and following them. Forex does not depend on luck,chance or fate like gambling without knowledge. Please go for training.
3. INVESTMENT: Forex trading is Investment,and Investments worldwide or globally is knowledge based. Every aspect of investment needs to be taught. Both investment professionals and beginners are meant to undergo training and retraining in order to update their knowledge. This is a worldwide practice which needs to be upheld.
Hence,the need for Forex training and retraining is very vital to success in Forex trading, and for anyone who wishes to make or take up Forex trading either as a professional or for passive income.
4. STRATEGY: Various strategies are well taught in various Forex training centres across the globe. Most of these strategies are only exposed or taught to members only. Hence, the need for training and retraining can not be over-emphasised. Any person wishing to embark on a Forex journey must be prepared to engage or register with Forex training courses, as these experienced traders or mentors would only expose their strategies to registered members only.
Therefore, any serious minded person should not dabble into Forex without first and foremost undergoing training. In as much as training is very necessary,mentoring is equally vital,as every trainer would wish his or her trainees success. We have heard it from W.D Gann,one of the most successful trader/mentors of all times,that knowledge is very of paramount importance to successful trading. He further stated that passion for trading is equally necessary. It is said that half education is dangerous and since every business has some element of risks associated with it(Forex is no exception). The need for training and retraining need not be over-emphasised.