Forex | Forex Trading

Currency Trading - How Much Do You Need to Spend to Learn How to Trade Forex?

In a short space of time forex trading has become one of the most talked about online business opportunities. Anyone who wants to work at home and is looking for ideas has probably encountered one of the many providers of tuition or forex education. Without doubt, the rewards can be high. So high in fact that the education providers can charge a premium price for their services. It is easy to find a forex course or forex ebook selling for thousands. Yes, selling, not just for sale.

With sound forex trading strategies and good discipline you can make a lot of money. Therefore, a tutor who can show you how to trade effectively can probably charge a lot for their course, seminar or book.

So, if you are considering the various options of learning how to trade forex, do you need to spend so much money?

First, we'll look at these options available to people who want to learn to trade the forex markets. There are basically four, listed on order of cost.

1. Work with a forex trading mentor, who is successfully trading.

2. Enroll or buy a course on line or by mail order.

3. Go to your library or book shop and get a few well-chosen books on forex trading.

4. Read all you can of the free information you can find online.

The Forex Mentor. This is likely to be the most expensive option and is probably only considered by people who have quite a large amount of cash to start with. If you find a good mentor then your tuition fees will be returned many times over. Obviously, if you choose badly then your money go be going down the drain, not just on your training fees but also because you'll probably lose all your money trading too.

Forex Course, Seminar, or Ebook.

How successful you'll be after buying a course or paying to attend a seminar will again depend on the quality of what is on offer. If it is expensive, and it could be, then make sure that it covers the vital subject of trader psychology. This is an area where any trader must do all they can to gain experience and insight. It is no good having fool proof system if your mindset is such that your gains are given back or your winning trades are converted into losers through poor discipline.

There is no guarantee that paying a high price, possibly more than $5,000, is going to make you a wealthy trader.

Forex Books.

There is a huge quantity of them available, some well-recognised classics such as Market Wizards, and Reminiscences of a Stock Operator, are essential reading for a forex trader or any financial trader for that matter. There are many others though, some focusing more on the psychology of trading others on technical trading and more still on understanding how the fundamentals affect the markets. Buying, borrowing and then reading books is a very cost effective way of learning and this certainly applies to forex trading.

Online Forex Information

If you want to learn how to trade forex, you have the biggest resource at your fingertips. From trader psychology to understanding financial charts, all the information you will ever need is available on line. And, most of it is free and easy to access. It is all out there, it just takes a bit of finding. Trading forums, such as trade2win are fantastic resources because many contributors share their experiences of various systems and even publicly evaluate courses and books. It is, however, sometimes worth spending a small amount of money to get some nicely packaged education. A highly recommended ebook is called Bird Watching in Lion Country and similarly a good manual is called The Affluent Desktop Currency Trader. Neither of these two will break the bank and they both offer a very good foundation in an exciting and hopefully rewarding trading enterprise.

So, to return to our original question "Currency Trading - How Much do you Need to Spend to Learn How to Trade Forex?".

The answer is absolutely nothing. Although, for a few dollars, the titles mentioned above are indeed very worthwhile. What about the expensive courses? Forget them and add the money you save to your trading account because experience is the best forex trading education you can buy. Be careful though, it's very dangerous out there.

Graham Chapman has worked in publishing for nearly 20 years and has been self employed for more than 25. He is a trained life coach and is qualified in sports psychology. He now runs Neesh Enterprises assisting people who work from home or small office particularly in publishing.

posted by usahadijaya @ 9:54 PM