The foreign exchange market is a very exciting and intriguing market to enter. However, the majority of new traders will feel overwhelmed if they do not prepare for this trading arena. One requires a great deal of skill and knowledge to be a successful trader and inexperience combined with no training is a recipe for disaster. However, there are certain methods to overcome this barrier.
What forex training courses are available?
Forex training is available in two main categories:
- The online course
- The individual mentorship training
Online course are extremely similar to college distance education training. You will have an instructor who provides presentations, trading simulations and eBooks, not unlike distance courses. You will have to make your way through a beginner, intermediate and advanced sections of the course. These courses can be a boon for traders who have limited knowledge in this financial market. The prices for the courses range dramatically.
Individual forex training courses are far more specific than the online variety. To undertake these courses you need to have a basic knowledge of foreign currency trading. During this training, you will be assigned a course instructor who is normally a successful trader, who will go through different strategies and potential risk management methods with you. The bulk of the training will involve placement of actual trades. The cost for these mentorship programmes is much higher than online courses as you are being given the benefit of one-on-one training.
What should a good course offer?
Regardless of the type of training that you are looking for, there are certain factors you have to consider before you sign up.
The good courses are normally certified by a financial institution or regulatory body. Each country has their own regulatory body and if you intend doing an online course based in another country, you should check if it has been certified by that country’s regulatory body.
- Cost and Time
- Most forex training courses require a commitment, particularly in the case of mentorship. Online courses are more flexible and you are allowed to work at your own pace. If you do not have the budget for individual mentoring, then you should look at an online course. However, if your intention is to trade on a full-time basis, you may be better off opting for a mentorship programme, regardless of the cost.
- Course reputation
If you do an online search for trading courses, you will be bombarded with potential course suppliers. To narrow down your search, you need to focus on those that have good reputations. There are many scams that promise you high profits for little work. You can measure the reputation of a course by looking for reviews or participating in trading forums where you can ask for advice.
Are there alternatives?
Training courses offer you a structured method of learning to trade forex, but these are not the only methods available. If you have the commitment and personality to undertake self-learning, you will find several books and articles online. These will not cost you anything and you would still learn quite a lot from it. Bear in mind that you have to make time to undertake any type of training.
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