Alots people choose the forex exchange market as a trading place to invest for the future. Most of them had previously invested in the stock market with mixed results and look to the currency market to leverage their profits.
The problem is that most of the traders ignored the basic step of the stock market, and are adapting the old way with the currency market. If you apply the right method or strategy, you will succeed. And most importantly understanding and applying the fundamentals rules will bring a better results likewise ignoring will ended up the same result you had in the equity markets.
In order to be successful trader, it’s vital that you understand the fundamentals principles about forex trading.
The best way of doing this is:
(i) search & identify a good forex trading course which doesn’t burn a big hole in your wallet before you started to invest. You definitely don’t want any course that bill you anything above $500. Some brokerages do provide learning materials on their platform but mostly are in ebooks, words after words. Don’t get me wrong, I don’t oppose to reading ebooks.
Sometime perceiving & understanding what the author describing is all depends on individual. But if you have someone open up a laptop & login into his trading account and show you live trading, so do you think you would understand better.
This is what we call it “watch over my shoulder” guide you step by step. Look for course that are comprehensive, guide you from a very basic right up to advance such as applying different strategies & understanding all the basic formations & charts jargons.
Click here to one of my post of “How to Search for a good Forex Trading Course?” to find out more.
(ii) after you had gone through the course head over to open up an account with some online trading brokerages. You need a platform to start sharpening you skill for what you have learn to make sure is correct & realiable. Rather than investing base on market rumour or personal impulse.
For more on finding good brokerage platform to start with, find out more from my previous post here “What to consider when comparing forex brokerages?“.
However, if you are looking for a more personal approach, or want to speed up your learning even more, you can attend an off-line seminar. Of course, some of these seminars are also available in the form of teleseminars and webinars, but you get a physical person to talk about and discuss your concerns. You also get the support of the other seminar attendees who may have the same concerns as you do. They can also help you understand material that they have mastered.
Physical seminars are more expensive than other means to learn Forex trading because the organizers have to secure a suitable room and provide other supplies that help the attendees make the most of the training.
For example, binders, photocopies of charts, graphs and other educational material. However, if you can afford the prices for these events, it is worth your while attending at least an introductory seminar. At least get some ideas and speed up your learning curve of understanding the forex trading. As for the full course you might be looking at somewhere around $1,500 and it can goes as high as $10K.
Getting yourself equip & knowlegable on forex trading definitely give you a upper hands on your trading endeavor. My rule of thumb, never jump straight into something that you are not understand in your clear concise. Trade forex the wise & smart way. Happy trading & profitable.