The first step to being good at what we do involves getting the proper education and training. All of us experienced this growing up as a child. Before learning how to walk fast and tall, we got trained to walk baby steps. Before knowing how to compute income tax, we got our mathematics education from school. The same is correct for learning forex. Before you can become a profitable trader, you need to know the ins and outs of forex. And the best way to get this is through forex trading courses.
While it is true that you can learn to trade in forex without getting formal training, the chances for success are increased substantially by getting forex education. After all, trading is risky. In a moment, you can lose your hard-earned cash fast. Trading is also a specialized industry that uses distinctive speech and language. You will hear words like pips, stop-loss, and scalping. You need to know the basics to start trading. Also, you must develop the discipline and strategy to minimize your losses since you cannot win every time in forex trading. Regardless if you are an experienced trader.
Fortunately, there are lots of forex trading courses available today. Some offer forex trading courses for beginners, advanced users, and professionals. Others give free forex trading courses, while others charge fixed monthly or annual fees. Whatever option you choose, the forex trading education you get should help you understand two things. The first is how to do forex trading. And the second is how to avoid the mistakes made by new and inexperienced traders.
What do I look for in a forex trading tutorial?
The internet is full of forex trading tutorials that promise to help traders get profit. But not all of these can be trusted. Some are fakes and scammers. These shady forex trading schools will even create their website to entice people to give them their money. They will feature paid testimonials and reviews that may seem legit. But they are not. It pays to know what to look out for in selecting a forex education provider.
Here are tips to avoid being scammed by companies or individuals that offer forex trading courses.
- The company is a respected institution in the trading world. Most brokerage firms offer a training program for their clients. If you prefer to get an education from them, ensure that you deal with companies regulated by the SEC or other government institutions. They are closely monitored and adhere to strict regulatory policies. Also, look for companies that are trading for at least five years already. They have built their name and reputation for a long time and will not run away with your money fast.
- The instructor or teacher is an experienced trader. To ensure that you get the best training, look for teachers with a solid track record of success in forex trading. A few minutes of online research will show you his track record and performance in the past years. Read the reviews and testimonials online to get both positive and negative reactions. Knowing the pros and cons will help you decide better.
- The course is looking neat and without errors. Legit forex course providers spend time and effort to develop their programs. If you see spelling and grammar errors, or a course outline that does not make sense, then you must leave. Other indicators include the use of unusual fonts that are hard to read. Some have poorly designed websites or apps.
What is the best forex trading course?
Now that we have established ways to spot fake forex course providers, we will next study the best forex trading training. These are the factors that we considered in this review: course outline, instructors, program length, customer feedback, and cost of training.
- ForexSignals.com. The company has more than 83,000 clients worldwide that trade on forex. It positions itself as the one-stop shop for all your forex needs. ForexSignals.com provides market analysis from experienced mentors. It features daily live streaming of what’s new and what’s hot in forex. And through the trading room, you can share ideas and discuss trends with other traders. Live 24/7. So, you will never be alone with ForexSignals.com.
Nick McDonald started it in 2012. Nick is a famous trader and financial teacher known all over the world. The course is for those who are just beginning their journey into forex trading. The trading academy has two sections with six modules. Each topic has 136-hour long videos taught by professional traders. All the strategies discussed by the instructors are the same formula they use in live trading. It adds credibility and trustworthiness to the lessons.
Also, ForexSignals.com created the Trading Room, a private and exclusive group chat. It is the place where everyone shares ideas and best practices. Mentors share their strategies, suggestions, and updates here. There are also live-streamed trading sessions of advanced traders here to enhance the learning experience of new traders.
ForexSignals.com offers free access for seven days to get you started on learning how to trade. After that, you can avail yourself of another seven days refund period. If you want to exit the program, it is easy and convenient to do so.
They have different membership programs that grant access for one month, six months, and one year. Each membership level unlocks features, with the one-year membership program having the most features. It includes a one-on-one session with a mentor and direct line access to them. The rates are also discounted for subscriptions longer than one month.
- Asia Forex Mentor. It is the number one forex mentor in Asia. The company focuses on generating profitability and ROI for its clients. Its client base ranges from new traders to bank traders to fund managers to property firm traders.
Ezekiel Chew is the founder of Asia Forex Mentor. He started in Singapore and had since grown his client base to the Asian countries of Malaysia, Thailand, the Philippines, Indonesia, India, Vietnam, China, Japan. He also has students from the USA, UK, and the rest of the European Union.
Asia Forex Mentor started the One Core Program. An ROI and profit-based forex trading method. It teaches students high probability winning strategies. Also, it allows users to predict and know the movements in the market. And this method works on all trading assets like forex, mutual funds, stocks, and commodities.
The One Core program has 26-lessons, each with polished and studio-quality videos. It presents different interpretations in reading the forex chart based on profit and mathematical computations. It also features a weekly market analysis by Ezekiel himself. In this analysis, Ezekiel identifies market movements and gives his opinion on them. His insights are respected by many.
But this program is one of the most expensive in the market. The One Core Program is available for almost a thousand US dollars. And this is upfront payment. A more premium program called the Golden Eye is about 20% more expensive than the previous lesson. Here you will see Ezekiel doing actual trading. Every week there is a new live stream that highlights his ways of thinking. And his reactions to different triggers and market forces.
- Udenny Forex Trading A-Z. This company is one of the largest online learning platforms. It has more than 40 million students and upwards of 150,000 courses. Forex Trading A-Z covers the basics of forex. It also has modules that teach technical and practical tips to increase the success rate in trading.
Kirill Eremenko created the course. He is a data science expert that focuses on finance, retail, and transport. He is an expert communicator who regularly talks at forums, workshops, and university events. You will get to know the basic terms and applications of words such as to ask, pip, and spread. It also talks about forex brokers and gives tips on selecting the best broker for your trading needs. In addition, there is a section where you will learn how to interpret economic events and use these data to create successful trading strategies.
The Forex Trading A-Z lesson has nine sections and 55 lecture videos. You only need five hours to finish it. The first few sections will familiarize you with the basics of forex, acronyms, and jargon. Next comes the different forex analyses consisting of fundamental, technical, and sentiment analysis. After this, you will learn how to use the most popular trading platform, MetaTrader 4.
This course has a lot of positive reviews from past students. It comes as no surprise since the lessons are cheap. Couple that with a 30-day money-back guarantee, and you have the perfect recipe for a successful training program. And if this is not enough to convince you, they offer lifetime access for enrollees. So, you can go back to the lessons any time. And you will be able to access updates and changes to this program for free.
The only downside to Forex Trading A-Z is that there are no live or streamed lessons and trading sessions. They added a Q&A feature, but the response is not guaranteed. If you do get a reply, it will not be in real-time. Also, a team called ForexBoat gives the answers and not the actual trainer.
- Six-Figure Capital. It is a two-week training program that is 100% results-based. It is the same strategy used by the content creator for his daily trading activities. Part of the course outline is live trading sessions where you see the principles taught in the program used in real-world settings.
Lewis Glasgow is a respected trader that started his career in 2014 with the financial markets. He is a veteran across different investment assets like forex, commodities, and cryptocurrencies. At the start, Lewis lost thousands of dollars (or the equivalent GBP since trading is in British pounds) using information that did not work. Fast forward to today, he has mastered a system that seeks to understand trading behavior through harmonic patterns. And this is what he shares with his students.
The Six Figure Capital course he developed is a 14-day course that has nineteen video lessons. It is so simple that following the program flow will not be boring or hard, even for beginners. It starts with an introduction to the three core fundamentals of successful trading. It then gives you all relevant information on currencies and the forex market terminologies. Afterward, it helps you to analyze your trading personality. It is vital since your trading style and strategy should match your behaviors and attitudes.
You can take this course through a lifetime membership program for a one-time fee. Or through monthly payments for 12 months. Both payment methods will give you lifetime access to the program. You will also gain access to a private community on the slack app. It is where members get to share ideas, solutions, and best practices. You can also interact with mentors and advanced traders inside this slack community.
- FX Academy. The best thing about this forex trading education is that it is free. Yes, you heard it right. It is an introductory course for newbies in forex trading that requires no cashout. Here you will learn the basics of forex trading, trading strategies, and trading simulations to help you get familiar with forex.
There are multiple experienced teachers in the FX Academy. One of them is Huzefa Hamid. He is a seasoned and practicing trader for both forex and futures. He started trading at the age of sixteen and has since used Technical Analysis as his trading strategy. It allowed him to take large profits. Today, he manages his capital while keeping his role as a Senior Analyst and mentor at DailyForex.com.
The FX Academy has more than fifteen relevant topics to help beginners and more advanced traders learn proper and effective trading. Each study program has animated videos, quizzes, trade simulators, and recommendations for further reading. It is a recorded program where you can take the courses at your most convenient time. The course starts with an introduction to forex trading. It then moves to trade strategies like forex candlesticks, support and resistance, and trendlines. Next comes the more advanced topics such as risk management, breakouts, and volatility.
After completing the free lessons, FX Academy will endorse you to a partner brokerage firm. As of August 2021, AvaTrade is the referral site. It looks like they earn something from referrals. It is a fair deal since the course is free anyway. And there is no obligation to continue trading with the partner site after finishing the free program. The user can still choose his preferred brokerage firm.
- Etoro’s Online Trading Academy. It is another free online learning program that requires no sign-up or registration. Anyone can access the courses that cover several trading assets. It includes forex, cryptocurrencies, and stocks. There are lessons available for beginners and advanced traders. All the sections get presented in an easy-to-navigate format. And sorting per level of experience, topic, course, and teaching media are all possible.
Lessons get presented per topic. But since everything is on record, you can proceed to the topics that interest you. Some advanced users prefer to skip the fundamentals. As for the lessons, they come in different formats. It can be videos, webinars, podcasts, or written documents. They appeal to a wide range of traders. Traditional traders who prefer reading can choose the written guides, while the more tech-savvy ones can watch any video presentations.
Another unique feature of Etoro’s Online Trading Academy is its affiliation with Canary Wharf in London. It allows classroom-based learning for those living and working in the UK. This session used to be led by Henry Ward, a practicing trader for more than ten years. He helped thousands of traders gain profits by using trading practices that work. This program feature is not available for now. Maybe due to covid restrictions and lockdowns. But it may continue in the future once the pandemic is over.
Aside from the online education class, there are news and articles. They are part of a continuous learning program for Etoro’s clients. The good thing with Etoro is that they allow the public to access these articles free of charge.
How much is a forex trading course?
There are several forex trade tutorials available today. Some programs charge fees from a few hundred to thousands of dollars. Others such as FX Academy and Etoro’s Online Trading Academy give this for free. But a free training program does not mean it is the best available course for everyone. Each person must evaluate based on individual financial goals. And make decisions based on his current trading skills.
Online trading classes for beginners are usually offered free of charge. But as you move to more advanced courses, the fees start to come in. A masterclass in trading, for example, will be twice or thrice as high as a beginner class.
The amount of involvement of the course creator and the level of support also influence the fees. More one-on-one sessions and live streaming of trading session days also seem to bring the costs up. Membership to exclusive chat groups and project management apps like slack also features in the more expensive trading education programs.
Can you get rich by trading forex?
Yes, some experienced traders have built their wealth through forex trading. To be successful, they used experience from years of practice coupled with huge capital. But for normal retail traders, forex trading is not a get-rich-quick investment platform. Research shows that 2 out of 3 traders will lose their money in forex. There is no exception as even the most experienced traders will lose money on certain trading days and some currency pairs.
Forex trading is risky. A lot of factors can affect the movement of prices. It includes personality flaws and market forces beyond anyone’s control. Lack of discipline and emotion-based decisions can add to the risks of forex trading. When you use strategies that have not been tested or use trading platforms that you are not familiar with, the chances of profit are minimal. You will lose your investment fast if you suffer from any of these factors.
Also, trading is a specialized platform that is not made for not everyone. Low-income earners, unemployed, and underemployed individuals will not be able to participate in forex trading. Since you need money that you can afford to lose in trading, people who have no savings or can barely survive everyday life cannot trade. Expert traders and brokerage firms recommend a minimum deposit of $10,000 to have a comfortable position in forex trading.
Another consideration is that forex currency trading is not the same as gambling. It involves real money, that you have worked hard to get. To be successful, you will need to develop skills and discipline. Do not let testimonials and news on overnight millionaires that gained wealth from trading forex blind you from the truth. You need to spend time and money to be good at trading. You may need to enroll in forex trading classes to make sure you have the right foundation. It involves hours of training and video lectures. You will also have to choose a brokerage firm that is aligned with your values and budget. And with the hundreds of choices available today, you will need substantial effort to find an honest and regulated broker. It will be your ticket to success as you grow in your trading career.
Can I learn Forex trading for free?
Yes, the internet is full of trading lessons that are offered for free. But not all lessons are legit and safe. You will need to carefully study the program outline. After all, you don’t want to waste your time on lessons that are outdated, inaccurate, or unusable. You also need to be cautious of websites or training programs that will ask for your personal information. Some will ask for your name, email, and phone number in exchange for so-called free forex trading lessons. Never disclose personal information to any unverified sites on the web to avoid the risk of identity theft. Still, others will require you to key in your credit card details as a security bond and promise not to charge you anything. It is another scam that is meant to take your money.