Have you ever asked the question should I start trading forex? I know I have. A few things to keep in mind is forex is a very lucrative market. What this means is you have the opportunity to make a lot of money. Most people do not know the fx market out trades the stock market by 5 trillion dollars everyday.
The most important answer to the question should I start trading forex is are you willing to learn it? Do not worry about the risk that is involved nor the amount of material that needs to be learned. The markets change daily and there is not a person involved with forex trading who can predict the future of the markets. So how are people able trade the fx markets and make a living off of it? They have the discipline, knowledge, and the know how on where to start and stop trades consistantly for profit.
One seminar, class or podcast will not make you an expert. It takes a while to learn how to trade smartly. You have to approach trading as if you were running your own business. Not like a trade here, trade there hoping to get lucky. I mean you do not necessarily have to make real money trades all the time. You can use your demo account to make trades or do paper trading which are ficticious trades in a notebook to see how they will perform in the future. You should at least check in on the markets daily, continue to learn and come to your own conclusions as to why the markets may be behaving they way they are.
The key to fx trading is to come up with a strategy as to why you are making a trade at a certain price point in the market for a particular currency pair and why and where your going to exit the trades. Even if you may be wrong in your thinking at first, at least you have a legit reason for entering and exiting the market when you did. You may later learn that way of thinking may have been wrong and come up with an even better strategy. The only way to learn when you should enter/exit the market is by educating yourself and not copying anyone elses strategy.
One of the beauties of foreign exhange trading is the amount of free demo accounts out there. Your able to sign up at various fx websites and trade the real markets with fake money. This gives anyone asking should I start trading forex a real chance at becoming one of the winners if they show success with their demo account(s).
Is forex trading worth it? It goes to the old saying "Rome was not built overnight". Just because you should not copy another person does not mean you can't learn from them. There is a lot of good information and many different trading strategies out there. Once you open your first demo account you will notice a wealth of information, charts, indicators and its overwhelming at first. I would be lying if I said you dont have to worry about all of them. I think its important to study all aspects and become like a sponge or encyclopedia of information for forex. That is why it is good for fx traders to learn more about the truth about forex trading!
If your searching for the most accurate forex trading system STOP! The system just does not exist. You might come across people and articles that claim they have the best strategy or know what the best fx strategy is however quite frankly it just does not exist. So many great forex strategies exist for the many different style of fx traders who trade within the foreign exchange. To pinpoint just one strategy and say it is the best is tough becuase so many traders have successful strategies, sometimes more than one, they win with.
The best resources out there are the ones that stick to the facts and leave the opinions alone. A lot of the educational resources and information may contradict one another and each one sounds true. The key is to continue to learn and put into practice a system that makes sense to you. You will learn this by studying the charts as much as you can, hopefully daily, learning the fundamentals, and trading with a demo account as if it was your real money until you become comfortable with a forex trading strategy that you can use with real money.