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Most forex training and forex courses are way too expensive. So what can you do so you don't pay through the nose? There are low cost options on how to acquire the best forex training and education.
With the development of the internet's digital world, educational material distribution costs are very inexpensive. There is no need to physically attend and pay for rented convention rooms or even pay for the printing and delivery of a physical book. We can call these luxuries, but still choose to utilize them as part of our forex training.....it can be fun to travel and attend different conventions with the social interaction with like minded people. Or enjoyable, waiting in eager anticipation for the arrival of our new trading book.
At least now in this modern world we have more choices.
What is a low cost effective option for forex training?
To start your forex training education you can search for free material through the internet. There is plenty of good basic information from many different sources. There are millions of websites and good forex forums each giving a little bit of free education. Put this information together and you will have acquired a lot of knowledge.
Brainyforex has sourced out lots of good quality free trading courses through video's. Click here.
There is also a good list of ex-competition systems showing real systems that have been successful in the past to learn from. They can be checked out here.
We also have a growing list of technical analysis information here.
Also, an article section here.
Plus the question and answer section here.
Forex traders can never know it all. There will always be different things to learn so as to improve performance. It's a good idea to pick up ideas by browsing the internet and reading free content offered there. For example a beginners guide to forex trading which has some good information is at www.babypips.com.
You will soon discover that there are thousands of different ways to trade the forex currency markets, HOWEVER, the basics remain the same.
One popular way to make money currency trading is learning how to read 'price and time data' as represented by charts. We need to understand how the market moves. We must be able to see and understand the beginning and end of trends. Also, determine where support and resistance are located. To see how this is done go to the "forex tips" page and learn the various techniques shown. Click here.
After you have learn't how to walk through free basic forex training thanks to the super information highway of the internet you can now pay some money for specialist forex courses should you choose to do so. You will now have a better understanding of what you are looking for. You will be an informed buyer. You will realize that there is no need to pay out a fortune for secret information or systems touted by the forex gurus.
Whatever type of forex training, courses or education you complete. Your eduction MUST include the following topics;
Maths behind trading system / strategy (click here)
Position sizing / money management rules (clickhere)
Effect of emotions on your trading (Psychology)(clickhere)
These are the "ESSENTIALS" to start off your forex training. If you do not understand "ALL" of these concepts then you will have problems with your trading. Leave out only one element and you will end up in the same situation as the rest of the 95% of traders.
For must know information on selecting an appropriate forex course click here.
I believe this is why it is so difficult for most people to succeed in trading over the longer term. All it takes for failure is to mess up in any "ONE" of the essential elements. Strategy, position sizing or emotions.
Imagine any of the following situations;
Tom has a good trading strategy or system and manages risk correctly with correct position sizing, but every time he gets into a winning trade he quickly closes the position because he is scared that it might reverse direction and turn into a loss. Every time he sees a profit in his trading account he just cannot help closing the trade.
Toms problem = psychology. (Failure to follow his system). Toms emotions get the better of him. He knows he is not following his system rules. Tom will not succeed in the long run because he is not capable of letting his profits grow. He needs the size of his profits to be larger than the size of his losses. With Toms current psychological problem he will probably not be able to manage the other side of the equation either - his protective stop loss orders.
Now consider Ken, He has practiced a lot of trading and can follow his system closely. It is a good maths oriented system. Ken has nerves of steel. Ken has made 100% profit in the last two months. He now attempts the 'BIG' trade. He risks 30% of his account on the next trade. Guess what happens? Yes...you guessed it!.....Its a losing trade.
What is Kens problem? Ans = position sizing and psychology. Ken risks too much on one sure trade because he is feeling invincible. Even if Ken was successful with the next five trades in a row, he would eventually bankrupt his account because he does not follow (or understand) correct position sizing. It is possible for any system to have an unexpected string of losses in a row.
Finally consider Janet, She has studied plenty of trading books, completed several courses and various other forex training. Her trading account is not going anywhere fast. She has some wins and then some losses and then more wins and then some more losses. She practices good position sizing and trades without emotion. She does everything just as she has been taught.
What is Janet's problem? Ans = Strategy / System. Janet needs to find a better trading system. Janet will make money trading but her results could be significantly better.
Notice, with Tom, Ken and Janet it only took one problem to stop them from achieving success as a trader. Out of all the hundreds of thousands of traders, how many would you think have mastered all the three elements of successful trading? System, position sizing and psychology?
You guessed it! About 5%
This shows the importance of getting all your forex training and education right.
Take a moment to read what WD Gann said about training and study here.
Have you received some form of forex training or education? Good or bad? We would love to hear your feedback about it at brainyforex public reviews. Go there now.
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