"Paralysis by Analysis" is a common phrase in the world of trading. Novice traders getting into Forex run the risk of never placing a trade if they become obsessed with learning.
Reading an entire encyclopedia on FX is too much education in our book.
Training is a lot more important than education when it comes to trading currencies.
Educational information every FX trader should understand includes basic topics such as: how to read and interpret quotes and prices, the basics of trading currencies, understanding symbols (known as "ISO Codes"), types of orders and how to use them effectively on their trading platforms, etc.
But there is an infinite amount of topics and concepts that can definitely "paralyze" a newbie trader and prevent him from moving forward to the most important part of his trading career: the part where he starts to trade and make real money!
Education from Books
An education from trading and forex-related books typically takes a trader off the path leading to professional status.
We're not saying that new traders shouldn't read classics, such as "Market Wizards" or Elder's "Trading for a Living," but that shouldn't be their primary focus.
Let's just look at two examples of popular books often recommended to traders on a self-educational quest.
"Trading in the Global Currency Markets," by Cornelius Luca is one. A real treat with 500 pages of exciting theory on the foreign exchange market; every conceivable topic on FX you can possibly come across. Enough to keep a trader busy learning for months! But at the end of the day, it won't show you how to make money trading currencies.
Another example is the crowd favorite, "Technical Analysis of the Financial Markets," by John Murphy – rated 4.5 out of 5 stars in Amazon (as of the date of this post) and approaching "Bible status" clocked at almost 600 pages long.
It includes boatloads of indicators, oscillators, and other concepts in traditional technical analysis.
Learn them all we say and you will certainly unlock the secrets of trading!
NOT!!! What you'll unlock are repeated nightmares where you are standing in front of thousands of doors without knowing which one to open.
It's like trying to become a Kung Fu Master by reading and memorizing every one of Bruce Lee's moves, then going to fight the meanest thugs in your neighborhood. It'll be over before the 1st round begins. "Knockout!!! Ding, ding, ding ding!!!"
What you need is specialized training and not and endless amount of educational material.
FastTrack to the Rescue
The curtain rises…Mr. FX Trader appears spiraling endlessly into an infinite, educational abyss. If this sounds like a theme you're much too familiar with, don't despair.
A free training program by the name of FastTrack is being launched with you in mind.
It will not lead you into a labyrinth of endless choices, but will put you instead on a very clear cut path leading from Novice to Professional. It is created and managed by real pro traders and money managers, not salespeople. Oh, and one more thing…
It was designed to create successful traders that can join our proprietary team of managers (read more information by clicking here); those that are either entrusted to trade Forex Day Trading's capital or manage the accounts of our clients.
If you don't want to waste any more time with education and want to find out when our FastTrack program is officially launched, keep visiting our blog or like our Facebook Page.