I’m kind of new to this game as you maybe aware, and am needing some advice on particular Forex trading courses based in London. I’m thinking of making the plunge and forking out on one of these courses early next year but each one has its own appeal and it’s difficult to gage which one would benefit me in the long run. Hopefully some of you out there may have attended different ones and are able to guide me along my way in choosing.
I bet you will receive plenty of advices from babypips members… mine are:
learn money management
don’t risk more than 1-2% of your account at a time (I never exposed more than 1%)
focus in one pair at the beginning (eur/usd)
learn price action, support and resistance
learn multiframe analysis
don’t trade small timeframes until you master your strategy
take trades based on confluence of 2 or 3 signals
yunny1 has listed some great stuff, there, I agree with all of it apart from the one currency pair part, I have always traded a number of pairs (22 I think, off the top of my head).
In terms of courses, they all get some stick, but personally I learned with Knowledge2Action in London and am very happy with it. I knew nothing before I sat the course, now I am a full time trader, I give them most of the credit for that.
I’m gonna use the above to research what I need to do. I’m actually in contact with knowledge to action and was trying to get my head round how they would teach me all there was in their 2 day training course. I have to say I’ve heard more good than bad about them but only time will tell I suppose.
Once again, thanks for taking the time to respond and i will let you know how i got on !
On the K2A question, two days is not long, although they are pretty packed days, but when I sat the course you also got a very fat book that replicated the course plus some, a set of DVDs, some 11 hours’ worth (I know that sounds cheesy but I found them invaluable to watch back later) and three coaching sessions thrown in. I then purchased further coaching (which you can do either on the trading floor in London or by remote on Skype. You also get access to a secure website where they host a weekly webinar analysing the market and going through aspects of the strategies, plus you see a cross-section of the trades placed by their coaches off their own accounts. These you see real time (ie. before they have played out) so you know that they are not faked with hindsight.
So while on the face of it it is just a two day course with handouts, in practice, to me, it felt much more as though I were following a programme. Having signed up for the coaching, I felt a genuine progression in my trading throughout my time with them.
Obviously, we all learn differently, so the classroom + coaching +webinars format will suit some more than others, but personally I am delighted with the return on my investment and would do it again.
But you don’t know me, so obviously don’t overweight my view compared with equally-anonymous internet reviews lol!!
The two hour seminars they host around the country are genuinely free with no obligation (and at mine the sell at the end was not too hard) so would give you a better feel for the people and their style without costing you anything.
Anyway, sorry to come across as a salesman, just thought I could add some interesting insight as you had a specific question!!
Thanks for your input Yunny1 !
All what I have learned before confirms it was correct according to what you are saying.
One thing I do want to ask and i hope it makes sense. When setting up support and resistance lines on the pivot point indicator to your charts, what number period would you find the more suitable ? (a little random i know) I’m trying to master more than one strategy !
The DVD pack is invaluable, yes I agree as the strategy I’m using today are straight from there but no your opinion has been well received, thanks again.