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Are Forex Trading Courses Worth the Money?
The foreign currency markets are often touted as an easy way to make money. However, getting started with forex trading can be difficult and confusing for beginners. Which broker should you use? What do those strange charts mean? How does margin and leverage work?
There are many training courses and seminars that offer would-be investors an insight into the world of foreign exchange and stock market training. The courses range from simple seminars to full training courses that cost more than £10,000 to attend. Is this a case of spending money to make money, or are these courses a waste of time?
Who Teaches The Teachers?
When the BBC investigated trading courses their response was mixed. In a two-hour trading seminar they learned enough to realise exactly how little they knew about the markets. This is a good starting point because it stops novice traders from falling into the most common investing traps and trading recklessly. Their response to the longer Knowledge to Action course was mixed, however. The course is expensive, and the people delivering the training material are not always City traders. Some of them are just recent graduates of the course themselves.
The material delivered is useful, but there is pressure to sell more sessions and recruit new traders, or to start teaching a course yourself. If you attend a seminar or course hoping for several hours of trading tips, and find a lot of time is devoted to cross selling and up selling of even more training, it is only natural to feel disappointed. Students don't want to hear about the success of others so much as they want to learn how to emulate it.
High Pressure Sales
There are some successful traders who learned the way that the foreign currency market works by attending seminars such as Unlimited Wealth, but there are many who burned though a lot of their savings to purchase training and then went on to make no money on the markets. This is not necessarily a reflection on the quality of the training materials; no one, not even City traders, can predict the future. It does, however, show that the courses are not a magical solution, and you should only invest in them if you have disposable income to spend on that sort of thing.
Instead of spending a lot of money taking a course, why not take advantage of the free materials that are available online. A lot of trading platforms come with their own educational materials, including videos, articles and charting tools. Why not try iforex and see how you perform investing a small amount of money?
With patience, planning and good fund management you can turn a long term profit in the markets. However, investing is not without risk. For most beginners, the best option is to start with a small amount of money and reinvest a percentage of the profit you make on successful trades. Never commit all of your funds to a trade, and always have a back-up plan or some savings to get you through the difficult times.
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