I received a email from a company offering to teach me everything I need to know about Forex trading within two days. Then with an investment of £1000 I could easily make £200 profit a day, now heres the punch the course cost £1700! lol
I know most of the knowledge I need can be discovered with research and practicing on the demo. I just want to know what you guys think about these claims…?
Crazy indeed.
We had quite interesting discussion about this topic here:
http://forums.babypips.com/newbie-island/65496-how-important-forex-education.html
So all I can say, is just repeat two things:
If they can get you 20% profit a day, they’d just do it themselves. $1000*1.2^250 (days in a year) = $62,418,239,016,395,567,101,944.
Tell them that if they can just trade that for you, and can keep compounding all the profits, that you’ll give them $1 trillion in a years time. That’ll leave you with a nice sum of $62,418,239,01[B]5[/B],395,567,101,944
You don’t want to just look at costs, you want to consider value. What are you getting for your money and is that the best value. Without seeing the course or checking out the people that are offering it, my initial opinion would say pass. Not because of the price, but because the best teacher, coach, mentor, course in the history of earth, can not teach you how to be a successful trader long term.
To be successful you have to under and be able to apply the three basic principles: trading method, money management and the proper mindset to be successful long term. Depending on how quick you could be educated and trained, you could learn their trading method and money management system in a couble of days, however that’s not enough; you need to be able to apply them properly to get max value out of them and that takes continual practice. Even if you could you learn the method and money management in 2 days, you can’t even begin to understand the proper mindset you will need to become a successful trader long term. It’s more than knowing or even having the patience and discipline you need as a trader, you have to know when to be patient and when to have siscipline. Trades are never the same and you have to recognize what is an opportunity and what is not. I played poker for a living for over 40 years, so when I came to trading patience and discipline I used in poker was a big help in trading, but it’s different. You need to spend time to trade successfully and a whole bunch of people smarter than you and me, well me for sure have found there is no short cuts. The traders grave yard is full of short cut traders who thought they would take on the world of trading and be successful only to find as my friend the bear says “it’s a tough business out there”.
In addition to knowing the difference between cost and value, build a strong foundation starting with the basics, and take it nice and slow, listen and practice, read and practice, write and practice and keep building your foundation and all levels to follow. Good Luck
Gp
A lot of great answers here already, so I just wanted to add one more thought. At the end of the day, it comes down to the individual … is s/he willing to put the work in consistently? and is s/he able to get back up and get better after falling down over and over again?
Hello to the OP…
Check out also the article about trading courses, written in the Guardian by David Robinson, posted within this recent Forextown thread:
As you can see, a lot of people sell ‘miracle’ courses to turn newbies, apparently, into quick earners… However, as you can see further down in that thread, one of the courses discussed did benefit one of the forum members, so sometimes it can be a good investment - it is not all ‘quacks and thieves’ out there…
Newbies should never have to pay for any course, the babypips school of pipsology is free and a must for all newbies looking to enter the trading zone. There are lots of er…courses, from the $500 to $9000, and yeah, they all promise the heaven and the earth.
As a professional trader, it might make sense to pay for some advanced trading course, but as a newbie, you are better off with free resources, starting with baby pips.
Thanks to everyone for the replies.
You should never pay any money for trading classes. There are so many websites for free where you can find everything what you need. And will recommend it to do your practice on a small live account instead on demo.
Alternatively if you’re the sort who prefers structured learning with others involved a training course can be a great idea. And if it works out a few grand in costs can look like chump change a few years later.
Horses for courses, we’re all different.
Hello Tycoon,
If someone promises a certain monetary return per day, he or she is obviously a scam! Don’t walk away from them, RUN AWAY FROM THEM! Only get courses from people who can show you live results or broker statements. I’ve been ripped off, so don’t fall for claims of “make $200 per day” or “make 50k in a month”.
These are some examples of scammers. No one can promise a trader to earn fixed income here as market is uncertain and can move any time. However, it is wise to go through Babypips school to get acquaintance with the basics as well as you should continue your learning with demos.
Worth it to one person may not be worth it to another.
Also, if they could guarantee a certain amount then what are they doing selling trading courses when they can earn so much more just by trading? 
Actually, the answer to your question is really simple: imagine you’re a trader and you’re profitable, and keep in mind the world’s greatest traders (including George Soros) make, in their best years, an average YEARLY return of 20 - 30% (I’m talking about the top 5 traders / funds in the world). Imagine, that all of a sudden you become consistently profitable and you have a profitable track record of 1 or 2 years, earning 25% per year, on an account that has 20,000 USD. Keep in mind that you entered this trading world to earn a lot of money. If you can earn an extra 10k (and even a lot more) by recording videos on how you trade, on telling what was your process to get there, and by spending a couple hours per day giving insights to traders of what you do every day while you do it, then why would you avoid earning that “free 10K per month” by doing what you always do? This way you’ll expand your business and get credibility based on lots of people who trust you and endorse you, which will eventually attract big funds and you’ll start managing millions. And even when you’re managing millions, if you can get an extra 10K or 100K of passive income by keep selling your videos and popping a few times a week on your site to help traders, why would you let that go?