How To Identify a Good Forex Trading Course and Why You Need to Learn To Trade
A Forex trading course is designed to take you from being a novice, with no experience in the Forex markets, to becoming a consistent and profitable Forex trader. Learning how to trade isn’t going to happen in 2 days, it requires time and experience to master trading strategies. Please understand that a Forex trading course must be more than just an event across one weekend.
Let’s start with the obvious…
Why do you need a Forex trading course?
You may be thinking about learning how to trade Forex, or perhaps you may have already begun. It doesn’t seem that hard, you buy when the market is low, and you sell when the market is high. Sounds simple right? Wrong!
If you start trying to trade the Forex markets without any form of a Forex trading course or education, you’re likely to lose a lot of money very quickly. Remember as Benjamin Franklin once said ‘an investment in education always pays the highest interest’. Learn how to trade the markets profitably by learning to trade with a Forex trading course. You will gain a concrete foundation in market direction and understanding of price action trading strategies. A good Forex trading course will also cover risk management or money management which is essential to keep you as protected as possible when you’re learning how to trade Forex.
What should be in a good Forex trading course?
1. Time to Learn How to Trade
A first-class Forex trading course should be accessible to you for a period of time, allowing you time to digest content and practice in the markets. You need to be able to refresh your knowledge as you grow as a trader.
2. Trading Strategies, with results
Let me be clear, learning how to trade Forex is not about finding the ‘Holy Grail’ trading system. If it sounds too good to be true, it probably is. A trading course should teach you a few trading strategies and an approach that have been traded over a period of time and in different market conditions. It should provide live results and back tested results of its trading strategies and be able to prove it has worked in the past and is working right now.
Forex trading course strategies should be rule based, so that you have predefined entry/exit criteria, or at least a couple to choose from, not just a ‘use your gut feeling’ approach. When you begin trading Forex you lack the experience to make decisions on ‘gut feeling’ but anyone at any experience level is fully capable to be given a set of predefined rules and follow them, step by step. Rule based strategies will help you stay disciplined when you’re learning how to trade as it’s just a matter of following a checklist, or set of rules.
3. Keep it Simple
A good Forex trading course should be simple; many beginners find this hard to comprehend. Many new traders make the mistake in thinking the flashier, more technical, more data the better it will work. This is not the case and a trading course should be able to get to the point and only teach you what works and what matters. A trading course should cover basic technical analysis, price action trading, and not be based on having loads of different indicators on your charts. You need to make sure that what you’re learning is based on price action, as it is the most important thing on the charts.
Do you want fries with that… the extra goodies.
When learning how to trade the more support the better. Find a Forex training course that gives you the entire package. The more insight you can get from an experienced professional trader the better. Trade alerts, daily market updates and a direct support line will ensure you continue to grow as a Forex trader and don’t miss money making opportunities.
Understand that it’s not a race.
You’ll hit that eureka moment when you understand that trading the markets profitably is not a race, or something that you can come first place in. You have to spend time in the markets to really become self-assured and consistent at what you’re doing. Good Forex trading courses will make you aware of this, while some of the poorer ones will tell you it’s feasible to make 20% next month. Of course it’s feasible, the same as anything’s possible, but it’s a bit more probable that ‘pigs will fly’, than you making 20% growth on your trading account your very first month. If you’re simply profitable in your first month, you’re doing extremely well. A reputable Forex trading course will make you aware of this, and help you to grow as a trader so that you can become consistently profitable using price action trading methods.
Armed with the correct knowledge and strategies trading Forex can be very worthwhile. Like anything you need to learn how to do it before you start to do it and like anything that will cost money. The best thing, a Forex trading course doesn’t need to nor should it cost $5000 or anything absurd like that. Companies charging thousands are more likely making money from selling courses, than trading profitably and those should be approached with caution.