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Submitted by: Scott Shubert
When I first got started in Forex trading I enrolled in a training program that offered a one day beginners class for $1000 and another one day advanced class for an additional $1000. Later I realized that not only did I learn nothing about how to trade successfully in these classes, I also could have learned more thorough and complete information by purchasing a $30 book from Amazon. Many of my colleagues, associates and students have also related to me that they spent as much as $5000 on similar training that did not empower them to become successful in Forex trading.
The important point here is that general information on Forex trading is readily available from many sources in some cases for free. But the information on how to actually consistently win in Forex trading is apparently much harder to find. If you are getting started in Forex trading don’t be seduced by the many training programs that are available that only provide general information that you could get elsewhere for cheap or for free. Most of the information that newcomers to the Forex industry most need can be obtained for free from Forex brokers. Topics like, “What is leverage?”, What is a PIP?”, “How do I place a trade?”, “How much money can I make in a trade?” should be learned by opening a demo account, reading the information on the broker’s web site, and talking with broker customer service representatives. Don’t pay $2000 for this information and if possible don’t ask your training mentor to waste time on these topics while they are so readily available.
Here are some web sites where you can get free information on Forex trading and technical analysis:
www.FXCM.com FXCM is one of the largest Forex brokers and has some useful free information on this site.
www.interbankfx.com InterbankFX is another Forex broker that has a lot of free information on their site about trading and technical analysis.
[youtube]http://www.youtube.com/watch?v=jjtkcw1_uro[/youtube]
www.babypips.com This site has an entire free course for beginners on Forex trading.
www.forextradingseminar.com This training course includes a free 7 hour video training workshop for beginners.
You will also want to avoid buying expensive training courses if you can get the same information in inexpensive books. The courses that cost hundreds or thousands of dollars often do not contain as much information as an average book on the subject that costs much less. Here are some books you may want to check out.
Getting Started in Currency Trading by Michael Duane Archer and James Lauren Bickford
Technical Analysis of the Currency Market by Boris Schlossberg
Technical Analysis for D… by Barbara Rockefeller
The Candlestick Course by Steve Nison
These books will give you a solid foundation for getting started in the Forex trading business. Together with the homework assignment of opening a demo Forex trading account, placing trades and talking with Forex broker customer service representatives, you will be ready to concentrate on the information that is really needed, how to consistently win in this business. That information is not widely published and apparently is not as readily available on web sites or in books. But by saving so much time and money you will be much better equipped to find the information that is most needed to achieve long term success in the Forex trading business.
Live deliberately, trade deliberately.
Scott Shubert
About the Author: Scott Shubert is founder of
Trading Mastermind
, a Forex Trading community that is committed to sharing experiences and insights for the benefit and improved results of the entire trading community.
Click here
to know more about his ongoing
Forex Trading Seminar
.
Source:
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