A winning Forex education means you’re one of the 5% of regular everyday people trading the Forex who consistently make money, grow your account value and regularly see your PIP trading value go up. The remaining 95%, simply put, fail as professional Forex currency traders.
Well, it seems to me, if you’re going to be successful trading the Forex, you’d better start off on the right foot. For starters, being self-taught is probably a mistake; looking for a Forex software product that prints money (get rich quick scheme, anybody?) is a non-starter; and, loading up on seminar books and DVDs may not cover all the bases, either.
The winning Forex education formula has four ingredients—1) a plan (map or blueprint) that takes you from first step novice student to the final destination as a professional Forex currency trader; 2) action steps that you start taking right now, from day one; 3) very precise and focused technical knowledge of charts and indicators giving you the know how to see and act on high probability trade setups and entries; 4) finally, and most importantly, a community of like-minded Forex traders (students, teachers, mentors) where you can develop, grow and master your trading discipline (emotional intelligence).
Let’s talk about each of these four areas of a complete and total Forex education. One at a time:
First, you want to confidently know where you’re going as a new student; you want to clearly see your final destination as a professional Forex currency trader; and, you want to be aware of every step (educational milestone) along the way. Sounds like a plan to me.
Now, let’s make each step, from first to last, visible so that they can be easily followed. Hey, that’s a map. Well, in the entire world of Forex instruction, I know of exactly one and only one such map. It tracks your technical skill and tool (charts/indicators) development day by day, week by week, month by month. It’s a trader’s map known as the trader’s COG (center of gravity).
Furthermore, this unique map not only tracks your skill-set and tool-set learning curve, it MOST IMPORTANTLY tracks your mindset development. You’ll know ahead of time that there will be emotional highs and lows, periods of euphoria and depression that you, the Forex student, will have to navigate through as your journey continues. Finally, and wonderfully, this special map contains many signposts along the way reminding you that ‘you’re normal’, that with persistence and determination you will get through the obstacles, road blocks and cul-de-sacs on your way to becoming a successful and winning professional Forex currency trader.
The second ingredient leading to a winning Forex education is a set of immediate, start now, let’s get going action steps. At the beginning we’re all eager to start trading. Yes, let’s trade … but … wait a minute … remember that 95% fail … remember the importance of getting started on the right foot. *
So, your first action steps are necessarily foundation setting, good habit setting steps, NOT YET TRADING STEPS. You will be guided, step by step, detail by detail, on setting up your practice and then, later, real money accounts, preparing and sizing your charts and indicators so that you can best see the movement of the market. These and other preliminary action steps are 100% essential. The good news is that all these first steps go quickly thanks to a program that takes into account that you’re eager to trade, yet, you must get it right from day one. This program is called QuickStart.
(Editor’s Note: Stay tuned later this week for the 3rd and 4th steps in Ira’s winning Forex formula.)
* Footnote (literally): a lesson from John Wooden, college basketball’s greatest coach, ever. His first practice session on day one of every basketball season was to instruct his student athletes on the correct way to put on their socks to avoid blisters.