Forex trading education is vital if you want to join the 5% of forex traders that are profitable and avoid being the 95% of losing traders.
Now if that sounds attractive to you, and it should be very honest, the question in your head is likely to be “where to learn to trade forex?” and search the answer on the internet or ask a random sample of people is not going to help you.
Because simply searching “forex trading education” or similar or asking about forex trading education will leave you with the same problem. You will simply be spoiled for choice.
What will you do when there are way too many forex trading education programs to choose from?
How will you determine which one is the best one to help you learn to trade forex?
Firstly, you need to vet the company teaching you. What is their plan for their students? How is their teaching structure and how do they hold you accountable? If they have a funding scheme, are they in a rush to get you funded or do they guide you there? How do they work on your trading psychology?
These are the aspects of their forex trading education you want to vet. However, it will be easy for anyone trying to sell their forex trading education to sell you the world when you speak to them. As the seller, do not be afraid to really grill them and ask tough questions.
Second, you can ask to speak to previous students and current students, both of which can give you a unique insight into the forex trading education you are enquiring about. They already made the investment, so they can effectively act as your independent review of the forex education, not just any review, but a tailored review where you can get the specific information you require.
With these suggestions, if the forex education provider is reluctant to answer your questions or let you speak to any students, then alarm bells should go off in your head and red flags should pop up.
On the topic of the second point, you should be concerned if there is no community for previous and current students to keep in touch because that suggests the provider does not want students talking to each other. It makes you question why, and naturally makes you question the principles of the company and the forex trading education you will receive.
In relation, if they do not wish for you to speak to previous students, it might also indicate that they do not keep in touch with students after they leave the course, in other words aftercare may not exist—this is not something you want when you are learn to trade forex because you continue learning well after you complete a course.
So, for a good place to learn to trade forex you want to look for the inverse
That is, you want to find a forex trading education provider that will be willing to answer all your questions, including the tough questions. Alongside this, you will want a provider that is happy for you to talk to existing and current students about their experience. In fact, you will often find that the best providers tend to have communities where all their students – prospective, current, and previous – can interact with each other.
You also want to see how they work on trading psychology. The companies that just want your money will barely work on trading psychology. Usually, you will get some iteration of a self help guru like Tony Robbins, or another self help guru. But that’s about it. However, with a proper forex trading education provider, you will find it is a more tailored experience.
They will find what is wrong with your individual trading psychology that is holding your forex trading back and work on it. It is an aspect of forex education on its own that is neglected by many forex trading education providers. If you ask a provider what they do about trading psychology and the answer tends to be light or seems randomly put together because you asked (like they were unprepared for the question) then you already know where they stand in relation to that question.
In the end, you have to assess the forex trading education provider’s talk with their “walk”, so to speak. Does their talk match the suggested checks, do they act like they have something to hide or do they proudly show off their achievements?