Training and education worked the past 30-50yrs when you had 10,000hrs (5,000hrs to breakeven), going forward the dynamics changed and you can double those numbers in to a more complex world. We use a very specific pattern which interestingly works across all asset classes*, it's how institutional money flows in and out of assets, the wonders of architects who worked at the top Fortune 500. Now, tracking 150 instruments across Forex, Futures, Stocks and 10 timeframes per instrument you have quite a lot of combinations, and no automation does not work without institutional support staffing. Hence those with access pool the resources with the pattern, but, it's very few as the cost of entry is high, way too high for retail and most affluent, Elliott Wave is as close as you get using off the shelf tools. *Well it's not quite that simple, you still need to know where the support/resistance/trends are which is where custom algos come in, you still need to spend 1/100th of the hrs to learn them
Yes, if you do not learn and trade without a proven trading strategy, then you will not be able to earn on Forex. It is important to be able to analyze the market and, according to the analysis, make more accurate and reasonable entries, and not play for luck.
Many traders fall into the trap of emotional trading, similar to gambling, where they try to recover previous losses by repeating the same mistakes without adjusting their strategy. This behavior, driven by excitement or desperation, can lead to a cycle of continuous losses, much like gambling in a casino. In forex trading, discipline, risk management, and the ability to learn from mistakes are critical to breaking this cycle.
I completely agree. Also, many newbies want to come to forex with a small deposit and with the same little knowledge and skills want to quickly accelerate it to impressive sizes, which only contributes to quick and large losses and disappointments.
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Another common mistake of beginners is overtrading, when a large number of transactions are made to catch every market movement, which leads to rapid fatigue and, accordingly, to frequent mistakes and losses. You should also choose a reliable broker with regulation, favorable trading conditions and an impressive period of work in the market in order to protect your investments and trade with instant execution and minimal spreads. In this regard, I liked the conditions at fxopen.