Promotion is the key factor in what form of Stock Market Education you will first get acquainted with. Is necessarily the most advertised Stock Market Education Provider the best? It is quite obvious that individual traders who are willing to mentor or teach others cannot compete with big trading firms on a level playing field…they have the resources to make the best-looking websites and pay expensive adds across the media.
In my view these companies provide high quality training but no student can become better than their tutor. If you look at the yearly trading results of most of these companies which are usually published to impress the reader you can draw a clear conclusion that they are very conservative traders. They are after steady yearly returns. They put through thousands of trades and are overall profitable.Well, 20% to a 100% yearly return is quite profitable but unless you have huge trading capital as they do it will not change your life significantly. And you will be trading almost daily over the course of the year to get the same results. Typically their courses are quite expensive, in the region of thousands.
I have been very interested in market education ever since I trade. I have bought several copyright protected trading strategies. In 2007 I enrolled on a one year program with a big company founded by a world renowned trader who regularly appeared on mayor American financial channels. The course cost £3000 and it would have cost 4000 pounds more if I stayed for his Master Trader course. I learned a reasonable mediocre trend strategy but also felt deceived a bit … the entry stage of the course was way overpriced for what it was! I do not know what his Master Course would have been worth but come on!!!? 7000 pounds?A potential pitfall stemming from naive judgement of the quality of service
You come across all sorts of trading education providers or justindividuals speaking into a quality video camera with nice and persuasive websites who are nothing more than crooks… People who make a living by dishonestly promising what they cannot deliver are not deserved to be called anything else.
Obviously individual traders are not regulated and they do not need to be, they just educate and are not authorised to give financial advice. This is not what I am talking about.
How can you avoid these self proclaimed geniuses? The least you should do is look at some basic facts:Do they have a company with a telephone number and physical address?Do they have a customer service team?Do they offer a Live Trading Room service or something similar where you see them how they do it?
If you are a millionaire trader I guess you should at least have your own company registered in the US, Europe, Japan, Australia or elsewhere …where stock market trading is widespread.
There are no well performing “Trading” robots… algorithmic trading is widespread now but the robots are massive programs run on state-of-the-art platforms of huge Wall Street firms.Reasonably priced quality trading education is not impossible to find.
Whether you want to trade or invest yourself or not I think a few 100 dollars or pounds are well worth it to be educated about the stock market. The only thing that beats holding blue chip stocks bought at the right time is active trading with them. Day trading, end of day trading or swing trading can be very profitable if they are done right. This is why you need trading education but to master this profession you need to be actively involved.And if you are a beginner trader you MUST start out by Paper Trading or Simulated Trading. Why loose money and the opportunity to reach your potential by careless and proud ignorance. No one was born with talent to trade. Success in this industry comes not so much with knowledge but discipline and practice!
Forex currency trading can be a very rewarding discipline, but at the same time it can end up costing you a lot of money. If you don’t know what you’re doing, you will typically end up giving your money away to the brokers and end up angry at the system. By doing your homework, you can avoid this pain that often comes with Forex currency trading. Keep these tips in mind and your odds of success with Forex currency trading will improve substantially.
Choose a Good Broker
One of the most important factors that contributes to success in currency trading is the broker that you choose. If you have a good broker, you’ll be much more likely to be successful. With a bad broker, it doesn’t matter how good of a system you use to trade, because you won’t be making any money. Look for a broker that has good reviews, is regulated by a reputable agency, has good spreads and is convenient to work with. Otherwise, you may find yourself struggling to be profitable with a good system. Aspaccounting.com.au recommends Admiral Markets for stock and currency trading. You can open your forex demo account and start trading by visiting the link.
Find a Winning System
Once you have a good broker in place, you should also spend some time finding a good trading strategy to use. In Forex currency trading, there are literally thousands of trading systems that you can use. Some utilize expert advisor programs to trade your account for you. Others come with custom indicators that you can use to manually trade the markets. You could even pay a subscription for a signals service to get trading signals sent to you every day. Regardless of what strategy you decide to go with, make sure that you test it out a little bit before putting any of your own money at risk. This can be done by downloading a demo account from your Forex brokerage and then trying out the strategy.
Forex Currency Trading – Using Money Management
Having a good money management system in place is critical if you plan on making a profit in Forex currency trading. Without money management, you cannot expect to do well. With a money management system, you determine a specific percentage of your account balance that you are willing to risk on each trade. This requires you to do a little bit of calculation before you take each trade, but the results will be well worth it. If you can implement these tips into your Forex currency trading regularly, you’ll have a much better chance at success over the long-term.
While learning to trade Forex, there’s a good chance you will experience some confusion about which trading strategy to use due to the massive amount of Forex systems and strategies on the web these days. So, what are some of the core components of a worthwhile and effective Forex trading strategy or trading system?
Simple is better – The strategy or system that you ultimately decide to use to trade the markets should be one that is not overly complicated. The world of Forex contains a lot of trading systems and strategies that are big on claims but small on teaching you to actually trade effectively. Instead, according to harmonic trading, you are probably going to get some very confusing looking indicator or software-based system that look more like a piece of abstract art on your charts than an effective trading strategy. You want to stick to simple price action based trading strategies that don’t make you use tons of indicators.
Effective trading strategy – Clearly, you need to use an effective Forex trading strategy. But, how can you know for sure if a certain trading method is effective while you learn to trade forex? You can never be ‘sure’ that a certain trading strategy will be effective because any strategy can lose money if used by an out-of-control trader. Generally speaking, trading methods that are built around the core price action data of a market are the easiest to use and most effective.
Fits around your schedule – You will not be able to day-trade if you’re at work all day when the markets are active. Thus, it’s important to find a trading strategy that works around your daily schedule. When first learning how to trade, it’s best to focus your efforts on the daily charts since they provide the most practical view of the price movement in a market.
Adaptable – You will need to find a new trading strategy if your current one is not flexible enough to allow you to trade in any market condition. Markets are not always in strong trends. So, you need to trade with fx trading strategies that allow you to trade both trending and consolidating markets.
Finally, as you learn to trade Forex you need to realize there are no “magic-bullets”. Discipline and consistency are the primary ingredients to making money in Forex. Anyone can get lucky and make some money for a month or two, but if you want to profit every month, year after year, you will have to shift your mindset from thinking about the now to thinking about the bigger picture. If you want to obtain long-term consistent you’ll have to get a top-notch trading education and then apply what you learn in the markets with religious discipline.
You can give yourself a good chance at making money consistently in Forex if you use an effective trading strategy and apply it with rigid discipline. Do not become trapped in the snares of Forex sites trying to get you to buy a piece of trading software that promises to make you rich. Instead, look for real fx training which actually teaches you how to trade and read the natural price dynamics of a market.