I'm ok with providing the same type of info and support a jr. analyst at any major investment firm gets. Core theory takes about 2-3 months to learn & internalize. From there it's about understanding how to synthesize ideas coherently. IMO the biggest trait of successful traders is reading comprehension.
It is important for the beginners to understand that they will experience various emotions while trading so they must learn how to tackle those emotions. As it is said, if you cannot control your emotions, you cannot control your money.
I always try to remember to post up any strategy I am using which bears on my forum posts. For two reasons - firstly, if I'm going to give an opinion on an issue some trader has raised, and if I say "I wouldn't have done that, I would have done this", I feel obliged to justify my credibility. Secondly, it regularly happens that either the trader or another poster comes back and says, "That's alright, but have you thought about THIS?". I've had much helpful advice this way over the years. As I see it, if you detail your strategy to 10 traders, you've immediately created your own personal research team, and they all go off and dissect what you've said and try to disprove it or improve it, using their time and money and computing resources. Saves me a lot of bother.
You also have to consider where he is coming from. There is a universe of charlatans out there, that obviously make trading for a living, a rather sketchy endeavor. Take this cookie-cutter fraudster, sociopath, who truly has NO FUCKING clue what he is doing. A poor man's Timothy Sykes, and Sykes is also full of shit, and a fraudster too. https://www.instagram.com/nourtrades/?hl=en All marketing: https://www.tradelikenour.com/course Coffeezilla is GREAT: These are very easy to spot, so that if you fall for them, it's really your own fault. I specialized in the "advanced fraudster" Guys who claim 3 PhDs, and 100 Billion+ under management, offshore. Guys that blow up a $100 Million dollar fund in the middle of Africa, and promptly erase that segment of their lives. That's what I am after, and once I expose them, their lives are ruined, permanently. But considering the bottomless, infinite universe of low-level scammers as the one depicted above, it is no wonder your relative is apprehensive about this industry...
I totally agree. Controlling emotions is not as easy as it may seem like, especially since each person is different and one or more emotions dominates a person's thoughts and affects his decision making abilities. Nevertheless, the struggle is real. If we really want to improve ourselves on trading forex, we got no other choice.