Hedging Your Bets – Choosing the Best Forex Trading Education
Entering into the world of foreign exchange is one of the most difficult markets to break into. Individuals looking to do so often find themselves frustrated and losing money long before ever really making any headway in the investment game. In any form, investing in forex presents a profitable opportunity; however, it does not work quite like any other market. To help you get past the learning curve and discover how to really make money in the market, you need effective training, but to get that you need to know how to find a good forex trading education. Like most investments, you don’t want to go into any market blindly, so take a look at these tips for how to find a good forex trading education.
1. Determine what type of training is available
The first step toward finding a good trading education is determining what type of training is available. When it comes down to it, there are two main schools of forex training: (1.) online courses and (2.) individual training. Each type of training has its unique benefits and serves its purpose in its own right, so consider your options and choose what works best for you.
Online forex trading courses can be compared to online or distance learning options in a college-level class. Most programs are managed by an instructor who provides course material in the form of PowerPoint presentations, eBooks, trading simulations, and other items. These course options often range in price from $50 to upwards of several hundred, so don’t let the price fool you.
Individual training is much more detailed and is typically intended for individuals who have already completed some level of forex training. In this scenario, you are assigned a mentor, who has already proven himself as a successful trader, to walk you through placing actual trades. This type of training is much more costly, ranging from $1,000 to $10,000.
2. Assess the reputation of the course
Many courses on the market today claim to deliver instant money or giant returns. Don’t let these hoaxes lure you into paying big bucks for no benefit. Instead, look for a course with a solid reputation by doing a little research of your own. A quick Google search can get you started but also ask for advice from investors already in the market. Look for a course that will deliver useful information and proven strategies and can provide you with recent success stories.
3. Check for certification
The most reliable courses are certified through an established regulatory body or financial institution, so you want to be sure that the course you are signing up for is certified. In the United States, regulatory boards that monitor forex trading and certify courses include the Securities and Trade Commission, Financial Industry Regulatory Authority, National Futures Association, Futures Industry Association, Commodity Futures Trading Commission, as well as others. However, each country maintains its own regulatory boards, so international courses may be certified by different organizations.
4. Weigh the upfront investment
Forex trading courses require an upfront investment in terms of both time and money. As you select a training option, consider how much of each you have to invest. Individual mentoring is more rigid, requiring more time and money, while online training can be much more flexible and may simply include watching podcasts when you have the time in your schedule.
Before jumping into the forex trading marketplace, achieving the right level of training should be a top priority. Trading courses can provide you with the necessary background to enter the market and be successful, but you don’t want to choose just any training course. Use these tips to “hedge your bets” and find a good forex trading education that will work for you.