If you are a beginner Forex trader, this article is going to save you a lot of time and money. It is also designed to inform you of how to go from a complete Forex beginner, to a successful and profitable currency trader as fast as possible. But I must warn you, this is not going to be about trading Forex… but how to LEARN to trade Forex. To really learn Forex, you need to avoid the Internet woodchopper at all costs.
What Is The Internet Woodchopper?
The Internet woodchopper is the process most aspiring Forex traders go through when they want to learn to trade currency. This process usually has the opposite effect of what you intended when you started. It usually ends up churning up a lot of your time and money with nothing left to show for it. If you want to learn Forex, or any new skill for that matter, you need to avoid the Internet woodchopper at all costs. Let me explain…
Free Forex Info On The Internet
The Internet can be a great learning tool… or it can be the one thing that keeps you from really learning anything to the point of taking action. Most people turn to the Internet when they want to learn a new skill. And what you’ll find is a LOT of information. This is especially truth with something as appealing as Forex trading.
But the problem is, there is too much information. And unfortunately, a lot of it is only going to confuse you because it contradicts what you read on another website. Frankly, I would not recommend basing your Forex trading future on a bunch of free information you piece together from a lot of different sites and sources? Most would be traders end up in endless learning mode and NEVER end up talking action. This leads to the second part of the Internet woodchopper process.
Buying Forex Ebooks
So, you decide to buy an eBook that is supposed to teach you a simple, no fail system for trading Forex. Unfortunately, the topic of Forex is too large to learn in a few pages of an ebook. Most of the time you only get part of what you need to be successful. There is something left out, and that something is what keeps you from taking action.
Don’t misunderstand me, there are some excellent ebooks available. The problem is, if you don’t already have a strong base in Forex, you’ll lack the confidence necessary to put the information into action. So, you keep dreaming that someday you’ll be a Forex trader whiloe you run off to buy another ebook… hoping that the next one will have the answers you are missing.
Using Forex Signal Services And Robots
At this point, you know a lot about Forex from your endless hours surfing the Internet and the hundreds (if not thousands) or dollars you’ve spent on ebooks. But you’ve still not made your first trade. So, you start to think you’ll never be able to learn trading currency and decide to let someone else make all the decisions for you. This means the use of Forex signals or using a robot.
The problems with Forex signals and automatic robots is they steal your freedom and independence… even if you are lucky enough to find ones that are profitable. Since you don’t have a clue “why” you are supposed to place an order, or what the robot is really going to be doing, you give up all control. This means you are not really a Forex trader at all… even if you do manage to extract some profit out of the currency market.
This going from one thing to the next and never really achieving your goal of going from beginner Forex trader to profitable trader is the woodchopper. The woodchopper grinds up most beginner Forex traders before they even make their first penny trading currency. A lot just give up after a lot of wasted time and money. Don’t let this happen to you.
My advice is to get away from the noise, information overload and confusion of the Internet woodchopper. To be a successful trader you need to FOCUS on what works, take immediate and relentless action. Only then will you truly go from beginner Forex trader to successful and profitable trader.
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By Edward Lomax