Thursday, June 29, 2017

Forex Trading Course

forex trading course lady computerAny new student of the currency markets must first recognize the importance of selecting and enrolling in a forex trading course if they wish to go from being an aspiring trader to becoming a profitable trader. I use the term “profitable”  rather then experienced because it’s important to recognize the distinction between the two. The trading industry, no matter what the market, is filled with experienced traders that have gone broke. The commonality of this phenomena is quite interesting, and can usually be attributed to poor discipline and a false sense of over confidence that comes from over-trading.

Often times, forex traders will begin their new journey with tremendous discipline and a strict adherence to their trading plan, in large part, because they are operating out of fear. This should be looked at as a healthy fear however, because in reality, it more closely resembles respect. Unfortunately… as their accounts grow, and they’ve had a series of winning trades, an alter-ego begins to appear on one shoulder. Filling their heads with thoughts of genius that cause them to stray from their rules and invariably begin losing.

Recommended Course

We recommend the HectorTrader.com Forex Course. If you are serious about learning Forex and becoming a profitable trader you’ll want to check out this course.

Click here to find out more….

Fundamentals, Technicals and Gadgets

The reason that I chose to preface this article with this information is because most traders think that if they select a forex trading course filled with trading strategies that this will make them a profitable player in the currency markets. It’s these strategies that lure us into buying them and it is also these strategies that are used to justify the higher price. Now, having said that… let me also point out that there is a place for the purchase of indicators, automated systems, robots, and mechanical strategies should you need them. But that should come later. First you need to learn the basics so that you can make an educated determination as to what type of trading you want to do. Then, the research and possible purchasing of these tools can be added as you need them.

The primary goal when selecting the best forex trading course is to look for one that is committed to providing you with a solid education in the fundamental and technical basics on currencies, currency pairs and how these instruments respond to inter market and global factors. An introduction and brief study of the fundamental reasons that currency pairs move in price is important and should be understood by every forex trader, even if you deem yourself a crusty, old school chartist! Remember this… news changes everything. Having the knowledge to recognize when a fundamental or news driven event is going to affect your trade can be crucial.

A good course will also cover the topics of leverage, money management, price units (pips), and the mechanics that go into placing a trade. Position sizing and risk should be taught in detail, as well as understanding the placement of stops, profit targets, trailing vs time stops, and, did I mention leverage? Yea… leverage, don’t forget leverage.

Forecasting The Future

forex guideNow comes the fun part of what every forex trading course should teach… and that is technical analysis and chart reading. This is where your education process takes you into the world of forecasting and determining a directional bias. This can be fun and heady stuff. However, I think it is equally important to keep the powers of the price chart, or any system for that matter in context with reality.

Being proficient at reading charts does not equate to holding the powers of a Ouija board in your hands. Nor does it provide any predictive powers guaranteeing a profit. These wiggles and waggles of lines on your computer screen show you a record of past price data and although it is true that previous data cannot really predict future price movement, it can show you repetitive occurrences, trends, and pattern sequences that you can exploit. By recognizing these and understanding forex charts, you give yourself an edge, a statistically logical chance to make a profit.

Investing In Yourself

As a new forex trader you’re probably wondering how difficult is this to learn? Well, let me be clear by saying that anything of value takes time. By committing to a forex trading course you will be developing a skill set that is beyond the scope of 99.9% of the population, setting yourself apart and giving yourself an arsenal of tools that few people really understand. This in turn will give you another edge in your trading, particularly when you consider the fact that trading is a sum-zero game, meaning that for every winner there’s a loser. The winners educate themselves.

Previous post:

Next post: