Currency Trading Training – Are You Kidding?

Posted: July 11, 2010 in Uncategorized

Currency trading training is essential for your success in the Forex market. Wait! Are you kidding me? I have to have training? You mean I can’t just dump $250 in a Forex broker account and become an overnight millionaire? You know I hated school, do I have to go to school and all?

Well, yes. That’s pretty much it. I mean, you may not have to sit in a classroom with a bunch of teens who don’t really want to be there. But you will definitely need some training.

So, how do you go about getting currency trading training? A search on the Internet may not be of much help. There are so many Forex scams, it’s tough to find legitimate training programs. And, contrary to norms, the most expensive program is not necessarily the best. You see, most successful traders are wealthy, or well on their way to being wealthy. Many of those traders feel the desire to “give back” to new traders and so they will train you for a relatively small amount, just enough to ensure your commitment level. The trick, then, is to find these people.

The first thing is, don’t be fooled by anyone who advertises overnight riches. It just doesn’t happen that way. Once you learn how to trade properly, you can make big money doing it. But it’s not going to happen overnight or even over a few weeks.

Second, be prepared to take some losses. There is no whiz-bang, win-all-the-time, 100%, mondo, slammin’, jammin’, holy grail trading system. There are trading systems that win a majority of the time, but they MUST be teamed with proper risk and money management strategies. Why? Because you WILL lose some trades. If you can’t handle that, pick another career quickly. So, that’s a clue to the second group you should stay away from. Anyone who promises a 100% accurate system.

Third, don’t look for a signal service. You wouldn’t blindly follow someone else off the edge of a cliff, right? Don’t get me wrong. I know some VERY good signal services and I consider every trade they offer. But you need to start learning how to trade on your own. Then if you want to use a signal service to enhance your strategy, you will understand their trade signals before you enter the trades.

OK, so I’ve told you who to avoid. Now let me tell you who to look for. You want training from someone who will actually allow you to “look over their shoulder” as they trade. Someone who will show you the strategies and how they can be successfully executed. Someone who will take the time to explain risk management and money management (they are not necessarily the same thing.)

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