9 Tips for Getting Through Forex Education08 February, 2016 by Paula Rodriguez in Forex Lifestyle
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There are no formal degrees in foreign exchange trading
You cannot get a Forex diploma from a legit university or college. At the same time, education is a necessary basis for successful trading. With so many options existing for new traders to get practical and theoretical knowledge in currency trading, it is important to choose the right type at a right price and make sure you are getting proper results from it. Here are some tips for getting yourself educated:
- Finding a mentor is the easiest road to grasp new skills and learn something new. Unfortunately, it comes at a price of being the least affordable one. You want a successful mentor, right? Successful traders are already capable of earning thousands of dollars per hour, why would they want to work as a teacher for some newbie? Surprisingly, many successful people are interested in teaching and would be glad to pass out their knowledge to another person for a modest compensation. Just make sure you are dealing with a real pro trader and not some useless guru.
- You should consider group training if you fail to find affordable mentorship program. It is a popular solution for getting education. There are groups available both offline and online. When signing up for such a program, make sure that their curriculum is something you can handle with your current knowledge level.
- An appealing option is to go through some free courses available online. With them, you should always remember that such courses rarely offer enough information on their own. Often, they are just a good starting point in a right direction. On very scarce occasions, they are self-sufficient.
- Live trading webinars is a choice to consider if you want to gain some practical training from experienced traders. The distinguishing point when comparing webinars to mentorship programs is that a successful trader spends little effort on showcasing his trades while being able to sell the webinar to a large number of people. It means that you can acquire some guided first-hand experience at a reasonable price.
- An obvious choice for traders seeking knowledge is books — free and paid — they serve equally well. The only prerequisite – you need to love reading to enjoy the process and gain the maximum advantage from the books. If you are preparing a reading list, make sure that you will be able to understand the book’s content (it is not beyond your level) and reading it will bring new knowledge (the book is not too basic). If you are buying a book – browse through the pages available via preview on Amazon. If you downloaded a free one – just browse the contents and read the most interesting chapter to assess the usefulness.
- Even though you will not find a college or a university for studying FX, you may still go for a major in Financial Analysis. Not only will it be of help in many areas of online spot Forex trading, it will also be a great backup plan for getting a full-time job in case your trading career fails.
- While we are at it, a job at a trading institution (e.g. a hedge fund) should be considered for learning opportunity by prospective Forex traders. You will gain real practical experience through corporate learning at such positions. Businesses are interested in retaining and multiplying the collective knowledge and expertise inside the company. That is why they encourage employees to study from each other and also provide external study programs. Moreover, you will be able to acquire a necessary starting capital before going into Forex trading full-time.
- There are many ways of getting educated in Forex, but any method you will choose should be strictly focused on results. First, you set up a realistic yet bold goal (for example, being profitable at least 8 months out of 12). Second, your mentor/educator works with your with this goal in mind. Third, your education continues to the point when the goal is realized (or at least is close to that point).
- Knowing when to stop is a trait that cannot be overestimated in any area. In education, you simply do not want to waste money and precious time on something that produces no good results with you. While the reason may lie in a bad educational program, it is completely viable to assume that you are not made for FX trading. Instead of just beating your head against the wall, you could pursue something more lucrative.