No matter what profession in life you choose, from being a doctor or lawyer, to becoming a full time Forex trader, it is imperative to keep up to date with training and developments in your chosen field. And this even truer if you have chosen to pursue a career as a Forex trader where new technology is introduced all the time, where the global Forex market shifts almost on a daily basis and where traders are constantly looking for ways to maximise profits and minimise losses.
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There are a number of different types of Forex courses available today. From online coaching and mentoring, to on demand video broadcasting and live trading rooms, Forex courses have become a topic as diverse as trading itself. And each of these types of courses offer advantages and drawbacks related to the way the course is presented.
Traditional Manual Based Forex Trading Courses
There are a number of companies which offer, traditional, manual based home study Forex courses. These courses often consist of manuals, DVDs and CDs which are designed to teach you Forex in the comfort of your own home at a pace which suits you. The benefits of these types of courses are that you can set your own pace for learning to trade Forex and you can review the material as often as you like until you feel comfortable with the course material. Having the manual or DVDs with you also allows you to refer to them whilst trading and it also means you have a ‘hard copy” of the course for the rest of time. The drawback of having a hard copy of the course is that generally courses do not include updates and new developments and you could end up with outdated strategies and course material. You also have to wait for postage and if you live half way around the world, postage can take months and cost a fortune.
Forex Trading Courses Delivered Online
There are a growing number of Forex educators who are moving from the traditional manual based courses to courses which are delivered electronically online. Courses delivered electronically can consist of course materials in the form of downloadable PDF’s to, streaming video recorded for the purposes of education, to downloadable tools, indicators and software. The benefits of an online course are that once you have paid for the course, you have access to the course information almost immediately, in most cases. Once again, the course can be studied at your own pace and in your own home, but online delivery allows course content to be updated on a regular basis so, assuming the course allows it; you can always access the latest version of the course you purchased. The drawback of purchasing an online course is that you are reliant on the course seller to maintain the website. If the course fails or is closed, you are often left with nothing but memories of the course.
Mentoring As A Method Of Teaching Forex
A lot of Forex trading courses lately offer some form of mentoring. It seems to be a growing trend amongst Forex trading courses, and “mentoring” can include anything from pre-recorded DVDs and video to one-on-one training.
In my opinion, mentoring implies some sort of personal contact – either via website or via email at the very least. Forex mentoring in the form of live teaching or personal contact, is one of the best ways to learn Forex, in my opinion. Being able to consult a professional trader on various aspects of trading and being able to clarify Forex issues is an amazing tool for the Forex student, because no course can answer every question you may have and having access to a mentor can mean the difference between trading success and failure for some people.
A good Forex mentor often offers a number of options where it comes to mentorship, from group coaching sessions to live one-on-one training. And there are far less scam artists who offer mentoring courses than eBooks and trading manuals. A good example of high quality mentor and a good quality mentorship program is the program offered by “The Trading Coach.” This course offers a video course as well as different mentorship options and it allows a trader to grow with the course – from becoming acquainted to the strategy via the videos, to final one-one-one mentoring to ensure that all of the finer points of the strategy are completely understood.
Forex Trading Courses Which Offer Live Trading Rooms
There is also a growing trend within the Forex education arena, to include access to a live trading room or to offer the services of a live trading room. And whilst this may sound like a good way to choose a Forex trading course, there are a few things you should understand about live trading rooms. The first is that not all trading rooms are equal. Where the trading room is run by professional traders who are there to educate students on how to trade, what to look for etc, the trading room tends to be successful, however not all trading rooms are run by professional traders and not all trading rooms are open 24 hours a day. So if the course you are considering offers the bonus of a live trading room, be sure to verify the credentials of the trader who is in charge of the trading room and also find out about the hours when the trading room is active. Another good question to ask is whether the traders who are in charge of the room are trading live or demo accounts. Its easy to trade a demo account, but putting your own money at risk is normally a sign of a genuine trader and teacher.
Forex Trading Courses Compared With EAs And Signal Providers
Whilst expert advisors and signal providers do not strictly fall under the heading of Forex trading courses, you can still learn a lot from these tools, by observing how the signal providers and EAs actually take a trade. But once again, not all signal providers and EAs are equal and its good practice to make sure you carefully research the service you wish to invest in, before parting with your hard earned cash.
How To Decide What Forex Trading Course Is Best Suited To You
With the shear number of courses and different types of courses out there, it can be hard to find a course which suits you and which offers you what you are searching for – a good sound education in Forex trading. And whilst there are no golden rules or fail proof ways to chose the best course and avoid the scams, there are a few things you can do to help you choose the right course for you.
First, identify how you learn best. Do you thrive on written course material which you can digest at your own pace? Do you learn best when material is presented in video form? Or do you tend to remember what you learn when you interact with others? This will give you good insight into the type of course that is best suited to your personality and your lifestyle requirements.
Next, to help to avoid the scams out there, do some thorough research on the course you intend to invest in. Read independent reviews, search the internet to see if the course is one of those highlighted as a scam. And research the course material too. This may sound daft, but often knowing about a subject before you actually purchase the course, will help you to spot the genuine Forex trading course from the scam.