Are you a newbie forex trader who wants to master the forex trading? Or you may be an intermediate level forex trader want to master forex. If you want to master forex trading, your main focus should be on learning.
So how long does it take to master forex trading?
This will vary quite a bit but the overall average is 6 months to get the basics down as far as market structure and another 6-12 months to get your demo trades down if done correctly. Once you are at a point of winning consistency then it is time to go live and crush the markets.
When you are at a beginner level, it is obvious to have questions like “How long does it take to master forex?” But, there is no straightforward answer to this question. The answer to this question is based on so many factors.
Though this is one of the most frequently asked questions by the traders, this question is also the most difficult to answer. The time it will take to master will differ for everybody. Mastering the forex trading could take years, depending upon how much time you are spending on learning and from whom/where you are learning.
Learning the basics of the forex market normally takes somewhere between 2 to 4 weeks. Again, this is also based on how you are learning and what time you are spending on learning.
Factors to Consider
To get a clear idea about how much time it will take to master forex trading, you need to consider the following factors. These factors will give you an idea about how much time you can expect for gaining master-level knowledge in the forex industry.
The first and important factor responsible is how flexible you are. To become a successful forex trader, one needs to be flexible. As a forex trader, you must adapt to the current market sentiments and situations. If you are someone who is not flexible and open-minded, then it may take you a bit longer to master forex trading. If you will be flexible and open-minded, it will be easier for you to learn new things and change as per situations. So one of the crucial factors is how flexible you are.
2. How much effort you are ready to put
The time it will take to master forex trading may vary depending upon the work or effort the person is willing to put. If you want to learn about the forex market in the quickest amount of time, then you will need to work on this for the full-time. If learning for full-time is not suitable for you, then you can find some hours in a day to work on it. In the end, what matters is how much work you are ready to put and how much time you are spending for learning and mastering the forex trading.
3. Investing in self
Do you really want to learn and master the forex trading? Yes? Then you have to invest some money in self-education. So, you have to figure out how much amount of money you are willing to invest in self-education. In the journey of mastering the forex trading, you will have to spend money on learning from the expert traders. In forex, the learning never stops. Each day you will learn new things. It is up to you whether you want to get the mentorship of expert professional or want to waste money experimenting for years.
So these are the three main factors to consider to get an idea about how long it will take to master forex trading. The time it will take to master the forex will vary from one person to another. So there is no straight forward answer to this question. It is based on the time you put, how flexible you are, and how much you spend in learning.
Best Ways to Learn Forex Trading
In order to learn forex trading and become an expert trader, you need to implement the right methods. Here we have shared some of the best ways through which you can learn forex trading effectively.
1. Micro Forex Account
If you are a complete beginner, the best way to learn forex trading is by using a micro forex account. Using a demo or practice forex account may not be ideal all the time, this is when the role of the micro forex account comes in. The major downfall of learning forex using demo account is you don’t get real experience. So, it is advisable to open a micro forex account and start investing.
2. Demo accounts
Opening a demo account is also a good way to learn forex trading. This way can be very helpful when you are completely new to the forex market and forex trading. The major downside of using demo accounts for learning is you don’t get real trading experience as demo accounts are funded with fake money. But, such accounts can help to learn different forex concepts and terms.
3. Training courses
Another great way of learning forex trading is through training courses. There are many forex professionals who teach forex trading to newbies. When it comes to courses, there are two kinds of courses online and online. Various forex professionals conduct seminars and training courses for newbie traders. Some of them even have free courses. Normally, in free courses, they tell stories and basics of the market. To become an expert trader, they also have paid training courses.
Learning by educating yourself is also a good way to master forex trading. The internet consist of hell lot of information. You can read articles online, and also learn from YouTube videos. In this type of training, you have to put all the effort into yourself. You have to figure out which website, book, or YouTube channel is reliable and provides genuine information. Though this is one of the most inexpensive ways of learning forex, the major drawbacks are the information is unstructured and this is the time-consuming method.
5. Individual Training
You may consider getting individual training. In individual training, the professional trader you have hired focuses solely on coaching you. It means you may expect to learn more precisely than training courses. The major drawback of individual training is it can be really expensive. Even if you are ready to pay the amount for individual training, you may not know whether the training you will receive is reliable and precise.
6. Video lessons
This is one is becoming popular nowadays. In the education market, video lessons are gaining great popularity. There are many experienced professional forex traders who have their video training lessons. This is the best way to get quality learning for high experienced traders by paying low. The drawback of learning the forex trading via video lessons is this kind of training may not be ideal for complete newbies. A complete beginner will require handhold support from the expert. Apart from this, you may find difficulty choosing the right course for mastering the forex.
Mastering Forex From Real Forex Traders
We love trading the Forex Markets and have been doing it for quite a few years, but we don’t want you to just take our word for it. We have gone out and gathered answers from real Forex Traders so you can get their insight into what it takes.
Real Forex Traders
1. Juwan473 “No one masters without losses” – ALOT of people will say they master the markets & know what they are doing but no one has mastered this with no losses
2. Juarri “All about risk management” – You can buy the best strategy in the world and still lose money it’s all about risk management
3. Szafa “Learning never ends” – I am not sure if thats something you can actually master…
I saw a lot of messages that you need to constantly learn while trading so you always have some edge on market… But then again I can’t really say if its true or false cause I suck at trading and most of opinions in the
internet about trading comes either from coachers that make money on coaching, not on trading or from people that dont live from trading.
4. RoastNPotatoes “Never will master it” – First, you don’t master it. Nobody is a master of anything. Anyone that’s considered a master of any discipline is considered that, because they’ve been relentless in improving at it.
5. 2way10 “Masters are the movers” – I can grow better at it but the masters are the ones who can move markets. I found it better to work on mastering myself in order to be profitable.
6. Duckboy “Decades to master” – Golf. Takes a couple of years to know how to play the game adequately and decades to master. All facets of trading is like golf but with no guarantees you’ll develop a nasty hook shot, find the bunker more often than not and learn nuances of putting greens. Your Tiger’s is like George Soros. Hey, you can get there though, it’s not age dependent.
So here we have discussed some factors affecting the time it will take to master forex. The three main factors are flexibility, the effort you are ready to put, and how much money you can invest in yourself. How long it will take to master forex will differ from person to person, depending upon the time, effort, and capabilities of the person.
Here we have also shared some amazing ways through which you can learn and master forex trading. No matter whether you select training courses, self-education, individual training, or video lessons for learning forex, make sure the person teaching you has great experience and knowledge in the field. Learning the basics of forex will take a few weeks, but if you want to master in the field, you have to gain years of experience.