How to Set Priority for your Forex Trading

Recently, a friend, who has been trading in Forex for a good number of years, shared the following article on setting priority in Forex trading with me. It's all about priority. Let me just start out that way. I've been trading for quite a while now, and frankly, I had to go through the gauntlet of trading to trade successfully.

I would never wish on anyone else –the pain, the frustration, and the losses that I had to go through to learn how to trade, and I've had a lot of them. I didn't understand the true priorities that I needed to understand when I started trading.

I was naïve and excited; I saw what others wanted me to see, who were interested in making a quick buck on me. I was just like the vast majority of you out there, who see the Forex market, you hear about it, and you use the hear about from the informers, on television, or you hear about something online or some introducing broker who is tracking you down to open an account with a broker, so he makes a commission from for every trade you enter.

But you rarely are going to hear the true priorities, and expectations that you need to know about, when you start looking at the Forex market. It's a great market. I don't want to scare you off unnecessarily, but I do want you to know the realities of it.

This market is very risky. Go to the NFA website, to go the CFCT websites, go to the websites that are trying to crackdown on the brokers that are not necessarily ethical, taking a position against your trades and conflict your interests. Go to those people who don't tell you about the risks of this market, and so will I.

I don't ever want to be accused of being someone who is trying to lead you down the wrong path. If you think that Forex market is easy and simple and get rich quick scheme - it is not! You must understand that there is tremendous value and potential in learning how to become a successful trader.

There's a great deal of money that can be made in the Forex market. But if your priorities are based on what most brokers and introducing brokers and software sales vendors are going to tell you, you are going to be putting a lot of money on live accounts upfront, software, this and that is supposed to tell you learn how to trade quickly, easily, with little effort, and you'll make a whole lot of money in a hurry – don't believe it, ok? Don't believe it, like I did. Don't fall for that trap, because it is a trap.

Here's the reality - What I've learnt, after coming through the gauntlet, take this and use it to your benefit, so you can avoid the loss, and the pain and the frustration that I went through.

What I've learnt is that you go to switch your priorities completely opposite of what the vast majority of brokers, software sales vendors and introducing brokers tell you. They are going to hand you education for free, they are going to hand you charts for free, they are going to hand you trading platforms for free, because their intent is to get you open a live account with real money sooner, as soon as possible and start trading it, because they know the odd's in the market for people who do that, is they are going to lose their account within 45 to 90 days or less.

And the broker will trade against you on the other side and they'll make not just the spread fees they charge you for entering a trade, they also make the money you lose, because they will be taking the trade position on the opposite side of your trade.

Don't follow their advice. Don't follow what the brokers will tell you. Do just the opposite and put your money into education, put your money into proper education, put your money where it really going to pay off in the end.

There is no free lunch in the Forex trading market. Don't believe the guy trying to tell you that there is! Trading is challenging, trading is worthwhile. Trading is satisfying if you have the proper education first. Where do we get the proper education?

You are not going to get it from fly by night software salesman at the seminar, which is trying to lead you to believe that it is simple and easy and it is quick and going to tell you exactly what to do and you can be rich in a month. That's not true, don't fall for it.

You can get proper education however, from people that are already trading, who have already been through the gauntlet, who've got the scars to show. They have learned the hard way, learn from them.

They won't lie to you. Get education from the source, that people are already learning to do it right, that's what I had to do! I finally, finally learned who my friends are, and who are not. The mentors who are learning how to trade and are offering me true education are my friends.

They didn't teach me everything I know from one source. I had to go through several different sources to find the fine points of all the education, and the combination of the education that I need, and the combination is vital and then, once I had the combination, then, I had the real chance of becoming really successful trader.

Then, I can take all those pieces, and start fitting them together to make up a whole, and once that happened, then I became a strategist and a damn good one. Then I can write my own strategies, strategies that have been producing results that are quite frankly unbelievable.

I don't even have to tell you the results because they are so unbelievable. I talk to traders out there, who still believe in the philosophy that if you are going to trade, never expect more than 20% of your money annually. It's a bunch of bunk.

But if you are not educated properly, you don't know how to use the strategies and put them together, and if you don't get them from someone who's already done it, they are probably right, and that's probably all you have ever seen!

So, here's the last thing I want to say. Don't put your money in live trading, and software and things upfront that will cost you a lot of money and give you poor or little results or losses in the end. Put your money into education. Get education from people who have already been there, who already know, have been through the gauntlet and have results that they can show you to prove.

Quote of the Day: "The experience of other people is the best teacher."—Sam Awa