Work of any nature requires considerable effort, both moral and physical. Indeed, in addition to having to spend a considerable amount of time on theory, a substantial period of time is devoted to practice, and sometimes it is physically difficult.
Forex trading, like any other business, also requires training, because it is about money and the success depends on how well a particular person is prepared for this business: whether he will be awarded financially or, on the contrary, will lose money.
Due to the development of the Internet, there is no lack of information. You can find the answer on the net for absolutely any, sometimes even openly ridiculous, question. People share their experiences and joys and thereby motivating others to engage themselves in similar activities. And if in previous days it was necessary to graduate from universities, courses, etc. in order to gain knowledge in a certain field, today it is possible to get the necessary skill online, without leaving home. Especially when it comes to earning in the Forex currency market.
There are many types of training in the Forex trading process. And each of them is interesting in its own way, has its own advantages and evident flaws. We will consider all training options for working in the foreign exchange market and draw conclusions about what should be emphasized in mastering the difficult path of a trader, and what can be neglected.
Webinars
Let's start with the most common type of training - webinars. Webinars are a type of distance learning, during which the speaker can broadcast from any place convenient for him, and the participants in the discussion can also be anywhere in the world. The main thing is to have a stable Internet connection and set up a webcam for broadcasting reception.
Webinars offer the opportunity to ask the speaker questions of interest regarding the topic in question. Thus, a person can not only gather information, so to speak, from the first hand, but also consolidate the knowledge gained through answers to clarifying questions.
If we talk about Forex webinars, then this kind of training is offered by almost all brokers. They are usually free. At least if we are talking about well-known companies that voluntarily offer everyone to listen to information on a particular issue from experts. But young companies for some reason are more jealous of their webinars and often offer them “for money”. Moreover, they often do not say the names of experts, which undoubtedly leads to bad thoughts about the usefulness of such lessons.
The only thing that can justify this attitude of young brokerage companies to their webinars is the desire to earn at least some money.
Our advice is to trust reliable companies even in this matter.
As for the usefulness of this type of training lessons, we can safely say that you will not go far at webinars alone. But, at the same time, they should not be neglected - communication with experts and chewing on topics related to working on Forex has not bothered anyone.
Seminars and master classes
A more serious level of training is seminars and master classes from leading experts in the field of the financial markets. Not all brokers offer such classes and you can meet individuals, experts, analysts, traders who have experience in the Forex market and are ready to share it with everyone, sometimes even revealing some secrets.
Why are such events good?
Firstly, people who conduct these events have experience behind them, as a rule, confirming this with appropriate diplomas, certificates and, of course, obvious achievements in this field.
Secondly, if luck smiles at the seminar from a truly experienced person who understands the topic under discussion, then the benefits of such an event can be enormous.
Forex workshops and master classes
However, do not forget about the obvious disadvantages of this type of training:
- Often, such events are carried out by beginners who think of themselves as Forex Guru. And it’s not so easy to learn from the announcements of the event whether the “teacher” is worth attention or not. In the second case, there is a risk of wasting time and money for nothing.
- Speaking of money. Seminars are paid. It is very rare when you can meet such events that do not involve attendance fees. Typically, such seminars are conducted by Forex brokers and only on introductory topics, such as “Forex Fundamentals”, “Getting to know the terminal”, etc. Nobody will tell you anything about secrets “for free”.
- Each analyst and trader over the years of his work in the financial markets has already managed to choose the most suitable trading method for himself and considers it the only right one. Therefore, the seminar, no matter what topic it touches, will rely on this trading strategy. And here it is worthwhile to understand that not all participants in the event may like the principles of a particular trading strategy. Therefore, it may well turn out that the speaker will impose his opinion on the trading process.
But, again, if we are talking about seminars as a separate type of training, then it is suitable exclusively for advanced traders who have already passed the stage of getting acquainted with Forex and are ready to draw information on trading techniques from the experience of professionals. Therefore, they are not afraid to pay money. But for beginners it is better to wait a while with this type of training. Or look in the direction of introductory seminars for free, which are offered by some forex brokers.
Courses
If after attending webinars and watching a series of videos about what Forex is and how you can earn money, the beginner is not afraid and is ready to move on, then you can plan a game for the big one - sign up for courses.
Courses are a series of lessons, each of which is dedicated to a specific topic. It is best to talk about what this type of training is about using the example of International Academy of Investments and Trading. This educational institution allows traders with different levels of training to "enroll" in training for experienced specialists.
In total, three types of training programs are proposed:
- For beginners
- Training
- Individual program
But we will not focus on this. We only note that each course involves a list of disciplines, which in turn consist of a series of lessons. Courses require a student to attend classes in person or can be built in the form of online training - it all depends on the "school" in which the novice trader plans to study.
Of course, this type of training is paid. Again, perhaps the first few lessons will be held on a voluntary basis by teachers, but you will have to pay for all the fun. And sometimes quite a lot of money. However, if you get into a truly good educational institution, then the game is worth the candle.
Other learning methods
We did not highlight such types of training as studying books and articles on financial literacy. At any stage of learning and practical training, books and articles should be faithful assistants to the novice trader. Of course, you won’t just be able to get away with this, but as an auxiliary tool, they should always be used and bring substantial benefits.
Books and useful information can be found online, and for free. At the same time, as a rule, brokers offer to download informational materials useful in trading from their websites, so, in fact, there is no need to search for the required literature.
What to choose?
The first thing to focus on when deciding to master the path of a Forex trader is theory. No matter how boring it may sound, but without a foundation consisting of knowledge, moving to the second stage of practical training does not make sense. The result will not be long in coming - the deposit drain is guaranteed. So, dear traders, you should be patient and devote time to training.
Books, articles, and webinars are the first things to look for. It’s free, it doesn’t make you strain, and you can devote time to this at any time of the day or night in a comfortable chair at home.
Self-Learning at Forex
If self-training was easy for you, then you can neglect the courses and stomp on seminars, carefully choosing speakers and topics of interest, as well as switch to work on a demo account. After all, you should not drag out the theory for a long time, otherwise the fear of bidding may appear. However, sitting on the demo account for months is stupid - real trading today is possible with minimal investment and negligible risks. For this, there are many forex brokers offering trading with $1 in micro or cent accounts.
Well, if self-study is still not yours, but you really want to trade, then you won’t get away from the courses. Here you will not be released without knowledge - everything is like at school. You will not be left for the second year, of course, but the realization that the tuition fee has been paid will put pressure on the trader and he will become a hostage to the situation in which he needs to learn.
But we want to note that not all courses and seminars, and indeed webinars too, are worthy of attention. We all understand that any such training institution is tied to a specific forex broker or individual expert, and here it is important to test them for reliability and honesty, and only then decide to devote your time to training.
Moreover, putting experts’ knowledge into the students' heads will not always be enough. As in school, consolidation of the material passed must certainly happen, and the best way to do this is not to stop practicing self-training and practice. All methods can bring a positive result to a novice trader only in the aggregate.
