Are you constantly surfing the internet looking for a forex trading strategy? Are you confused as to what course to start with? When you want to get involved with Forex trading, you have to figure out approximately how much money you would like to commit to trading, and then find a low cost course which will educate you to get started.
If you want to get started in trading really soon, one way is to buy a course online that teaches a specific method of trading, such as using Fibonacci ratios, Elliot waves, or other indicators that gives you a high probability of placing a successful trade. Then, you need to study and test the method on a demo trading account until you are profitable.
Here are two rules to always follow:
Rule #1: Paper trade, Paper trade, Paper trade. Please don’t jump into the market with real money until you are confident and totally comfortable using the trading method. One surefire way of losing all of your money is to jump into the market too soon, before really testing a trading method.
Rule #2: Plan your trades, and trade your plans. As traders, the only way to test a trading method is to stick to it religiously. Therefore, it’s imperative to write down your plan or method for finding a trade, and stick to it. Just like anything we do in life, proper practice through paper trading will make you able to enter the markets with confidence and will ensure you don’t lose your trading account.
Things to look for in a Forex Training Course:
When purchasing a course, check to make sure that it doesn’t cost more than you have to invest in the market. If you have $1000.00 to invest, then spending $800.00 on a forex course isn’t such a good idea, because you need $300 to open an account. Try to spend less than half of the money you want to start investing with on a Forex course.
Next, make sure that the course teaches you to trade independently without the need to subscribe to a service. Some courses just teach you how to use their trading system, which requires a paid subscription. Many times, the subscription trading systems don’t reveal the method that they use to determine when to enter and exit a trade. So, if this subscription service goes out of business or their system stops working, then you are back to square one, without the knowledge of how to enter or exit a trade. As a trader, it’s important to know the method you are trading with. As my mentor told me, “It’s never a good idea to put your fate in someone else’s hands.”
If you find a course that meets the above criteria, then go for it, start your education today. Lastly, take your time. The market is always there. The more you practice, and educate yourself, the more profitable you will become.
Wishing you Success!
David Molina