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To Learn Forex, First Learn Thyself

To Learn Forex, First Learn Thyself: A Self-Test for Trading Success

Want to learn forex? Learn yourself.
Learn enough about yourself to see if you are naturally inclined to be adept at currency trading. Perhaps your personality may be more suited to another style of investing, such as buying and holding individual stocks. Certain people are meant for currency trading, others less so.

How can you know where you fall on the "natural aptitude" scale?

That's a great question. Maybe this five question self-test can help you answer it:

1. How Do You React to Horrendous Traffic Jams?
If you are the kind of person who can sit in the car having a pleasant conversation with your passenger even as the road ahead of you is stacked up with five million cars that aren't going anywhere, you are a good candidate for currency trading success.
In the currency markets, patience is a major virtue.

2. How Do You Feel About Ice Cream When You Feel Bad?
Or, if you like, insert another food that causes people to gorge themselves in a feeble attempt to regain some sense of happiness. After you've had a hard day, do you engage in gluttony? If you eat until your stomach is about to explode when you're sad, be careful trading currencies.

The forex markets will give you all you can eat of losses--and then some.

3. Can You Enjoy the Game Even When You Lose?
The best forex traders in the world consistently lose trades. In fact, many successful forex traders actually lose more trades than they win (but their winners win big). Learning to take losses is an absolutely essential part of learning forex. When you lose, does all the joy of the game go away?

Being able to lose with style and grace will serve you well in the forex markets.

4. Does Some Primal Part of You Actually Like Losing?
Closely related to the ice cream question, this question must be explored as you learn the forex game. You may not believe it, but many people, deep down, have an insatiable need to lose. If you are the type of person who feels oddly exhilarated when you are in Vegas watching the dealer take your last chip, don't touch currency trading with a ten foot pole.

Because currency trading will take that pole out your hand and beat you with it.

5. Do You Do Your Homework?
If you can learn forex--we mean really, deeply learn it--you can learn anything, including rocket science. However, you can't even approach that level of learning unless you're fully prepared to do your homework. If homework is too much work for you, forget about learning forex.

Learning to trade currencies requires a commitment to learning itself.

The Best Time to Learn Thyself--BEFORE
If you are serious about learning forex, learn yourself first, before you start trading. Before you don't try forex trading because you think it's "not for me," and before you think forex trading is for you but then discover, through losing a lot of money, that apparently it's not for you--

Take this simple self-test before all that happens.

If you find holes in your personality, get to patching them up before entering the forex markets with real money. And then keep working on yourself during your forex trading experiences.

You will learn currency trading through and through, acting like that.
And you might even become a better person in the process.

Important Forex Information

The most important step in currency trading is finding the right broker; our forex experts can help. See our
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Advice from certain individuals can markedly increase your chances of becoming a successful forex trader. Find out if it's worth paying for forex training.  arrow

Finding a good forex community, sharing good advice and tips, can vastly improve your trading. Figure out how to use the forex community.  arrow

Forex trading hasn't always been around; understanding how it came into being can help you succeed in trading this market. Read about the history of foreign exchange trading.  arrow