SO …. Can Forex Trading be taught?

Most Traders Won’t Accept Help or Training.

Many aspiring forex traders believe they do not need any outside help when learning how to trade the forex market. I call “an aspiring trader” anybody that is not yet a “Professional Trader”.  Part of the allure of trading in general is the independent lifestyle and freedom that it can provide for you if you are successful at it, but to achieve this takes time, and knowledge, and that knowledge needs to come from somewhere. One negative aspect of the independent attitude that trading elicits in people is the fact that many new or struggling traders believe they can effectively teach themselves how to profitably trade the forex market ( Usually a Huge Mistake). While this may indeed be the case for some, it definitely is not the case for most, and even for people who do effectively teach themselves how to become profitable traders it is almost always after years of frustration and thousands of dollars of lost money in useless trading systems and or blown out trading accounts. There is a very simple way to greatly reduce the probability of having to experience such emotionallyand financially painful events; follow a respected trading mentor who can share knowledge and years of experiences with you. There is no better way to learn trading and trading strategies than from somebody already in the trading business, We will get to this in detail later in this article, but for now lets take a look at some real world examples of “How Trading Can Be Learned and Taught to an Aspiring Trading Student”

• Nature vs. Nurture

The debate over whether or not trading can be taught simply boils down to the age old psychology issue of “nature vs. nurture”, that is, is trading a skill that can be taught to people who have no prior experience or is it just a natural talent that you are either born with or not? This issue of trading being taught vs. it being a natural gift was first made popular by the famous story of Richard Dennis and Bill Eckhardt who had an ongoing dispute in mid-1983 about whether traders were born or made. Dennis believed he could teach people to become great traders but Eckhardt thought genetics were the determining factor. They posted ads for trading apprentices in the major financial newspapers stating that after a brief training session, the trainees would be supplied with their own trading account.
The group was invited to Chicago in December of 1983, after learning the rules Dennis wanted them to trade with; they began trading small accounts in January and after they proved themselves Dennis funded most of the trainees with 1 million dollars in February. This group became known as the “Turtles”, Dennis named them this after a saying he had heard on a recent trip to Singapore. The Turtles went on to become the most famous experiment in trading history because over the next four years they earned a total sum of over $100 million dollars. Richard Dennis thus proved that a simple set of rules could be used to take people with little or no trading experience and turn them into very profitable traders.

• The Importance of learning from a Mentor

One of the most ironic aspects to forex currency trading is that most people think they do not need assistance from a successful professional forex trader while learning to trade. Most people are fully aware that only about 10% of people that attempt trading ever make consistent money at, the other 90% either quit or lose so much money they are forced to quit before they figure out how to trade effectively. The irony here is that most people are fully aware of these statistics, at least in the back of their mind. So if trading is so difficult and most everyone knows it, then why are so few people willing to accept help from someone who has already figured out what it takes to become successful at it? The simple answer is pride, ego, arrogance, any or all of the above. The bottom line however, is that ego and pride mean nothing to the market. In fact, arrogance and pride will only hurt you as a trader, so the very fact that some people are unwilling to accept help from a professional trader is probably the very reason why they will fail; an overflow of pride. Now I am not claiming I have the “holy grail” here to show you how to print money, but I can confidently say I have “Genuine Knowledge and Real World Trading Strategies” to teach my students, which will not only save them many years of  “searching” for strategies,  but if applied correctly will likely produce good trades on a consistant basis for those that learn, study, and apply it.

Almost every single job in the “real world” requires you be trained “on the job” by an experienced professional at this job. I think it’s safe to say that most “regular” jobs are much easier, at least mentally, than figuring out what it takes to make money consistently in the forex market. As you need to be trained in any other skill by a professional in the field, so you need to be trained by a professional forex trader, if you wish to become a professional forex trader. There are people who do learn to trade on their own, but I promise you their path is much harder and filled with many more pitfalls that the person who lets down their walls and accepts the help of a professional trader. Now again, I remind you, I am not promising miracles, but I am promising a “short cut” to knowledge and skills that may otherwise take you years to learn and use. As a trading coach, my job is to transfer my knowledge of trading, put you on the correct path and mind set, so that you can then go out and continue to learn and grow as a trader.

• My background

I began as a stock trader when I was in high school, I parlayed my interest and passion for trading into a full-time trading career right after I graduated and haven’t looked back since. That’s not to say I haven’t experience my fair share of losses and frustration, because I have, but my passion for trading and natural knack for understanding market dynamics kept my head above water long enough for me to discover the best trading technique in the world; price action analysis. Once I became a fully converted price action trader, learning from the work of others and my own experiences and screen time, my trading results began getting more consistent, eventually I was managing money for private clients and producing double digit annual percentage returns for them. My extensive work with financial firms here in Australia, as well as learning from other professional traders, has enabled me to see how the big boys trade and further enhanced my understanding of how markets move. I have morphed my trading style into a comprehensive price action educational course that is great for newbie’s and advanced traders alike. My live seminars have worked to further my teaching style and my students love the flare and style that I have for teaching price action trading.

• Price Action is not just a set of rules

While the example of Richard Dennis and the “turtles” was a good example of the fact that trading can indeed be taught, there is a problem with learning a strict set of trading rules. Specifically, strict trading rules will not work in all market conditions; they may work great in a bull market or in a bear market, but fail miserably in sideways markets. What learning price action does for you is gives you a unique perspective on the market that allows you to profit in all market conditions. You are not just learning a strict set of rules that will only work in a bull market; you are learning a way of making sense out of price movement and learning how to spot specific price action setups that remain profitable in all market conditions. In this way, price action is truly the best method to learn how to trade with. Not only will I share all my professional trading knowledge and experiences, but you are getting taught what is in my opinion, the most relevant and consistently profitable way to trade the markets, which is without doubt , Price action analysis.

If your interested in learning more about ‘Price Action Forex Trading Strategies‘ , check out My Free Forex Trading Videos and Pro Forex Course Here

Good Trading and See You In the Members Area Soon,

Nial Fuller

Forex Trader and Coach – Learn To Trade The Market

Copyright 2010 Nial Fuller – Learn To Trade

For Media Enquries – contact Nial Fuller at www.LearnToTradeTheMarket.com