Which is the Best Forex Course?

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Learning about forex is a tricky business because it’s so difficult to sieve out the good, bad, and ugly services available. Some are outright cons, showing you their “highlight reels” of profits after profits from fake accounts, or using two accounts to buy and sell on both, and show you which one made money. It is very easy to explain, on hindsight, why a trade went in the “correct” direction, and making it sound as though they had predicted the move.

Free workshops and seminars come at a hidden price. Be it by showing you fantastic results, teaching arbitrary strategies that can be easily learnt from a book, and finally selling you memberships, subscriptions, and “exclusive”, “limited access” to their Holy Grails, which may very well be plagiarized, meaning, they bought a proprietary indicator, and are reselling it as their own, without giving credit to the creator of the indicator, since it is difficult to trace especially when the inventor is from another country, and there simply thousands of such indicators on sale. Some indicators are “black box” indicators, where the code that generates the buy/sell signals are hidden, but that doesn’t mean they are good on live accounts, because they are often tested on demo accounts, using past data. Again, that is useless, because the code can be easily optimized to “best fit” past data to give the best results. You can’t do this when the future prices are not known!

Some forex trainers don’t even trade themselves, but are great salesmen.

But certainly, there are honest, reliable, and authentic forex/trading training programs out there. I can tell you truthfully, I never once attended or paid for any of such things, except from Rob Booker. So, I cannot give any other recommendations at all. You will just have to find out yourself, but just please, be careful. (Disclaimer: Rob has shifted his business focus a lot over the years, and I hardly follow him but I still respect his hard work.)

In summary, buyer beware. You will be spammed with adverts such as “Make $500 a day!” And while that can happen, there’s something they are not telling you: Are they making $500 EVERYDAY? Or was it just one win of a 100 losses? How much have they lost? How much margin was used to make that $500?

My final words to you, my dear friends, is that the best forex course lies within yourself. Get reliable books that explain what is forex trading. There’s no need to read too much into the history of forex and all the technical stuff about it, but do read about technical analysis, candlestick patterns, and simple trading strategies. And, read about the psychology of trading. Skip those books that are obviously trying to sell you something. Choose books that are informative, and you can use as resources, for learning. The best part is, these books are easily available for FREE in the library. Some books have nothing really to do with trading strategies, but to highlight there are some very basic underlying principles of trading that everyday people like you and me can follow and master. This is my favorite.

And all this knowledge cannot be taught in a 3 hour, crash course, “free” workshop, effectively. You need to make the investment to learn on your own, or from a trusted mentor or coach. It took me several years of learning, failing, trying again, testing, hundreds of practice trades, hundreds of records, to finally hit a breakthrough.

From Elder’s Trading for a Living, one of the “must read” books for aspiring traders, he puts it very simply: Trading can potentially make you money equal to a neurosurgeon’s salary. Think about how much time, effort, and hard work it takes to become a qualified neurosurgeon.

Watch out for the wolves out there, but there is nothing to be fearful, as long as you keep your eyes and ears open, and be a little cynical when something sounds too good to be true.

Happy trading!

James

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One thought on “Which is the Best Forex Course?

  1. Pingback: Attending OANDA’s Elite Trader’s Club event in flip flops | Smart. Casual. Trading.

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