Why do you need a trading education?
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If your goal is to become a successful forex trader, you must have a solid foundation of trading knowledge. You have to dedicate a lot of time and effort to mastering the art of trading and keeping up to date with what’s happening in the market.
Forex trading is known to be risky. There’s no trader with a history of not losing money at least a few times. Some might even tell you that they end up losing money more often than actually winning a trade. Therefore, to avoid losses and to plan and execute a winning strategy, you have to be guided by your forex knowledge – theoretical, as well as practical. With a good trading education, a novice can transform into an efficient and profitable trader.
Forex trading carries a high level of risk. It also requires knowledge and understanding of currency pairs, trading instruments, trading signals, the ability to plan and execute trading strategies, analyse the market, manage risks and make meaningful conclusions. That’s just the beginning, though. Forex requires patience, discipline and an absence of emotions. All that and more is what you have to go through and master, if you’re ready to become a winning trader.
The question isn’t whether forex is more or less difficult than other markets or whether you can actually make money or not from trading. The question is – do you have sufficient knowledge and skills to benefit from the market and are you willing to dedicate the time to obtain them? Don’t expect to become a trader within a week’s time.
What would class as the best trading education?
Let’s get one thing straight – how you are educated is as important as the trading knowledge itself.
Each person has their own style and pace of learning. Moreover, for most people who are interested in the forex market, trading will become like a second job to do in their after-working hours. This means that learning schedule and time are also things to consider.
Also, the type of education, the course materials and the methods of teaching can vary.
Since everything can be very personalised and depending on many variables on both sides, it might be somehow difficult to determine what would class as “the best trading education”.
However, we firmly believe that there are some major key points that each type of trading education should cover to at least classify it as “good.”
Before we get down to those points, however, we want to point out that there are different types of trading education, including:
- Online trading courses
- Offline classroom lectures
- One-to-one private mentoring
- Reading books about trading
- Attending online webinars
- Forex trading educational videos
Whether you decide to sign up for an online trading course or prefer to take offline lectures in a classroom environment, it’s up to you, your preferred style of learning and free time, of course.
All of the above-mentioned types of trading education should prepare you for the thrilling, yet highly risky and challenging world of forex.
The best trading education should:
- Teach you the foundation of forex trading; help you understand what forex trading is, how does it work and how to set up a forex trading account.
- Explain how the mechanics of forex work. There are so many aspects of forex, such as trading time, leverage, price and pips, spread, trade size, rollover and more that traders need to know backwards and forwards.
- Guide future traders through the numerous charts and teach them how to be able to read through them in seconds and make quick and reasonable decisions based on the displayed information.
- Emphasize how to manage risk, which happens to be one of the most essential skills a trader needs to obtain.
- Teach traders about forex strategies and help them develop their own trading style.
- Assist them in understanding the different forms and types of analysis.
- Help traders build their confidence, emotional intelligence and psychological endurance.
Before deciding which type of trading education to pursue and which course or private mentor to go to, make sure you’ve done your research. Check out their website, see what forex information are they covering and how are they conducting their courses.
If you have someone close to you who is into trading, ask them for a recommendation.
Try it out – if you have a specific course or mentor in mind, or you decided to start self-learning, give it a go. If you don’t feel like you are learning much or the specific type of education is not the best for you, you can always change directions.
Beware of misleading courses and mentors. If you feel like the course is somehow pressuring you into doing things you don’t feel ready for or asking you to immediately start trading and putting your money out there, that means you should probably look for education somewhere else.
What are the key points when looking for the best trading education?
As previously mentioned, there are many key points to consider when looking for the best trading education.
- Cost: Is the course affordable? Remember, education is the best investment you can make so you have to be ready to spend some money on it. We, at Trading Education, for example, are offering our course for free as it is sponsored by our partners. (For more information, go to our official page)
- Quality: Is the course offered by trading experts and professional traders? Is the course backed up by a trading organisation or a prominent broker? Do your research and confirm their reputation first. Is the course covering what you’re interested in and is it suitable for your level of experience? Check the course description and confirm that this is what you are looking for.
- Convenience: Is the course taught at a convenient time for you? Is it offering student support tools and assistance when there’s something you don’t quite understand? See for yourself whether the type of trading education you picked matches your lifestyle, free time and learning pace.
- Methods: How interactive is the trading course? Is it adopting modern methods of teaching like video lessons and webinars or does it sticks to the old-school classroom teaching? Are you comfortable with the methods?
- Simplicity: A good course is a simple one. The amount of data, technical language and numbers don’t necessarily mean that the course is good. A “flashy” course is not recommended for beginners who need to be taught the basic principles and tips before moving on to the technical and more complicated aspects of trading.
Where can you find the best trading education?
Decide what type of trading education would best fit you and do your research. The Internet provides a lot of opportunities and you can quickly discover and register for an online course.
If you prefer one-to-one education, search for online trading communities or Facebook groups and check out if someone experienced is offering private mentoring.
Where else can you find good trading education? Here’s where we come in!
Trading Education is where you can find quality trading education, designed for beginners, making their first steps in the world of forex.
Our forex trading education can provide you with extensive knowledge on how to trade and become a pro. The course is absolutely free and anyone who is serious about becoming a trader is welcome to join our community.
The trading course is offered online so that it can be accessible by traders from all over the world at any time. The chapters and information we cover are available on the official website for you to check out.
Not just that, but we also give everyone a certificate for achievement once they’ve completed the course.
Why is it free you might ask?
Our trading course is free because it is sponsored by our partner brokers who have one goal only – to make sure there are more well-educated and efficient traders out there.
Enrolling in our trading education course is a great way to get the knowledge and tools you need to turn into a profitable trader. You are welcome to sign up and start learning.
What do you do once you think you’ve received the best trading education?
You got your trading education. You are now familiar with the technical concepts, terminology, psychology and are able to calculate the risks and make a quick decision. What do you do with all that knowledge you accumulated over time?
Well, it’s time to put it into practice.
Step 1: Choose your broker
Do your research and find a trustworthy and reliable broker. Reputation, license, trading terms, security and reliability are among the things you need to consider before opening an account with a broker. Check out our article on how to choose the best broker over here.
Step 2: Open an account
Many traders will tell you to open a demo account first, before opening a real account. However, we advise the opposite. Demo accounts won’t provide you with a real sense of money management or risk management and they teach you to use techniques you wouldn’t otherwise use in real trading. To start trading you also need to install a trading platform.
Forex is offering a variety of options for you, including MT4, NT and more.
Step 3: Start trading
Start with a small amount of capital. Don’t rush. Invest wisely and kick things off with small deposits. In time, when you gain more confidence and familiarise yourself with the platform, you can try with bigger capital.
Not every class or type, of course, will turn out to be the right fit for you. One of the most important things you have to do if you want to succeed in trading is to find the most engaging, easy to understand course that is close to your style trading education. Don’t be afraid to ask questions and try out different methods, such as webinars, video lectures, online courses, etc.
Remember, your trading education will build the foundations of your trading career so they have to be strong.
A good trading course is the best starting point for any successful trader.
Remember, Trading Education has your back.
If you want to start your career with a free trading course, covering all the important aspects of forex, check out the availability of the course and apply here.