How Long Does It Take to Learn Forex Trading?

A very popular question is, "How long should I learn to start earning on forex?" Not surprisingly, because when coming to work everyone wants to know how long it will take to get paid. However, investing and trading in the financial markets is different from the usual type of work, it will always be an individual job.

Before placing any order, it is quite difficult to calculate both the size of the expected income and the availability of such gains in general. It is difficult to understand how much one needs to learn to trade before the first earnings appear on the deposit, and it is even more difficult to characterize the stability and consistency of such income. An unsuccessful position opened a year earlier can immediately increase the balance in your trading account at times and make you wealthy.

Let's look at the first steps to success in forex and try to understand what the success of the way from a beginner to a professional depends on.

How Long Should I Learn to Trade Forex?

Let's answer the question - how long does one have to study forex trading basics? Firstly, anyone who decided to start earning by trading needs to master the functionality of the personal account on the website and the trading terminal. Depending on the time available, everyone can get acquainted with the available information at a different speed.

Since most newbies have a permanent place of work, we assume the availability of 2-3 hours of daily time to master the material.

The average internet user will need 1-2 days to register at the broker's website and familiarize oneself with its interface. Understanding the basic principles of the most popular terminal Metatrader 4 will be a task of a larger scale. Learning to find the necessary trading instrument in the terminal, open the chart window, apply the tools of technical analysis, and, of course, place orders will take at least several days.

Having learned above mentioned skills a beginner trader will feel oneself like a fish to water, in the stream of financial quotes. However, benefitting from trading on the currency market is a different story.

What A Beginner Needs to Grasp for Commencing Earnings in Forex

To trade successfully, a first-time trader will have to acquire a lot of knowledge related to economic sciences and analysis basics which make up the trading strategy selected by the trader.

The profession of a trader implies continuous self-improvement and self-development. The market is always changing, and the thing that was working today is not sure to be successful tomorrow. That is why not historians but practitioners succeed in this field.

The trading systems of all successful traders are improving in the process of trading due to enriching the investor's knowledge. That is why even if you have a advantageous trading system, it is always useful to read thematic literature and familiarize yourself with various approaches to the analysis of price movements and different trading techniques.

Every trader without exception needs to understand how the following works:

• Fundamental analysis;
• Technical analysis;
• Trading indicators;
• Trend.

Fundamental analysis means analytics based on the evaluation of financial and production indicators of economic relations subjects (firms, corporations, states). In simple words, fundamental analysis works with the information provided by the subjects of economic relations in the public domain and news from various media about their activities. Based on the information obtained, conclusions are made about the success of the subject under review and the prospects for its future activities.

Fundamental analysis is one of the oldest methods of analytics. This type of asset valuation has not lost its relevance at the moment. If you can get reliable news in advance and interpret it correctly, you can achieve significant success in trading. Even purely technical traders try to make adjustments to their trading plans in the presence of strong news for a trading instrument or refrain from trading until the fundamental news is digested by the market.

Speaking about technical analysis, this type of analysis is inseparably connected to price charts. Technical analysis has its own subtypes:

• Graphical analysis;
• Mathematical analysis.

The graphical method of predicting market prices is a combination of methods and techniques of drawing or recognizing graphic elements (figures) indicating future price movements. These elements include support and resistance levels, trend lines, and candlesticks patterns.

Mathematical analysis of price movements is based on the creation of formulas that describe the mood of the markets. Earlier traders had to make calculations manually and put the results on charts. Nowadays in most trading terminals, mathematical analysis merges with graphical analysis as it is carried out using built-in indicators in the trading platform.

The Importance of Trading Strategy

As a rule, most traders achieve success by using a trading system (strategy). It is an algorithm for trading, based on theoretical knowledge of the market and the use of financial analysis tools. The most important component in any trading system is the investor's personal qualities, emotionality, judgment, and patience.

Each experienced trader has their unique trading strategy, which is being developed over years and perfected during the whole period of trading. As a rule, the majority of effective modern trading systems originate from the stock market trading manuals of the 70s and 90s of the last century.

What is the uniqueness of such a trading system based on old strategies? In fact, everything is very simple, in the process of trading the investor modifies the strategy depending on personal qualities.

Therefore, a beginner who has mastered the basics of working with the trading terminal should seriously look for a trading strategy with suitable characteristics, at least at first glance.

You Cannot Know It All

In addition to the need to work with a variety of fundamental factors and an abundance of technical analysis tools, the terminal window in front of the investor contains a huge number of trading assets. Seeing all of them for the first time might be confusing.

To work successfully with any currency pair, each trading instrument needs to be analyzed again, involving a huge array of tools. Such a variant of work is a colossal work.

Experienced traders try to choose 1 or 2 currency pairs of the major economies for permanent trading. It allows not to be dispersed and to analyze the chosen trading instrument more thoroughly. So, choose several, or just one asset to start with, and practice as long as you need until you are ready to add more assets to your trading portfolio.

Knowledge Should be Combined

Most beneficial trading systems are quite simple. However, experienced traders often rely on different fundamental and technical knowledge when making trading decisions. For example, according to a certain trading system, a trader needs to find an entry point that corresponds to the trend direction in three time frames, and at the same time, the MACD indicator gives a buy signal.

According to this rule, a trader enters the market successfully and has a stable income. But this opportunity is not presented very often. Therefore, the trader decides to use the fundamental analysis without affecting the basic principles of the trading system. Tracing the news, they open positions and then continue working based on the strategy worked out a long time ago.

Many trading systems combine elements of both fundamental and technical analysis or use different types of graphic and mathematical forecasts. Thus RSI indicators may be combined with Fibonacci retracement, and losses made by price reversal should be closed by a stop order in one case, and successfully locked in another case.

A trading system built on a reasonable (sufficient) combination of different areas of knowledge about the market becomes more effective as being flexible is one of the most important skills to learn while trading forex.

Can I Achieve Yield Without Knowledge Right Away?

To open a deposit and start earning is undoubtedly the dream of every forex trading beginner. Some people are ready to spend their evenings studying textbooks on trading, technical analysis, and wave theory, but others simply do not have time for that. Luckily, with the advance of technologies and the general development of online trading, there are several ways to earn a living from price fluctuations without any profound knowledge of the market mechanisms.

First of all, there is such a thing as automated trading. With the appearance of the Meta Trader 4 trading platform and MQL programming language, everything has changed. There are many trading advisors (robots) written in MQL allowing trading in automatic mode. Now even traders who don't have enough time to study can trade on the forex market with returns. All you need is to download Meta Trader 4 trading terminal, buy or download any trading advisor you like and start it.

It is rather presumptuous to believe that the advisor will completely free you from the necessity to monitor the market. At the same time, the advisor is the only solution for busy investors or emotional traders. Thus, they act as a controller of their work and intervene in the trade only when there are problematic situations. The investor has more time and stays emotionally balanced.

Apart from that, not that long time ago traders created such solutions as copy trading. It is similar to automated trading since it requires no trader's involvement in the process. It works like this - you subscribe to one of the professionals` accounts, and all their actions (opening/closing of the positions) are mirrored on your account. It is a perfect tool since you can learn to trade and earn using the knowledge of experienced traders simultaneously.

AdroFx offers first-class copy trading experience allowing you to benefit from the forex market volatility without obtaining profound knowledge and reading dozens of books. Start copy trading with AdroFx today and enjoy your returns the next day!

Summary

To summarize, we can make specific conclusions. Let's calculate how much time you need to study to start earning on the forex market. It was found earlier that it takes about 2 days for a newcomer to open a trading account (to get acquainted with the broker's website, deposit funds, and verify an account).

It will take a few days to master the basics of working with the trading terminal. The longest stage will be to master a trading strategy, with the knowledge baggage and practice included in it. Learning fundamental and technical analysis can take from one month to one year, depending on the amount of literature.

Rounding up the data to the greater side we answer the question, how long do you need to study forex to start earning - about three months. Although it is necessary to understand that trading training and market analysis are practically the same things, and the market analysis is not finished – it is a daily working process.

In practice, over 90% of beginners open trades on the very first day and start learning at the same time gaining practical experience. Here the learning is reinforced with practice, and it's a good way, just do not forget that no trader in the world trades only successfully. You have to be prepared for possible losses right away and after the first one, you mustn't give up.

Three months is quite enough to gain trading skills and benefit with average employment.

About AdroFx

Established in 2018, AdroFx is known for its high technology and its ability to deliver high-quality brokerage services in more than 200 countries around the world.  AdroFx makes every effort to keep its customers satisfied and to meet all the trading needs of any trader. With the five types of trading accounts, we have all it takes to fit any traders` needs and styles. The company provides access to 115+ trading instruments, including currencies, metals, stocks, and cryptocurrencies, which make it possible to make the most out of trading on the financial markets. Considering all the above, AdroFx is the perfect variant for anyone who doesn't settle for less than the best.