Are Forex Trading Courses Worth The Money?

A lot of people who are considering trading in a Forex market think about reading some books on the subject and might want to know if it is worth to attending a Forex course.

Seeking expert tuition is not only something newcomers consider. Traders who have had a series if unsuccessful trades also might wish to seek help from a ‘guru’ who runs Forex courses that teach how to trade profitably. Opinions commonly expressed in many Forex forums are that “Courses are a scam; it is better to guzzle money!”, “Only you can learn that!”, “Looking for fools, etc.”

Let’s explain how it is in reality.

A obvious question that is often asked by a person who is interested in Forex trading – “if you, the teacher, are so clever, why are you earning money by some kind of courses and not trading?” What is the saying? Those who can, do; those who can’t, teach.

Such a question is, however, superficial and belies an understanding of the matter. Before drawing any conclusions, let’s divide Forex course services into two groups:

• A super lux methodology giving 1000 % a month
• Theoretical aspects

A super lux methodology giving 1000 % a month

If you see an advertisement, which says that in return for a certain sum of money you will be taught a profitable trade methodology, or even names an exact sum (“You will earn $200 a day!”), you can be 100 % sure that it is the simplest forex scam. Private teaching lessons (training, coaching) are also offered. Supposedly, the guru is going to sit with you and will help to trade successfully, or he or she will collect a small group (3-4 people), and through Skype, or similar technology, will teach you his mysterious strategy which gives a stable 20% a month. The only result it will give is that you lose your money.

I recommend that you avoid such advertisements.

If you are attracted by anything a “guru” has suggested, to avoid disappointment, require proof of a real account (not a demo) monitored from myfxbook.com for at least for half of a year. It is very rare for a “guru” to be trading successfully and teaching others at the same time.

It is much more useful for a person who is successfully trading in a Forex market to create an investment fund, or open a PAMM account. Or, at least, to trade using trading signals. That is the way that requires much less energy and is much more profitable than to teach others.

Theoretical aspects

It is essential to learn the basics of Forex trading, such as the theory and practice. Things like researching the Forex history, chart analysis, indicators, and information how to work with the terminal, how to open and close orders, what the risks are, etc. can be found in textbooks, and there is a huge difference if this information is taught by a teacher who is trading successfully.

After all, in high school it is not obligatory for a teacher to be “a Millennium Prize” winner (as a Mr. Grigori Perelman), nor is it obligatory for a music teacher to have several Grammy Awards in his room under the glass to prove he can teach music to children. The same applies to Forex trading education. A broker employee’s experience in Forex might only be a week in a demo account, however, he can tell you the basics of a trade from a textbook without any difficulty. As far as such information is fixed mathematical formulae and does not depend on personal interpretation.

Many brokers offer Forex trading training courses for beginners for small sums of money, usually that‘s several hundred dollars. Despite the fact such courses teach the basics of forex trading, those things are fundamental and it is essential to know them Even if you are not going to become a super trader bases on what you learn on these courses, I suggest that pay the price of admission and take part in training that is specifically for beginners. You might ask: “Why? After all, it is possible to download a video seminar for free.”

Several arguments:

• When listening to a real person you are given them your full attention.
• You learn the information more effectively because you have made notes, and asked questions about what is not clear to you, etc. Why is that so? Because, subconsciously you have invested money in your success, and you have given a value to the knowledge you will acquire.
• You have the opportunity to ask for an explanation of things you do not understand when they are being discussed. in class. That is very important.
• There is a practical part to many of these courses where it will be shown where to “click” if you wish to open or close the order.

Just because you have paid for and attended this type of Forex training course, don‘t think that you’re going to become a George Soros and that when you get back home you will make tons of money. No way. That is only information. How you use it will determine your future path as a trader.

Take care and good trading.