In this article I am going to be breaking down the topic of if you actually need any prior experience of trading before beginning to learn how to trade forex?
The short answer is…no.
Thanks for reading.
But in all seriousness, I am going to be breaking down as to why you don’t actually need any experience of trading to learn how to trade. As you can be a complete beginner who has no idea what a currency pair even is and still be able to eventually get to a point where you know how to actually speculate/trade currencies successfully.
So why don’t you need any experience before learning how to trade? Simply because it’s a teachable skill set, meaning you can be taught how to trade or teach yourself. Unlike many other high skill sets such as sports where you typically need specific abilities from genetics or musicians who have a talent for example having the ability to sing. You are either born with a good voice and you continue to develop it or you don’t and sadly sometimes no matter how hard you try you might not ever have a good singing voice.
Trading however is a skill set of pure knowledge that can be taught and learned by anyone who wants to learn how to trade, you don’t need any specific skills and there is nothing that has to be special about you in order to do.
I know this from personal experience as prior to trading I was a personal trainer studying Nutrition at university no background of trading, finances or economics. But I was able to teach myself because I was willing to learn all the needed knowledge and learn how to take that knowledge and develop a skill set.
I didn’t have a mentor as I taught myself but on reflection, I wish I did as it would have saved me a lot of time. This is why I am happy I am able to share my knowledge and experiences with you as you can learn what has at this point been 5 years actively involved in the markets and learn all of it within the span of 1-3 months. So, you are at a huge advantage compared to me and the majority of others too. As many people try to trade FX with no knowledge and fail in doing so.
Now do you need a background in finances or economics before stepping into trading? No, as I said personally I didn’t, and I was able to learn just fine. If you already have experience it won’t put you at a disadvantage, but it probably won’t give you much of an advantage either. It just means you may already be familiar with certain topics and concepts, but you will still need to learn how to use a principle-based trading system and everything else I teach you within the platform.
Sometimes it makes it actually easier if you a brand new with zero experience compared to someone who has experience because of the content that person watched or who he/she listened to as there is so much fluff on the internet. So, you just go back to basics anyway, so if you are brand new do not feel as though you are at a disadvantage you are actually in the perfect position to thrive!
Now overall trading is actually a very simple concept to understand and very straight forward, people just tend to over complicate the process with no actual benefit.
However, just because trading is simple to understand does not make the process of learning it easy or even when you have learned to trade it still requires hard work. The reason for why trading is hard to learn is simply because everything is limitless from the concepts of trading, trade ideas, trade plans, strategies and so on. Trying to navigate through the markets by yourself is a very hard task, not impossible but very hard. That is why having guidance on what you need to be doing and knowing the how and why will make the entire process so much easier.
To learn how to trade you don’t even need to be that intelligent as you don’t need a PHD, degree or any qualification but what you do need is time which you do you have but more important than that is patience. In a world of everything being ‘Instant or next day’ the world is becoming more impatient and more accustom to instant gratification as we want everything as fast as possible but in the words of the great Warren Buffet ‘You can’t produce a baby in one month by getting nine women pregnant’. This a fine example of no matter how much you try with action and effort sometimes time is the defining factor.
Learning all of the needed knowledge to trade can take you 3 months but learning how to apply that knowledge and develop a skill set for where you can step into the markets with confidence in both yourself and trade plan can take 6-12 months. Now a lot of people get disgruntled when they hear that as they to start trading instantly or as soon as possible but why the rush? Even if it takes you one year to learn how to trade you have the rest of your life do it. I believe trading is something once you start it is something you won’t stop because why would you? Unless you realise trading is not for you and you realise are more passionate towards something else instead.
Even one year is still shorter than any degree or any type of formal education as the average degree is three years. So in comparison to going University where it will take you three years to graduate in the same time you could have learned everything to learn how to trade and already be two years into your trading journey with a live account.
So patience is a must when it comes to trading and even when you have learned how to trade and actively trading with a live account you will still need to work on the skill that is patience as it is definitely a skill in its own right.
So to summarise no you don’t need any prior experience to trading to actually learn but what you do need is commitment to yourself and to the process of learning. But once you do learn how to trade then it will doors, create a new mindset, shift your values, change certain perspectives and allow you to literally create an unlimited amount of wealth where the only thing limiting you is how much capital you have to actually trade with.
I hope you enjoyed this article,