Forex Education - Read This Before You Think of Paying For It
By Sacha Tarkovsky - February 24, 2007
There are plenty of people who will give you forex education at a price but you need to check a couple of essential facts to check the merit of their use to you in making profits. Here are the two essential facts you need to check.
1. Is the vendor a trader or simply a writer?
If you are taking driving lessons you will at least want to know the person teaching you can drive and it’s the same if you are getting forex education. Can the vendor trade and how successful are they? Ask the question: “Do you trade and can I see your track record in real time of money you have made?” You normally won’t get one. At best you will get a hypothetical one and they’re done with hindsight knowing the closing price so you won’t see one that loses! Of course, you may also get some testimonials of lucky trades. Don’t accept them. Get at least a 2 year real time track record to show the merits of the advice.
2. When getting education make sure you get money back guarantee
Assuming you can find someone that has a track record then also check that you get a money back guarantee so that you can test the material. I see a lot of e-books and education sold where really all the information is freely available on the net. A lot of the forex education sold on the net is not from traders but simply writers and they rely on the copy to appeal to the greed of the buyer. There is a lot of good forex education out there, but the vast majority is not worth the money so make sure that you do the above two checks and hopefully you will get some good education
Always remember this
At the end of the day, the forex education you can get on the net that is free can help you become a professional trader. In further articles in this series we will look at all the best free sources that can help you become a confident disciplined and successful trader.
Forex Education - The Best Way To Become a Profitable Trader
By Sacha Tarkovsky - March 15, 2007
If you want to make money at Forex trading you need Forex education. Most traders think they can buy an e-book from a vendor and make money, but the fact is there is better Forex education you can get and a lot of it for free! Lets take a look at the best Forex education.
First things first
Forget all the gurus and mentors offering you unlimited riches if you buy their e-books. Most of this material is either free on the net or is based on suspect logic, which means it doesn’t work. If you buy advice make sure the vendor has real time track record of success. That gets rid of 99% of systems and courses! Keep in mind most of these vendors make money from selling systems not trading them.
Free Essential Material
If you are trading Forex you should trade a technical method and everything you need to know is available about technical analysis free on the net. You need to know about indicators so pick some you like to confirm chart moves. If you are looking we suggest these ones as essential: The stochastic, RSI, moving averages and Bollinger Bands. Then learn how breakout methodology works and base your system around this. You can read about them on the net and look at them on free chart services such as futuresource.com. It’s easy to build a system that works and we have shown you in other articles how to do this.
Great Value Material
If you are going to buy Forex education make sure you buy from people who have made money and there are some great books available that cost very little in your local bookstore or online. Here are some good ones to look at.
Victor Sperandeo - Trader Vic - Simply our favourite book. Easy to read and packed with insight on everything from money management to trading a system. A true trading legend.
Jacob Bernstein - One of the great writers in our view on the psychology of trading markets. Really gets into the mindset of successful traders and his books are always a very good read.
Market Wizards & The New Market Wizards - Jack Schwager - These books interviewed a wide range of traders who can be considered legends. Although they all trade differently they all have certain things in common. This is a very inspiring and is packed with great insight into what makes a great trader.
Buy these books! There are other books of course, but we like these, as they are not only packed with great trading knowledge, there also easy to understand and fun to read. You will be able to pick up these books for under $100 or so and they are a far better value than 99% of e-books sold and will give you a far better Forex education.
Keep it simple
So get your system together from free material and then refine it with the above great books and you will be all set to approach Forex trading with confidence and get on the road to consistent profits.
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