The moment you decide to pit your wits against the foreign exchange rates market and become a trader, you’re going to be up against a powerful foe out to take your equity. Down to the last penny. This is why it’s vital to learn from the best if you’re serious about generating an income by trading foreign exchange rates. In this article, we look at some of the common learning options available to the novice trader.
Finding Your Mentor When Trading Foreign Exchange Rates
1. Self Learning Through The Internet – An Endless Source Of Knowledge (But Is It Any Good?). This is the place that many people begin their education on the currency markets. The internet would appear at first glance to be a pretty logical choice. There are an abundance of videos, courses, newsletters, blogs and forums out there – how can you possibly lose? The big advantage of the internet is that there is tons of free information available. Just about every man and his dog who have ever so much as opened a forex account believe themselves to be eminently qualified to teach you about it – even if they’ve not quite managed to stop losing money themselves. And there, we have the disadvantage too – it’s virtually impossible for the inexperienced newbie to distinguish the good content from the bad. If you do pick up and act on poor information, you could end up losing all your equity as a result. If you do aim to use the internet to gather all of your foreign exchange rates information and skills, at the very least begin acting on it using a practice account.
2. Trading Seminars & Courses. There are frequent seminars and courses held on foreign exchange rates trading each year. They are located in major cities and towns and are normally hosted by experienced traders who have enjoyed impressive trading careers to date. Typically, the student will engage in active trading over the length of the seminar and also get access to course material that takes them from a novice to advanced level of knowledge in a structured and sensible way. The student also benefits from watching the mentor trade the markets live which can offer a tremendous hike up the learning curve. The downside to seminars are that they can be prohibitively expensive for many people to attend, and can be a geographical challenge for people living in rural parts of the country.
3. Professional Home Study Courses. There are now many home study courses available to traders who are seeking for reliable mentorship that isn’t as random as downloading a free online ebook, but not quite as financially restrictive as a multi thousand dollar seminar. Home study courses are now typically video based, and much like the live seminar, will show the student how to get from a beginner to advanced level in a methodological fashion.
Ultimately, the choice of foreign exchange rates trading mentor will boil down to the individual preference of the student, and to an extent the resources available at their disposal. It’s worth remembering though, that when your equity is at stake – an expensive course can seem like a bargain if that equity manages to grow…and a free one could be seen as an expensive mistake if the methods taught end up causing a blow out of your account!