The trade in foreign currency is a phenomenal $2 trillion a day. Yet, only 5 per cent of forex traders make profits consistently. This is because most forex traders jump into the ring directly instead of going through a forex trading course.
The advantages of a trading course are immense. The trader learns how to chart market movements, understands the importance of entry and exit points, and becomes familiar with the trading process and the forex terminology.
The trader can acquire this knowledge by joining a crash course, a full-time online or offline program or by becoming an apprentice to an experienced forex trader. The first thing that the trader needs to review before joining a training program is the course content. Some aspects that every good training course should have are: 1. Stress on trading basics such as margin, types of orders, leveraging etc. 2. Analysis of common mistakes made by traders and the ways to avoid them. 3. Explanation of technical and fundamental analysis tools. 4. Developing habits for success.
Besides this, there are three other areas that all trading courses must address. These are developing an understanding of forex trading system, imparting knowledge of money management and developing trading psychology.
A good course should have a live conference room, where traders can trade in real time under the guidance of expert instructors or in a simulated environment. There should be a one-on-one feedback system, and also a forum to exchange notes.
Training courses can also be run online. They give the advantage of convenience. A trader can undertake an online course as and when he is free. He is not bound by rigid classrooms but can adopt a flexible schedule.
However, all traders or would-be traders must realize that a training course can only equip them for the trade. It cannot guarantee profits. For that, the traders will have to develop their own skills based on knowledge acquired in a training course.