Here’s the thing, if you want forex trading training, you got two choices:
- the free choice
- or the pay choice.
Forex Trading Training It Is A Minefield Of Heroes and Charlatans
For The uninitiated, Forex Trading Training is a minefield of Heroes and Charlatans.
Go on a course called ”Learn how to trade and make money in forex!” Instant way to lose a few grand.
There are a lot of ways you can receive forex trading education these days…so many websites and places to put in your credit card number and get instant forex market gratification.
The bar for successful forex market trading teachers is a lot lower than the bar for successful forex market traders which means there will be a lot more forex trading training teachers that want your credit card more than you can ever imagine.
Let Me Tell You My Story To Give You Some Perspective
I got interested in trading in around 2007-2008 period. It all started with a dvd I got from a very popular trading education company in Australia called the Century 21.
I was new to trading and as you can tell, was really dumb and I got sucked in by the sweet talk and marketing that went into it when I saw their videos as well as the free materials that they sent me. This was a marketing plan to hook me into buying their more expensive trading course.
I remember one evening attending a webinar and at the end of the webinar, there was this presenter making a sales pitch and I couldn’t believe me ears when people where pulling out their credit cards and paying $3,000 (if I remember correctly) for the e-minis futures trading course.
I nearly also pulled out my credit card and did the same.
But then, I thought to myself: ” All these things I’m hearing on their videos and webinars, let me see if I can research them online on Google and see if someone somewhere has written something about it for FREE?”
So I actually did that.
Boy, I was glad I did!!!
What I was hearing in bit and pieces in their videos (they reveal little to pull you making you think they are the only ones that got that “special” trading information). A great marketing tactic.
So to help you on your path to forex trading education, I have put these list of 7 Things you need to consider.
#1: Forex Trading Success Cannot Be Packaged And Delivered
You see, forex trading success cannot be delivered packages and achieved with a credit card quickly. Heck! You may think you are buying a solution but guess what?
It is not a solution at all!
What you are buying is is really is an “Introduction to a lot work.”
If you are just starting out fresh, with no prior experience in trading forex, your chances of being deceived are great because you have no experience and whatever you see or hear may seem like the “absolute truth” at that time.
But only after you’ve been there and gone through all the that, then you will say to yourself: “Why did I ever do that?”
#2: What Is Your Purpose For Forex Trading?
Trading forex without purpose is the same as getting on plane and flying without a destination in mind and you run out of fuel and crash.
Without purpose, you cannot make it as a forex trader.
Ever seen your friends make new year’s resolutions that they would like to get fit and join a gym? They try it for a month and then stop.
Ever seen that happen time and time again?
Enter the forex trading marathon. Regardless of what you hear or see, forex trading is like a marathon. You just cannot quit. You are going to feel tired, you are going to be thirsty, you are going to feel like quitting when there’s 10 more kilometers to go.
Without enthusiasm, passion, interest and purpose, you will join the many thousands of forex traders that wasted their time and money.
I’m not a successful forex trader yet but I know I’m in a marathon and I am passionate to make a living trading forex. And I’m not going to quit.
My specific goal to trade forex is this: I want to be free from working for others and make them rich. I am serious about making trading a big part of my life.
#3: You Need Risk Capital
If you star trading forex out of financial necessity with money you cannot afford to risk then you are putting yourself in a really bad situation.
How?
Well, your “loss aversion” will doom your trading to failure.
#4: Forex Trading Is Not A Get-Rich Quick Scheme
If you are getting into forex trading to get rich quick, you are not going to make it. It is the fastest way to get poor quickly.
Trading is about growing your account slowly over a long period of time.
It needs discipline, method and patience. And you need to mature into a trader as well and this takes time.
#5: What Is The Hidden Agenda?
Some forex trading training course have a hidden agenda.
What do I mean by that? Well, they will hook you up with a “free product” get you excited about it and down the line, once you are hooked, they will start selling you:
- data feed (if you are in forex or futures trading)
- trading software and other trading products.
Many free webinars and seminars are not really hot marketplace for selling products because anyone who attends is a really hot lead with wallets ready to buy because he is someone already interested in the subject matter that is going to be discussed. It only takes a little marketing trick to get them hooked to pay up.
#6: The More You Pay, Does Not Mean The More You Get.
Also the more you pay, the more time you need to recover (Or You May Not Recover At All)
Assuming that you went and paid for a $6,000 forex trading course with a “professional” tutor for 6 months and after 6 months you have learnt enough to trade on your own.
You decide to open a forex trading account with $2,000. You wish you had $6,000 but you don’t have enough money at all because you spent huge on the forex trading course.
So now, you have a total of $8,000 “invested” in forex and there’s not guarantee that you’ll make more money than you’ve invested.
You see, when it comes to forex trading training, there is no standard pricing about how much these online trading educators should charge.
Some prices are dictated by the size of the balls of the people selling it to you, not the product. Check what you get.
#7: The more people you put in a room, the longer it takes
Lets say you pay your $6,000 forex trading training course and there were 30 people in the room. Most of them have ever done much research prior to attending.
The room will be like a kindergarten of adults trying to learn forex trading!
May trading course can take a very long time to cover the basic principles. And if you could read them in a book, it would take half the time.
#8: There is a huge difference between ”learning to trade” and ”technical analysis”
Many forex trading training courses sell technical analysis. You do not necessarily need technical analysis as an introduction to trading.
What you need is to learn to trade…it is very different.
Are There Any Good Forex Trading Training Products & Course?
Yes. right here on this forex website. I am biased because this is my site dedicated to helping new forex traders like you.
And I provide it all for free so you can learn to trade forex without spending a fortune.
Here are the forex trading trading resources on this site:
- free forex trading course
- free price action trading course
- top 10 reversal candlestick patterns
- free forex trading signals
- and lots of free forex trading strategies that work here and here and here and here.
It kind of saddens and maddens me as well to see new forex traders get lured and caught paying for expensive forex trading courses when all they need is the big “G”…Google.
Now, let me be also fair…there are some really good forex trading courses and products out there for sale.
I do buy forex products like books, software etc that I know will benefit me and I’m not stopping you to do the same.
But really, a general rule of thumb is this: if you feel that a forex trading training course is way too expensive then it definitely is. In such a case, hold onto your credit card and do not give it away. Research in Google. You’ll find something, believe me.
Many new traders blindly go into and start buying without asking questions like these:
- What am I buying?
- What will I get?
- What are they really selling?
- Could I read it in a book?
- Am I really interested?
- Do I really have the time?
- Do I really have the need?
- Do I really want to be a trader all day every day?
If you want to succeed in trading, that is what it will take.