Can you learn forex trading on your own?

[Shaf]

If you've tried to learn forex trading, you will know it's not easy at all to get the hang of it and still develop a profitable strategy quickly without loosing money, your sanity or both.

This brings us to the the idea of getting mentorship to hasten the process. This way, you work with someone who can help you learn, avoid painful mistakes and.ati earn money while you try to find your footing. It's a good idea, but a lot of course owners and people who claim to offer mentorship are now quacks. They know so small buy use marketing techniques to lure unsuspecting newbies to give them training fees and teach you what you can learn for free for the internet and books.

This makes learning on your own attractive to some people, but it can be a long and tedious process.

Do you believe it's possible to learn on your own better than if you get a mentor or pay for a course?

 

[Holicent]

The answer is Yes and no. There are a lot of things that you can learn by yourself, but it's not always easy. Forex trading is a complex market, and even if you have the most basic understanding of economics, accounting and finance, it can be difficult to understand how to trade effectively on your own.

For example, many people do not realize that there are different types of trades that can be made in forex. The most common type of trade is the "long" trade you're expecting the value of your currency to go up as time passes (such as if you bought a US dollar). But there are also "short" trades which involve selling currencies at higher than they were purchased for (and then buying them back later). And then there are "neutral" trades which involve neither buying nor selling currencies but instead holding onto them until they reach a certain point in time when they will be sold off or kept depending on what happens with the exchange rate at that point in time (which could mean anything from making $100 on it all day long until selling it off late at night when things finally stabilize).