Forex Training - You Need it - But Don't Use These Sources

Forex training you need it to succeed, its what prepares you for the brutal world of currency trading - lucrative but deadly only the strong survive so you need to be trained right and here are some common sources traders use and you should not...

In no particular order of importance there all best to avoid!

1. Forex Forums

If you want to find losers go to a forum. No serious trader takes time to hang around them, it's the losers who want to stoke their egos, and they can't trade themselves so they pass on their "wisdom" to others to lose with them!

The other people who hang around forums are vendors giving you impartial advice which just so happens if you buy their product, your problems are solved!

2. Forex Robots

I always see adverts for these and how they will automatically make money, so no training required!

Then I see I have to train myself on the software (that's not a robot to me!) and then I see the track record presented has been made up in hindsight knowing the closing prices. Perhaps this isn't such a great way to learn!

Always wondered why vendors sold software for hundred dollars and you could make 100k a year - damn was hoping to give up work!

3. Any Day Trading or Scalping Course

Unlimited profits, regular income small risk sounds good?

Yes it does, if it were true but these people who teach day trading lose as well.

The reason is obvious - all short term movements within a few hours are random and you cant tell what millions of traders will do so don't try. Day trading is a good story and so is James Bond but it's not reality, so maybe I Will give this a miss to.

4. Experts on the News

I always see these guys confident and telling me convincing stories about what will happen next and always wondered, if their that good why aren't they traders?

You can't trade news, that's why markets collapse when there most bullish and rally when there most bearish. News reflects the herd and the herd always losses. Will Rogers once said:

"I only believe what I read in the papers"

He was joking of course - but how many people see a news story, try and trade it and lose? Lots of them.

Scientific Theories

Lots of the these and they sound great! Human nature is constant so it must conform to a law and if you know the law you can win all the time by predicting in advance. The far out investment crowd love these theories and they teach the wisdom of Gann ( who made and lost a fortune) Elliot ( who died poor) and Fibonacci ( who worked out a theory based on the copulation of rabbits which was never intended to be used for forex trading) and tell you that your on the road to knowing how the markets really work.

Problem is - if a law worked all the time, everyone would know the answer is advance and there would be no market - markets move on uncertainty NOT certainty. Human nature maybe constant but were all different and as a vast mass do not conform to scientific theory.

So now you know where not to get your forex training where should you get it?

There are plenty of good free sources online and also you can pop to your bookstore or Amazon and get a few books, by traders who have walked the walk rather than simply talk the talk.

Don't fall for the numerous forex educational sources the bulk of losers do. Learn currency trading the right way and get on the road to currency trading success!