Most people approach the need to learn forex trading with a quantum of trepidation or fear of the unknown. For those who are undergoing a period of self schooling and schooling by gathering relevant training materials and tools, and practising new skills in the comfort of home, one tasteless inquire of the unknown would usually linger in their minds : "Would my self studying be enough to make me a victorious forex trader?". For those who have chosen to learn under a mentor, a tasteless inquire is this: "Will the mentor recap all his secrets to me so that I, as the understudy, can trade successfully on my own?"
Indeed, when will a novice trader be able to know exactly the timing of his metamorphosis from a pupil to a skilled trader, and so that he can saunter to trade on his own?
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There are some who believe studying to forex trade is an effort that spans an entire life. This group of people believes that studying and schooling never stops. A forex trader reacts to the news, and to his setups, and trading is always different every day. To this group, studying is a lifelong process. They would look at their trades daily, analyse them to see what made inevitable trades work, and why inevitable trades were failures. In this manner, they are able to extract good lessons out of bad trades, and would come to be wiser, never to repeat these mistakes again.
The main difficulty for this group of new traders is seeing the most appropiate time for them to say, " I have learnt enough, and it is time for me to go into the battle field and to fight the good fight of the faith. I will start to trade!"
Speaking from the viewpoint of a trading coach and a expert trader, here are two suggestions.
Firstly, profess a trading log even when you are studying to trade. This trading log will serves as your trading diary in which you description all your trades, even while the times of studying which may involve your paper trading or your testing of inevitable forex trading strategies. description your personal experiences - why a simulated trade was taken, what was the prescribed performance you should take based on the trade setup, and what was the outcome. In this way, you will be able to document and description your experiences, and be able to gain a high degree of reliance from seeing repeated results from taking inevitable stipulated performance arising from similar trade setups.
Secondly, you can adopt a cut-off point where you can start to trade on your own when after a period of paper trading, you find you are consistently having a higher win-loss ratio. In other words, when you find there are more winners than losers in your simulated trades and this is repeated consistently as recorded in your trading log or diary, you can consider piquant out to trade on your own.
Needless to say, in anything self study, it is of the greatest point that you find the most effective trading strategies and systems, and scholar not only the trade setups, but also your trading psychology, and be able to pull the trigger to trade. Learn from real traders, who are able to pass on their skills to you. You are there to trade, and turn the head knowledge into real trading skills.
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