Paying for your Education in the Financial Markets

Paul Wallace, a forex trader and mentor speaks. What's the truth about - paying for your education in the financial markets? What do I mean by that? Well, I mean that you are likely to pay for your education in terms of the expenses you are going to take in terms of losing trades as you build up your experience or you are going to pay directly some money to individuals or firms that teach you how to trade. I've education myself a lot and this helped me drive me on but I'm sure I would have made quicker progress if I worked with the right individuals. The Internet has provided a whole lot of resources for people to help educate them in the financial markets. How long does it take to make a living or reasonable income from trading? A whole lot of variables come in including the type of lifestyle and the time you can inject into the activity but I would think that it may take 2 to 4 years to gain the kind of experience to deliver profits on a consistent basis. Do you have to accept some losses in the beginning? Yes, I think you do and strangely enough in many respects starting out with losses is a good thing for new traders. Otherwise if you start with winning trades you get complacent and way over-confident and you tend to put your guard down and that's when the market comes and bites you. Never trade without a stop loss and don't risk more than a small portion of your account capital. Generally I'm not a big fan of mobile trading but I don't believe that it encourages a professional approach to trading.