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Forex Robots VS. Forex Education Part 2

October 09
21:54 2013

knowledge is power in forex In Forex Robots VS. Forex Education Part 1 we discussed the negative impact Forex Robots might have on your overall success and progress. This made it clear that the short and easy route is not always the best one. Living in the simplified world of today with new technology breakthroughs, things are becoming more automated and simplified which leaves quality education and hard work at the backdoor. Although there is still a fairly decent demand for it, the so called gurus that are ripping people off are also to blame, causing traders to choose alternative methods. Yes, there are courses based on strictly indicators and are not considered building a “rock solid” trading foundation, in my opinion. Knowledge is power! “Should Forex Education be a your first and only choice?”

In this article I’ll cover the second part of the 2 part series with the end result leaving you with an informed choice to make. Discussing the subject of education always gets me excited due to having a passion to help others succeed. A house without a foundation will collapse on you! Can a quality Forex Education provide you with something a Forex Robot cannot? The proof is in the pudding…

What Does Education Mean

In general I think a lot of people have a complete misconception about the term education.

Education in its general sense is a form of learning in which the knowledge, skills, and habits of a group of people are transferred from one generation to the next through teaching, training, or research. Education frequently takes place under the guidance of others, but may also be autodidactic. Any experience that has a formative effect on the way one thinks, feels, or acts may be considered educational.


Be In Full Control

Ever seen the movie iRobot? That’s how I feel just thinking about allowing a robot to be in control of my FX trades! Educating yourself allows you to make the decisions and most importantly puts you in the driver seat. You might hit a few bumps along the way but that is where the third advantage comes into play. Every trader should have the goal in mind to reach financial freedom, eventually being able to trade on their own. If that is not your mindset you should consider reassessing your outlook and goals.  A good place to start is by reading the a Forex Psychology 101 article.  No one, but you, should  be responsible for your success or failure.

Identifying Visual Price Action

A perfect example of how price action and manipulation at key levels can have a positive impact on your overall trading success is by asking any long term DTFL member. They are real life proof and have adopted DTFL as their main source of education to help them make calculated trading decisions based on what they see on the charts. Most of them will testify to their own trial and error based on systems and robots they have tried over the years. Nothing comes even close to reading what the market makers are doing, based on identifying their bread crumbs they leave behind. Your brain is one powerful robot, use it!

Gain Experience & Screen Time

A lack of experience or gaining experience and screen time can mean the difference between success or failure. A good trader learns and adapts to his mistakes during his trading journey, making sure to improve on their overall market knowledge. Interacting and watching the charts day after day builds something we call screen time. Very similar to gaining experience but gives you an edge in the markets that no robot or indicator can.

Emotions Are Present

People see trading emotions as a bad thing. Why? Smart Money will do the best they can to play on your emotions, keeping you out of a good trade and trapping you into a bad one. The 2 emotions they target most is fear and greed. Any Forex Course worth buying should teach and help you keep those emotions under control anyway. Mastering to keep them in place is without a doubt part of the education process! Humans have something we like to call a ‘gut feeling’. Something no piece of software will ever have. Your gut feeling is one very important emotion that experienced traders use to their advantage. Developing the skill to know when to go with it or not is something that comes over time and once again part of the learning process.

Forex Education – The Conclusion

I think this should highlight and sum up everything mentioned. No computer, software, EA, robot or indicator can ever teach you to trade! There is no substitute for education and there will never be. Some don’t want to face the reality and get burned time after time. The sooner you see the benefits the sooner you can start helping yourself. Without a doubt listening and actually taking in what is presented to you requires 10 x more effort on your part. Remember; time, effort and hard work pays off in the end.

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