Many investors try and fail to succeed with forex trading. Without the right knowledge and experience, it can be all too easy to lose capital and your optimism. Whether you choose options, futures or spot, forex certainly has great opportunity. With that said, it’s important to remember that forex is vastly different from equities markets. To treat the two as being similar will only set you up for failure.
The good news is that beginner traders can avoid rookie mistakes and learn the best forex trading tips with the help of trading courses.
There are two primary types of courses available to traders: online course and in-person training. We’re going to discuss online courses, as these are far more accessible to the average trader.
How to Choose an Online Forex Trading Course
When comparing online trading courses, there are several things you want to be on the lookout for. Two key things to consider are: certification and reputation.
A reputable trading course will be certified through either a financial institution or a regulatory body. Examples of popular regulatory boards in the United States include:
- Financial Industry Regulatory Authority
- SEC (Securities and Exchange Commission)
- Futures Industry Association
- National Futures Association
- Commodity Futures Trading Commission
It is important to remember that each country will have its own regulatory boards. If you choose an international course, it may be approved by a different organization. The most important to thing is to first determine whether the course is actually certified, and then you can research the regulatory board that oversees the broker.
There are thousands of forex trading courses available online, but some are better than others. Research each course you’re considering to see what other people are saying about their experiences.
Does the course teach you successful forex trading strategies? Is the information given by a experienced trader, or simply based on research?
Pay particular attention to those who have complaints. The reviewer may have an issue with customer service, or the course may be flawed in some way. Make note of both the good and bad points, so you can make an informed decision after weighing your options.
Courses labeled as scams by users should be avoided and removed from your list right away.
Research is one way to find out more about a course’s reputation, but you may also consider talking to other traders and asking for recommendations or opinions.
The more information you have about the course, the easier your decision will be.
Also, remember that different course may teach different types of strategies. For example, one course may give you tips on ways to trade CFDs with Opteck (a trading platform), while others may educate you on a completely different area.
Don’t be swayed by programs that claim to offer 400% returns in a day or claim there’s no way for you to lose. Bold and impossible claims such as these are typically associated with scams.