Forex trading is like trading stocks, except that with forex you play currency rather than stocks. If you are serious about forex trading, then you may require some forex education. Although this is not an exhaustive teaching manual, it can give you a few tips and guidelines as well as things to watch out. Forex education requires that you understand the intricacies of forex exchange and the market forces of supply and demand. These market forces affect the exchange rates. Unfortunately though, these are not the only things to look out for in forex. A lot of people have lost money in forex because of other things. One of these is the lack of discipline and money management. Even when you are right about the market forces and you get the right market direction, you could end up losing if you focus on, say, pick tops and bottoms. Forex education is about looking at the trend and following as opposed to prediction.
Study of forex also includes learning about subjective analysis and such things as Elliot Wave and cycles. While these methods are certainly important in indicating where the trend is heading, putting too much emphasis on these analyses could be bad. Forex education is about being objective rather than being subjective. Forex seems to attract some of the smartest people in the world. Unfortunately also is the fact that most of these people have egos they want to view the market as they want to see it rather than how it really is, this is ego and if you want to make money, there is no room for ego in forex. Do not try to beat to market, as the market will sometimes make you look stupid. Rather, be disciplined and objective in your forex trading plans.
Avoid also the guru syndrome. This is where traders want to follow someone else who made money, or at least say they have. If you want to make it in forex, you have to chart you own course. If you feel that you absolutely cannot be able to do that, then you are better off doing something else. Forex education is all about remaining humble and not using complicated methods. Keep it simple, keep it focused and accept responsibility for your actions. After all, what is the goal in forex trading? It is not to look smart, but rather, to make money.