Introduction

A common question of those wanting to learn Forex trading is, Can you learn Forex trading on your own?

With millions of active Forex traders worldwide, not everyone’s Forex trading journey is the same. Some Forex traders have learned through one-on-one mentorship, while others have taken a more personal approach to learning Forex trading.

However, what are the pros and cons of learning to trade Forex on your own? Can you learn Forex trading without a mentor? In this article, we will endeavor to answer these questions and provide a roadmap for how to learn Forex trading independently.

Can Forex Trading be Learnt on Your Own?

Forex trading is not entirely different from any other skill set that needs to be developed. It takes time and effort to master it and become better at it.

In short, yes, it is possible to learn how to trade Forex on your own. Moreover, with the rise of technology, information and resources have never been more accessible.

However, this does not mean that learning Forex trading on your own is the best approach. There is a lot of value in having a Forex trading mentor.

A recent survey by the American Society of Training and Development found that 75% of current successful executives directly attribute their career success to mentorship. Although this is not directly related to Forex Trading, it does highlight the power of mentorship.

The Pros and Cons of Learning Forex Trading on Your Own

Although it is possible to learn Forex trading on your own, it may not be the best option, and there are pros and cons to learning Forex trading on your own.

We will explore some of these pros and cons below:

Pros:

You Can Learn at Your Own Pace:

One of the biggest pros of DIY Forex Trading is the freedom to go at your own pace. Perhaps your current lifestyle does not allow you to commit a set amount of time every day to trading, which mentorship may require.

Moreover, someone with less ambitious (or longer-term) goals may find a mentor too much of a burden.

Your Trading Style Will Not be Influenced by Anyone Else

When you have mentors, it is inevitable that they will influence your trading style. While this can be a good thing, it can also stifle your free thinking, and you may begin to develop a trading style that does not match your individual personality.

When you learn Forex trading on your own, you will be freer to develop a unique trading style without being too heavily influenced by anyone else.

You Will Take Lessons to Heart More Thoroughly

People are always encouraged to ‘learn from other people’s mistakes.’ However, this almost never happens. When we learn lessons for ourselves, we tend to absorb them more thoroughly.

For example, if someone tells us that risk management is vital because they lost most of their trading capital due to poor risk management, we likely won’t fully grasp it unless we have learned the lesson ourselves the hard way.

Cons:

It May Take Longer to Become Profitable

Without mentorship, it will probably take us longer to become profitable because we might be making mistakes that mentorship could help us avoid.

We will rely more on ‘trial and error’ rather than ‘this works better than that’ guidance, which can take us from beginners to profitable traders much quicker.

You May be More Prone to Mistakes

People who have been Forex trading for longer have probably made more mistakes than you, which means they can point out mistakes and traps they have made.

If you take these lessons to heart, you may be able to avoid at least some of the mistakes they have made. However, without guidance, you primarily rely on ‘trial and error,’ which makes you more prone to making mistakes.

You May Become Discouraged

The longer you take to become a consistently profitable trader, the more discouraged you could get. A mentor can help be an encourager – if nothing else.

When we meet people who have succeeded in the same field we want to, it gives us inspiration, hope, and encouragement to keep pressing on.

How Long Does it Take to Learn Forex on Your Own?

The time it takes to learn Forex depends entirely on the individual, how much information and knowledge you consume, and how much you practice. However, you should give yourselves at least a few months to develop consistent results.

Even if you are profitable in your first month, the more consecutive months you can repeat it, the more your confidence will grow, and you will encounter different challenges and types of markets that you may not have navigated before.

The more knowledge and information you consume, the quicker you can get up to speed and become a profitable trader.

There are several Forex trading resources for self-learners to assist you on your Forex trading self-learning journey. Below are some of the most common:

• YouTube

• Online Courses

• Reddit Communities

What is The Fastest Way to Learn Forex?

The fastest way to learn Forex is by having a dedicated mentor, whether in person or online.

However, as mentioned, this can be very time-consuming and requires a substantial commitment of time and energy.

If your lifestyle does not allow you to have a dedicated mentor, make use of every available tool and platform to fast-track your Forex trading journey.

YouTube is one of the best independent Forex trading education resources available. Find at least one – or more YouTube channels that provide Forex trading tutorials and consume as much information as possible.

Moreover, get plugged into online resources for learning Forex trading. Also, consider enrolling in an online course to upskill yourself. What’s particularly nice about an online course is that you can do it at your own pace.

There are also many books to learn Forex trading, if you prefer reading.

Conclusion: Should You Learn Forex on Your Own?

The choice to learn Forex trading independently is an individual one, and factors such as your goals and current lifestyle should be considered.

The quickest way to learn Forex trading is through a dedicated mentor. However, even if you decide to learn Forex trading, there are many online resources to fast-track the learning process.

So, if you decide to learn Forex trading on your own, you don’t need to be without the tools and knowledge you need to succeed!