Forex Education — Thinking of Buying Forex Advice? Read This First
There is a huge amount of Forex education you can buy but before you buy it read this, as in excess of 90% of it will ensure you lose.
So you ensure you get the right Forex Education follow the guidelines below.
1. Never buy a day trading system!
Most novice traders are enticed by the theory of making money everyday, with low risk and high rewards, but this is not the reality of day trading.
The reality of day trading is: A quick wipe out of equity why?
Quite simply, all short term moves are random and using support and resistance as day traders do is destined to failure. If you don't believe me try this simple test when buying any Forex education from a vendor.
Ask for the real time track record of profits and you won't get one from a day trader. At best you will get a hypothetical track record, but that's done in hindsight, knowing the closing prices and if we know the closing prices its not hard to make money. If you want to make money don't day trade!
2. Real-time profits
A real-time track record is an essential requirement on ANY Forex education you buy, not just day trading systems. The fact however is, most Forex education is sold by failed brokers, or people who have never traded in their lives. If these people have not had the confidence to trade their own money on their own system why should you?
3. Understand the Forex Education
Even if you are lucky enough to find a system that does have a track record of real FX profits you need to be mindful of the following. You need to fully understand the method and not follow it blindly. If you don't understand why a method works you won't have confidence to follow it through inevitable periods of losses. Not only must you understand it to follow it with discipline, you must also check it fits your trading personality.
Some traders can take big drawdowns or losses, other traders find them hard to take, so pick a system with a risk to reward you can handle emotionally.
4. The best Forex education
There is a huge amount of Forex education and advice free on the web, so use it. In other guides we have shown how to build a system that makes profits from free info and it's a lot easier to learn Forex trading this way than many people think.
You can also get some great Forex education at nominal cost from your local bookstore this Forex advice is from traders who don't just talk the talk they have walked the walk and made money.
Great books to look at are Jack Schwager's excellent Market Wizards and New Market Wizards, which interview some of the best traders of all time.
Trader Vic by Victor Sperandeo — a great all round book and there are many more.
Rather than buying a e-book from someone without a track record, get your Forex education free on the net and get some classics from legendary traders.
Most of the courses and systems on the web are over priced, don't work and you can frankly, do better on your own with the above advice.
by Sacha Tarkovsky