Getting high quality information is essential if you want to generate a continuous stream of Forex earnings. The market is so vast and it moves in such unpredictable and strange ways that you can easily fall into a trap and lose a lot of money.
However, there are 2 distinct ways in which people consume Forex knowledge. One is learning and the other is following.
Acquiring Forex knowledge involves you getting some book or course from a well known expert and you begin studying it. This is a good thing to do and you need to continue investing in your knowledge with time.
Following means that you learn the system or systems you got and follow them to the letter. This doesn’t really involve any understanding on your part, just blind execution of the system.
This can work and yield high profits. Have no doubt about it. If a system works then it works. End of story.
But it’s just part of the story really. The true story is that you’re not really learning anything about the market yourself, you’re just following in someone else’s footsteps. You’re not developing your own skills as a trader just your ability to carry out someone else’s instructions.
That’s where learning comes in. When you learn someone’s system you try to figure out not just if it works (by testing) but why it works. This leads to a deeper understanding of the market which in turn helps you become a better trader, one who’s capable of developing your own systems and trading methods, and not just following others’.
Learning takes a lot more time and effort than following but it’s a strategic choice that you need to make for yourself. If you truly love dealing with Forex, become a learner. If you’re just in it for the money, stay a follower.
Know that learners are likely to become better traders and make more money. However, it does take its time.
