There are certainly a growing number of people who want to learn to trade currency. They obviously see the success that some people are having, and naturally they would also like to get a piece of that kind of success.
The real problem is that many of these people that venture into this field don’t really have a clue of what it takes to succeed. After all, I am sure for every person you know who is making money in currency trading, there are at least 10 people who are really struggling. This goes along with the national averages as well. I used to fall in that category as well.
When I first began to learn to trade currency, I practically lived in every forex forum you could ever think of, just looking for that golden piece of information that would make me a millionaire. It never happened. While I have nothing against forex forums, their members (for the most part) consisted of people who are not having success trading and are just looking for help, just like I was.
Also, if you notice most of the threads that you see on forex forums, you’ll notice that they are very “indicator heavy”. What I mean by this, is that there are all these threads about some mechanical system where you throw up Food trading a bunch of moving averages, stochastics, MACD, etc… and you trade off of that information. I later considered this to be like fast food trading. No one really knew what any of these indicators meant, and they certainly weren’t teaching anybody how to truly learn to trade currency.
The truth is, like most people, when I was first starting out, I was looking for shortcuts. I didn’t trust myself enough to understand the market, so I was completely dependent on a bunch of random indicators to do the work for me. Unfortunately, that is not the way the more successful traders trade the market. The majority of them truly understand what the market is saying to them.
What I mean by this is that they can look at a plain price chart and know where the price is headed. From a technical analysis standpoint, there is one major trait that the successful have over the non-successful, and that is the knowledge of price action. You can look at the history of traders and see for yourself. Once I was able to understand the concept of price action, my trading results practically did a 180 degree turn.