Okay, this is going to be interesting to write because I just got this Learn Before You Earn concept from my previous seminar that I attended and when I see using my perspective, there is a connection between the concept and trading in the forex market. Without further explanation, in this page, I will try to analyze why it is important for forex traders to learn to trade in the forex market first before they trade with their real money.
Before we delve more to learn before you earn concept it is better to understand what learn and what earn is first, so that we will know the correlation between the learn and earn definition which you can see below here.
Learn
Everyone is learning something in their daily life whether it is through communication with their friends or what they are doing in their activity. In fact, in life, we continuously learn something whether we realize it or not. But what is the definition of learn? Okay, we should take a look at Merriam-Webster first. In Merriam-Webster, learn is something that we study, experience, practice, or being taught to gain a particular knowledge. This means that to gain the particular knowledge that we want we first have to learn it first.
For example, when we were all just a toddler we learn how to walk first before we are able to completely walk by our feet and as we grow up into adults we learn how to make money for our lives whether it is from business or being a worker of a company. From this example, we can conclude that it is very important for people to learn the knowledge that they want before they can get that knowledge.
Earn
Now we know what learn is, then, come into the next part, that is, earn. According to Cambridge Dictionary, earn is something that you have done to receive money as your payment. We all know that this can refer to work or business income that you earn. However, before you are able to work, you must learn the skill first and that is why learn and earn are connected to each other. This means that earn can also be seen as something that you get by using the knowledge that you have learned before so that it can be applied to your life. Just like in the learn section that we learn how to walk first and then we learn how to make money, this earn section is regarding on how you use the knowledge you have learned previously to earn more than what you have earned.
For example, you are a businessman or businesswoman, and you have one store that can earn you extra money and because you have learned how to expand your business previously, you now use that extra money to open your second store to increase your earning. This example taught us the correlation between the knowledge that we have and how we use it. Also, that knowledge does not come suddenly, it comes through the learning process.
Learn Before You Earn In Forex
We now know learn and earn are connected to each other, they are like an uncuttable thread with which we still survive due to learn and earn we apply in our life. This can be seen from the learn example where we learn how to walk first and then after we grow up into adults we learn how to make money whether it is from business or being a worker for a company. So now what is the correlation learn before you earn as a concept in forex? Well, you can see this in the next paragraph.
When it comes to trading the forex market, people forget that they should learn how to trade the forex market first before they trade it with their real money just like a toddler who learns how to walk first before they are able to walk with their feet. I know this is simple, but unfortunately, many people neglect it and want to trade with their real money right away without proper knowledge of how to trade the forex market even though they know that it will harm them due to the greedy nature of human that causes them to want something fast which eventually created an illusion that they can become rich fast with forex and live a lavish life while the truth is really far from it.
That is certainly a psychological trap, just like when I first stepped into the forex market which caused me a lot of damage to my money. However, from my experience, I learned that psychology is crucial in the forex market as this is the key of many professional forex traders and that is why I am sharing this with you especially one who has just come into the forex market and want to get "rich quick" with forex.
Conclusion
Learn before you earn concept is closely related to forex as this is certainly significant for forex traders who have just come to know the forex market. It is like when you were a toddler, you learn how to walk first before you can walk with your feet and as you grow up you learn how to make money for a living. While in forex, you have to learn how to trade the forex market first such as support and resistance, fundamental analysis, and many more I cannot say one by one before you can trade the forex market properly. So, if you apply this concept to your mindset, you will have a better trading result and this can be done if you continuously learn the forex knowledge. Last but not least, do remember that there is no shortcut when it comes to trading, so if someone offers you something that is too good to be true such as they offer you that they can trade your account if you give that person a password to your forex account, then, I can assure you that person is a scammer.
Written by Andre I.
References
Cambridge Dictionary. earn. Retrieved from Cambridge Dictionary. (Accessed 13 February 2022): https://dictionary.cambridge.org/dictionary/english/earn
Merriam-Webster. learn. Retrieved from Merriam-Webster. (Accessed 13 February 2022) https://www.merriam-webster.com/dictionary/learn