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The latest markets news, real time quotes, financials and more. Investors looking to enter the world of foreign exchange can find themselves frustrated and quickly spiraling downward, losing capital fast and optimism even faster. Even the most successful stock traders can fail miserably in forex by treating the markets similarly. Equity markets involve the transfer of ownership, while the currency market is run by pure speculation. For a refresher, check out our Forex Walkthrough and Forex Trading Rules. Online courses can be compared to distance learning in a college-level class. A student will move through the beginner, intermediate and advanced levels that most online courses offer.
For a trader with limited foreign exchange knowledge, a course like this can be invaluable. 50 to well into the hundreds of dollars. Individual training is much more specific, and it is advised that a trader have basic forex training before taking up this option. An assigned mentor, typically a successful trader, will go through strategies and risk management, but will spend the bulk of the time teaching through placing actual trades.
What to Look For No matter which type of training a trader selects, there are several things they should examine prior to signing up. Reputation of the Course A simple Google search shows roughly two million results for “forex trading courses. To narrow the search, focus on the courses that have solid reputations. A solid training program won’t promise anything but useful information and proven strategies. The reputation of a course is best gauged by talking with other traders and participating in online forums. The more information you can gather from people who have taken these courses, the more confident you can be that you will make the right choice.
Certification Good trading courses are certified through a regulatory body or financial institution. However, each country has its own regulatory boards, and international courses may be certified by different organizations. Before choosing a course, carefully examine the time and cost commitments, as they vary widely. If you don’t have several thousand dollars budgeted for one-on-one training, you are probably better off taking an online course. These and other catchphrases litter the internet, promising the perfect trading course leading to success.
While these sites may be tempting, beginning day traders should steer clear, because any guarantee in the world of foreign exchange is a scam. Read more about day trading in “Would You Profit As a Day Trader? CFTC has jurisdiction and authority to investigate and take legal action to close down a wide assortment of unregulated firms offering or selling foreign currency futures and options contracts to the general public. To ensure a trading course is not a scam, read its terms and conditions carefully, determine whether it promises anything unreasonable and double-check its certification for authenticity. Find out how to protect yourself and your loved ones from financial fraudsters in “Stop Scams in Their Tracks” and “Avoiding Online Investment Scams. Other Ways to Learn While trading courses offer a structured way of learning foreign exchange, they aren’t the only option for a beginning trader.
Those who are talented self-learners can take advantage of free options online, such as trading books, free articles, professional strategies and fundamental and technical analysis. Again, even though the information is free, make sure it is from a credible source that has no bias in how or where you trade. This can be a difficult way to learn, as good information is scattered, but for a trader starting out on a tight budget it can be well worth the time invested. The Bottom Line Before jumping in with the sharks, getting trading advice in the highly volatile forex marketplace should be a top priority. Success in dealing with stocks and bonds does not necessarily breed success in currency.