Currency trading is growing rapidly worldwide, yet it’s still far from the mainstream. Education has a primary role in making a change. This is the first article in a series of articles about forex coming into the mainstream.
Many newcomers to forex trading don’t know what they’re doing. This is no secret. This lack of knowledge and urge to start trading often burns out these traders quite quickly. As they join gloomy statistics of 85% to 95%, they contribute to the risky reputation of forex trading.
There are many aspects of education, and everybody has a role in making it a bigger and more welcoming industry than it is today. Let’s start with the ones that already make a big profit today – the brokers:
Some brokers offer education as part of their services to their traders and / or in their websites. But not all brokers are equal, and some just pressure their clients to start trading with the promise of winning. I think that there should be some minimal learning material that every broker should provide its clients. This should sufficient.
There’s no need for a minimum time between opening an account and starting to trade, and there shouldn’t be any kind of exam that the new traders should pass. But a minimal introduction to forex trading is necessary.
Online trading has been a major factor in the growth of retail forex trading. The online world also has vast amounts of education resources. With so many websites, it’s hard to know where to start from, and some newbies might prefer getting tips from someone rather than learn.
As an owner of a website, I feel committed to supplying realistic and careful analysis, and never ever even hint that forex is easy money. With more responsible websites, traders will get a realistic picture and trade more responsibly, reducing the chances of a quick burnout, increasing the volume of trade and helping it become more mainstream.
So once again: Forex trading isn’t easy money!
Traders that learn more about what they’re doing have a better chance of succeeding, and being on the good side of statistics. Such traders will spread the word and bring others to the industry. Word of mouth is often the best marketing method out there.
So indirectly, educated traders are indirectly making the industry more mainstream and more acceptable. It’s not their duty like brokers’ and web site owners’, just the result of education.
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