Forex Course: Key Factors To Consider Before Choosing One

It should be self-evident that in order to successfully trade the forex markets, a trader needs to commit to the very best training, which generally means studying at least one forex course. That said, surprisingly few traders actually do so, which probably goes a long way to explaining why 95% of traders lose money in the markets.

We would contend that the best form of forex course training, that gives the maximum chance of profitable trading…

…is to master technical analysis – the art and science of studying forex price charts. This sort of forex course teaches you to understand market price action, forecast where the market is most likely to go, and even determine repeating price patterns and setups that you can then create forex trading systems around.

Example of Elliot Wave Fibonacci Relationship
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This sort of forex course requires that you master the basic concepts of trend, support and resistance, trendlines, oscillators, Fibonacci levels, price patterns, and ultimately Elliott Wave and Gann analysis as well.

Certainly, there can be some limited value in learning some basic fundamental economic analysis if you really wish, but its ultimate application in the foreign currency markets is limited to perhaps timing sudden price movements based on the release of key economic data that the market focuses on. Ultimately, you can do the exact same thing with a calendar, and hence have really little need to extensive forex training in Economics!

Above and beyond all of this though, the most important forex course training that you can possibly engage in is to actually train in becoming an excellent trader, i.e. in the process of trading itself. No amount of head knowledge of economics or technical analysis makes an excellent trader. You become an excellent profitable trader by actually trading, over and over again, making note of successful strategies, and taking heed of mistakes you made. The very best way to do this initially is to either paper trade, or else trade a very small amount indeed. In the beginning, the key to successful trading is simply… to STAY in the game!

Overall then, the subject of forex courses is a broad one, and as complex as the markets themselves. Hence, you should take time in mastering the various areas involved and be patient with yourself as you participate and gradually improve as a forex trader in the currency markets.

Make sure you read the free report The 7 Deadly Mistakes Of Forex Trading which is a full and detailed free forex course in itself, packed with solid tips for increasing your foreign exchange trading profit.

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Forex Trading – Are Currencies The Best Markets For Online Trading?…

Forex Trading is catching on like wildfire…

…amongst private traders, and there are good reasons for it. Forex  is the largest known financial market in the whole world, and the most liquid to trade in. Also, the requirements to open a currency forex trading account are much less stringent than for stock trades.

The term “Forex” is short for Foreign Exchange.  The daily turnover in currency markets is currently $1.9 TRILLION dollars. Amazingly, this is over TEN times the average daily turnover of ALL the global equity markets put together. It’s more than 40 times the daily turnover of all securities on the New York Stock Exchange.

So what is forex trading ?…

In layman’s terms,  Forex trading means the simultaneous buying of one currency and the selling of a second currency. In other words, the currencies are traded in pairs, i.e. one currency traded for another.

forex trading
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Interestingly, only 5% of the turnover in daily forex currency trades comes from companies and governments buying and selling products and services from foreign countries. These entities then engage in forex trades in order to convert their foreign currency profits back into their respective domestic currencies. Amazingly, the remaining 95% of turnover is pure speculation, i.e. forex trading entirely for profit!

If you’re new to FOREX currency trading, familiarize yourself with the most liquid currencies. These are the most traded, and where you stand your best chance of trading success. They include the US dollar, Euro, Japanese yen, British pound (also nicknamed “Cable”), Canadian dollar, Swiss franc and the Australian dollar.

The good news for small traders is that the Foreign Exchange Markets cannot really be manipulated. Their enormous size and liquidity, as well as the fact that forex markets are not under the jurisdiction of any one country means that no single investor can usually hope to move a major currency market in a serious manner (of course, there are always rare exceptions and George Soros’ famous exploits in taking the British Pound out of the EMS is a famous and extremely rare exception to the rule).

Forex Markets entertain a wide variety of participants with varying goals. Some enter the market with a long term investment goals, while other are day traders acting for the extremely short term only.

Forex trading, involving foreign currencies on an exchange, is not centralized.

It takes place via telecommunications. Also, currency trading is open twenty four hours a day. Currency dealers will quote all the major currencies in every time-zone in the world.

Forex currency trading can be an extremely rewarding business, provided you thoroughly know what you are doing. However, like any other business there are always risks (and potentially disastrous ones) for the novice who foolishly dives in without thorough preparation.

Where there are risks, there are also rewards. The upside potential, with limited downside risk (provided you know how to place trades with discipline and exercise excellent risk management) can be enormous.

Hence, in order to profit from trading in Forex, it is critical that you become an excellent student first and really STUDY forex markets in particular and good online trading principles in general. The Forex markets lend themselves particularly well to Technical Analysis, i.e. forecasting via price charts.

Some general awareness of current events around the globe, be it political or economic, is important in order to understand underlying driving forces. However, don’t get too anal about this  and focus your time on the hot air voiced by self-appointed economic market experts on business and market programs. Most of them know nothing about the process of forex trading itself, and their opinions are often plain wrong.

In conclusion forex trading can be a very attractive and highly profitable business. You can trade currencies very profitably from home and, depending upon your trading knowledge and appetite for risk, the sky’s the limit as to how much you can make. However, be prepared in advance to invest a large amount of time and practice.

Success in forex trading takes time, effort and persistence in order to achieve Mastery and profits on a consistent basis.

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