Can I do it?
There is a popular opinion that in order to work on a Forex market you need to have higher education, preferably with economic specialization, basic knowledge of higher mathematics and probability theory, knowledge of world economy, good computer skills, an analytic mind and ability to think logically, as well as experience with technical and fundamental analysis.
I date say that it’s not just obligatory, but in fact harmful for efficient Forex trading. Some of the skills listed are good to have, but not obligatory. Most of them are really harmful, as they give ungrounded confidence in the trading decisions taken. The market is random and there is no way to predict its behavior. I think these methods are unlikely to appear unless people invent a way to travel in time. Of course, you will need reading and writing skills, as well as basic skills in arithmetic, but the main things are ability to think, ability to wait patiently and CAST-IRON SELF-DISCIPLINE. Nobody will guide you here or give you orders. If you will want to destroy your deposit, you will do it easily and in no time at all, and nobody will stand in your way. If you want to earn money, lots of money, you will be able to do that, and again, nobody will stand in your way. There is nobody who has power over a trader, apart from the spouse, if any, and God. The trader does not have to obey anyone else. This makes self-control and self-discipline crucially important. Every person, along with the instinct of self-preservation has the instinct of self-destruction. The reason for all the trader’s failures is not the market, not the “wrong” behavior of currency exchange rates, not bad weather, nothing like that, but the trader him/herself. This is why the will, self-discipline are critical aspects which define the success of work. An amateur trader becomes a professional trader and then a master, perfecting not so much his skills as his volition. This is the very thing which takes years of labor, of self-overcoming and self-subordination.
By the way, let me say some words about education. A person who has studied economy, may explain things very well, read lectures, consult, but not use the skills in practical life. Interesting is the fact that this is the norm of such kinds of things.
Knowledge does not influence human behavior. In the actions a person reflects his or her skills, habits, stereotypes, patterns, but not knowledge. This is why books lack influence in changing a person. A person changes because of the situations where one experiences the circumstances deeply. Situations where a person is not an observer or a reader, but an active participant who has no change his or her stereotypes to solve the problem. In order for a new pattern to appear a person has to discover, to experience the truth in his or her life. Reading about it won’t help here. To learn trading you have to trade! Pay attention how people from a number of oriental countries are successful in trade. They don’t study trading, they do trade, get the profit, expand their business. When they lose everything, they don’t hurry to start writing books or cleaning the streets, but they start trading again and win success on a higher level.
The second and the last quality which defines a trader success is his or her confidence in oneself and in powers he or she has.