Hi Vladimir
Best forex course in my opinion it is people like Al Brooks and Lance Beggs standing for .
** The courses have a depth and understanding that you can not find in cris capre or other price action courses …
Take a look and read through some of Lance Beggs free 300 articles so you get an idea what the price action really is …
http://www.yourtradingcoach.com/products/ebooks/YTC-Blog-1-to-100.pdf
Totally agree with Simon on this one.
Getting structured knowledge matters a lot in all fields and trading isn’t an exception. This not only helps you build a solid foundation but makes it easier to apply the knowledge in different situations. A one hour lecture on a new concept beats 12 hours in library trying to master the same concept.
I have paid 2000 GBP for 3 days and for the practice they ask me for more money it was so disappointing and i still have the feeling that i have been lied all the time about how easy it is and how quick i will get back my money, if i follow what they are telling me. or more and more money to invest in my education with them.Thanks to BabyPips more than one year i am still on Demo Account and i am more confident and i have really good idea about my type of trading and strategies . i just can say THANKS BABY PIPS.COM !:41:
As with many things id say thats personal and everyone needs to decide that for themselves. First, can you afford a decent one ? Second, for me e.g., i learned a lot more after i quit school than i ever did having people explain things to me. I actually loathed the place so much it got in the way of learning since most of it was boring and explained in a dull step by step way. I only had one school ever i liked going to but thats not the point here. What i dont get i try to find someone who can explain. That works best for me but im more like a force of chaos somewhat mentally. For someone else having someone explain things to them in a clean methodical way, step by step in detail is maybe the better option. So that leaves you with some introspection then 
I see im not the only one saying that here
so if you’re not the type to correct a teachers spelling mistake on the first day of school to set the mood and you can spare the money it sure wont hurt but dont expect to come out of it and be the next legend. Experience, as in falling on your face flat forward a few times, is probably just as important here.
and for the record, to all my enemies who are spelling and gremmer nazis and seem to be everywhere these days : im not saying im an einsteinian genius who was asked to leave school by his teacher (although they did), im saying it was ultra-boring to me, 90% of it didnt interest me and i still have the feeling all those years of base-schools got me nothing but abc to the letter z and 1+1=2 (until i found out at a quantum level that might not be always so)
Im trying to tell the man thats something different for everyone. What works best for you is best for you. Motivation works better when you feel comfortable. Feeling comfortable and secure with what you do is important. If you panic or put trades in from frustration or trying to ‘win’ you lose all too often since the market does not follow you, you lag behind the market in almost all cases. School will teach you the theory of trading. Trading will teach you the stress involved.
For instance, i would make $200 on seven days on a demo account simulating $4000 because i dont care about losing or burning out, while i would make $7 on a real account with $1000 because im overly cautious because of some emerging markets crisis … hypothetically speaking … on the same pair making the same moves using the same levels …
i’m elaborating too much again, sorry
I have been in the FX arena for roughly 2 years and would advise the following.
[B]“Unless they can prove success and consistent profits for at least a 12 month period, Treat ANYONE who asks for money to show you how to trade as a scammer”[/B]
The reason I am SO adamant about this is because many Mentors out there do a very good job of marketing their understanding of how to make money to such an extent that you forget that understanding the market is [B]very[/B] different to trading it.
Some claim to have attended courses and are now successful but I have more reasons to doubt, rather than believe. That doesn’t make them a liar, just as much as it doesn’t make me wrong to be sceptical.
I have seen many times the comparison of training and becoming a Doctor or Surgeon to that of becoming an FX trader. This is comparing apples and oranges, you [B]cannot[/B] learn to trade FX like this. Training to be a Doctor is easy compared to FX because you know if you complete the sequence, ie past exams, practical assessments and do everything correct then you will succeed. More importantly, you know that if you don’t pass your exams then you will fail.
FX trading is not like that. Take a trade one day and be up r:r (risk:reward) 1:2. You could take the same trade the next day with exactly the same criteria and your SL is hit. Anyway, this thread is not how to trade so I shall stop now on this but my point is that expectation from taking fx courses should be very different to any other academic exam that you will have previously taken.
OK, after receiving an email telling me that there had been an update to this thread I realised that it will attract a ‘shed load’ of attention so here is my thoughts when looking for a course/mentor.
Research, research and research some more. Speak directly with the mentor whether it be fone or skype, you need to have a 1 2 1. Forexpeacearmy is a good site to reference but still be sceptical.
IGNORE testimonials on the website. They are nothing more than lip service to your savings. If someone is telling the world how good they are then they are hardly going to post negative comments about themselves.
DO NOT be impressed by ‘pip haulage’. You do not make money in forex by following pips. A 10pip trade can bring in just as much as a 100pip trade.
Now for me this is the MOST important question, ask them what has been their average monthly ROI (Return On Investment) for the last 2 years on their main capital account as a percent. Then ask them if they can PROVE their last 12 months trading figures again as a percentage. A 12 month cycle covers all seasons and default events and should be the minimum you should be looking for. Last year for example saw the Cyprus crisis in March. The Euro was all over the place for a while. How did the guru’s account look during this period?
Do not be intimidated by the person who is asking for your money. It seems to be an ‘unwritten’ rule not to as someone how much money they have made. Why ? If you where investing your money in a pension you are not exactly going to give you money to the guy and just hope for the best are you. You are going to ask what kind of return you can realistically expect.
Steer clear of any mentor that is not prepared to talk money management. Being successful in FX is as much about money management as it is trading. I’ll repeat and bold it for you [B]“Being successful in FX is as much about money management as it is trading”[/B]
If you see someone in a forum, post something that “recommends” a course (recommends is different to suggesting), then remember the golden rule. Is there proof that the course/strategy can deliver sustained profits? If you see a post saying that there are courses out there. Ask them “What course” and then remember the golden rule. Is there proof that the course/strategy can deliver sustained profits?
So many times I see posts by people claiming that courses out there exist and that’s it. All this does in my opinion is fuel the fire of expectation for newbies and flags up the poster to me as ‘attention seeking’. Not having a go at ST by the way. A scroll through his past posts shows he has offered many opinions on this subject, which he has mentioned.
I could carry on with 6, 7, 8 and so on but I hope I have offered some pointers as to my opinions on this matter.
Conclusion
I don’t believe that there is a course or mentor out there who will make you a successful fx trader. I have many T Shirt’s as proff. Success came for me when I flushed my mind of others thoughts and ideas and looked at the charts with a completely open mind.
For me the only way I became successful was to realise that you cannot predict price movement.
Good Luck Newbies and remember to practice safe trading by wearing a demo account !
Will I be able to make £2000.00 a week with a Trading Capital of £2000?
ehm, are you trolling ? Just in case you’re not i dont think thats a realistic target. In theory its probably possible but the risk there would be like playing jackpot. Over time you could get there but to make 2000 a week from 2000 would require high lots and a super-on-the-spot in the right direction trade at least once every week. The chances of that happening 52 weeks a year without any kind of fail or stopping out will probably be next to zero. Im not the math-man, i cant tell you how much chance youd have to achieve that but im convinced its pretty low
although … i noticed you get actual value calculated in dollar per pip, if i were to , say, get 1 dollar for 25 pips then i would get about 70-80 eurocents for the same range so you will probably get less pound per pip since a pound is worth more than a dollar ?
ofcourse, in the same line if you get lucky the first times the risk you would have to take to make the amount of money you need would decrease if the amount you take remains the same but thats as far as my math goes. I wouldnt count on it, not in that magnitude right away
i just keep talking, in case you’rea actually fresher than me at this, the numbers shown simulate a lite (or micro) account, this means all figures showing dollar need to be divided by 100 to get the actual amount. In this case it simulates an account you can start out on with $1 looking like $100 with no swaps or rollovers so you can let them run as long as you like but you dont get the swap either if that were the case. I forgot to ink out the broker. They dont accept people residint in canada, japan or the united states fyi (that must have something to do with law i dont know or care about)
And since you’re talking british pound. I have recently been told on a different post in this site that money gained from forex is tax-free in the U.K. ? I dont know if thats true, i never believe something like that until i get it black and white on official sites or documents but is possible, its said to be considered gambling according to british law. Which it is maybe but i think its more educated guessing and scanning possible ranges, not throwing dice or hoping to get 6 numbers right in the lottery. With effort this can pay off, im convinced of that
this is the fourth addition of keep talking and ill stop after that (for this post but) if those 2000 pounds you talk about mean a lot of money to you do NOT risk it all on a first account, please, ask veterans here, they will tell you the same. Do NOT trade what you cant afford to lose without it making an irrepairable dent in your life.
thats about all the advice i think i would be allowed to give as a fellow newbie, good luck with it
Gambling with FOREX you might but certainly not by trading FOREX !
Simon Templar, you are telling us the miracle, but not the Saint that executed it, would you please tell us, we are all friends here and we are all on the same page, which course did you take? I also have been searching for a good course or books and I have done a lot of research and most of them are not convincing. Since your course have paid by itself with the handsome profits you made I would like to know more about it or at least the name of it. Thank you Simon Templar.
Mr. Erinsunc, you have almost taken the words out of my mouth, I agree with your comments 1000%, most of the courses and books sold about Forex hide the proof they could give the customer or student about their profits coming from trading, more over, when you see one of these gurus selling an eBook on Amazon for $0.99 it makes you wonder why they would go to the effort of writing, marketing something like that to get in return such small amounts of money, when if they were any good they could get hundreds if not thousands of dollars out of the market and yet, most of us are like fish, we swallow the bait instead of questioning how much is in your bank account Mr.? Most of us are naive to take for granted that their materials are the Holly Grail which doesn’t even exist. Thank you Mr. Erinsunc for waking us up and bringing us back to reality, your comment are very wise, very savy and very well expressed.
True dat, but what, i wonder, about technicals would you not be able to find on the internet yourself. The point in taking a course is having someone who already has it all sorted out explain it to you step by step. And after that ? Do you get trading sessions in these courses, is it like a three month one night a week course where you get everything from learning to read the news to technical analysis to the facts like when dollar goes down gold tends to go up and stuff like that, do you get to sit in front of a screen and get metatrader or whatever platform explained in detail while every step goes with practice on a demo account ? How much do these things cost anyway ?
Like I said, you are asking for a course at will teach you the unteachable. They don’t exist! If they did, everyone would know a graduate from an FX school as everyone would be working from home and driving a ferrari. Parent’s would be telling kids not to bother with university but to sign up to the local FX school for a month . McDonald’s would have a world wide staff shortage. Get the picture…
What does exists are people and companies who have an excellent marketing strategy that convinces any ‘would be’ customers that they can teach you, step by step how to be a successful trader.
There is a company here in the UK that has a very intense marketing strategy. They offer free seminars all over the place. I have been to a few of them and heard the guy saying he earns a couple of grand a night and that he taught his missus and she logs in and earns money during the commercials of her favourite soap. What total and utter complete b0lllox!
During the seminar the presenter NEVER offers the opportunity by shutting up for 5 minutes to allow the audience to ask questions. The he will finish off pushing some residential course for a knock down price of about £3000.
I know one of the established guys on BP came through this route and claims success. But I wonder if he trades exactly how he was taught or has he just developed his own ‘edge’ from the principles that he paid thousands that he could of learnt for free. Who knows?
You ask about prices of these courses. For 1 to 1 teaching I’ve seen one cheeky b@stard want over $20,000 usd. Another guy had limited space for a course for 1 day and wanted £4000. Just spend and hour with google and have a laugh.
I signed up with mentors who only asked for $100’s usd and although you did get a live trading session or webinar, you never actually got proof that they traded in a way provided a sustained profit. All these people did for me was to waste my time and in the end I had to flush my mind of their opinion.
Another thing to be cautious of are gurus who explain why price moved in the past. This is called trading to the left of the chart and it’s a very easy skill to master. Give anyone 6 months in an FX environment and they can learn enough to go down the local pub and show their mates they know exactly what they are talking about.
Be curious of anyone who posts a youtube video of a trade they have taken. The first thing you should look for is proof that the actual trade was taken. Look for buy/sell line along with a TP/SL line. It may only be on demo but at least it’s proof that they took the trade. If you see no evidence of a trade then all they are doing trading to the left of the chart to impress and convince you that they are a successful trader. You will be hooked and chomping at the bit to log in to paypal and with great enthusiasm you’ll send your hard earn’t saving to become the next Warren Buffet… lol
Babypips has had it’s share of guru’s. Especially ones who produced Hollywood style teaching videos…
All aboard the ITC train… chooo choooo !!!
Ooo, I do have a be in my bonnet don’t I ?
Stumbled across this. Perfect perception on reality. It’s well worth a read for a newbie.
Living Off Fx - Page 2 @ Forex Factory
Was just going to leave the link but here’s the complete post as well…
[B]Can this forum handle some truth? Note: this is not a negative post.[/B]
I’ve been trading for a living for many years. Using robust methods that have worked for decades, and I trust will continue for more decades. I’ve had good years and slow years, while very successful over the long haul, thought I better tell those who think that trading can replace their job have the better odds winning the Powerball. Really! There are hundreds more who have won big in the Powerball than actually earn their money from private trading.
Thinking otherwise is denying reality and the facts. It is easy to ignore because the facts about trading are difficult to dig out, and only the determined care to find out anything or succeed at anything worthwhile.
After reading many posts in these threads, I decided I had to weigh in on a couple of things. I would have to agree with -Isotonic- that a very small subset of posters are actually trading for a living.
Most of my friends are traders, many of whom I helped bring into the winning fraternity. We all have to keep on our game every day, 100% , or some mistake could eradicate months or years of progress.
“Making a living” is very much a similar question as of what “is” is.
All of the professional traders I know, whether they trade forex or futures markets, do not make “so much per day”. That is a phrase used by marketers, because they know what beginners are looking for, and that is a steady income so they can get rid of their jobs. Money from the market that you can count on does not come steady or nicely “so much per day”. Real traders make profits, budget their expenses, save some profits, add some profits to their accounts for further building of the account, etc. Just like any business, which is what real trading is.
Most of the trading setups that you see bandied about are “tricks”. Most “tricks” have small edges, and trading them continually teaches little about the big picture, and the big picture is where the big money is made. When a marketer is trying to separate you from your money, he is likely promoting a “trick”.
Nothing wrong with trading these “tricks”, if you know that they have a strong, provable edge. But, to know that a “trick” has a definable edge, you already have to have an underlying construct or context to compare and/or use that edge.
Almost like the chicken and the egg. To know something has an edge you have to know what an edge is.
Quickly, name all your friends who have that going for them. A couple of great trades, or a month of great trades, or a year of great trades is nowhere near enough. To make 50 thousand-plus trades and be ahead, to be able to survive years of changing markets, politicians, governments, wives, ex-wives, good health, bad health— while trading profitably is what you need from an edge.
Private, profitable traders (those who’ve done the above) can tell you their edge immediately, and can prove it. Unfortunately, this set of traders is very small, estimated a few years ago by a research company at less than 800 in America— and most of you reading this will never among them. And that is not a bad thing. That doesn’t mean that you won’t make money from your trading. You might even have more richness in your life by doing something else than trade.
I will tell the only way a trader is able to make $1,000,000 from trading.
Here’s an example of 10 thousand trades. Of these trades, you might lose on 6000 of them for small losses, win on 3800 of them for moderate profits, and win fairly big on 200 of them. You make your million from this series of trades by losing only $9 million on your total of losing trades while making $10 million dollars on your total of profitable trades. This means averaging $50 a trade per lot or contract (in the case of futures), which is really good after expenses. Very doable with robust methods. And, you have to stay on your game or you won’t do this well.
But this is nothing like you’ve been promised by the “gurus” and promoters of the “money per day” foolishness.
Trading for a living is demanding mistress. Read on if you can stand it.
99% of my success has come from trading and working breakouts. Primarily larger breakouts. Why? They work!
When you learn that breakouts “work” as a trading concept, over the years you continually seek the best breakouts like seasoned surfers all continually seek the best waves. The best breakouts use and highly reward your acquired skills better than lesser ones. Then you stay trading in the zone where the greatest edge is and trade the best breakouts and ignore less useful ones.
For, example, I know that the Vegas material (I have no personal connection with him whatsoever) dealing with the one hour tunnel has a firm statistical edge. A rock-solid statistical edge.
But it takes a professional to trade it. And the method’s breakouts are small in expectation relative to others available. But, as in most tradeoff situations, there are more of them.
I wouldn’t have any problem encouraging someone to follow the concept for trading. But, I would be willing to bet that less than 1 percent of the people who have downloaded his material are trading it, and probably an equally small percentage of them will profit long term from trading with it.
Trading as a lifestyle is like being a fireman who gets paid per fire. You don’t make any money until a fire happens, and you don’t make any money if you die in the fire or quit before the fire is over.
I know that posting this may not encourage trading as a career, but if I can shine a little light on the reality of trading, I’m happy to do it. I wish someone had illuminated for me what I was in for 25 years ago when I got serious. It wouldn’t have stopped me for a second, but it would have helped me prepare for the future differently.
I know that anything I could say would never discourage someone who is meant to be a trader, because nothing can dissuade a real trader, which is as it should be.
I personally love trading, and believe that it is the one thing I am best suited to do on earth. There are times trading is fun, but mostly it is details, details, and risk management. The best times are after a long trading campaign (fire) and you are relatively flat for a while. You can take time to get perspective. And get mentally prepared for the next one.
Most people think that communities like this forum make it easier to learn how to trade, but I am certain the opposite is true. If most of the posts are from non-winners the only logical reaction for an individual who wishes to win is fade the advice you see in these forums.
Everyone posting has a motive, even me. Most motives are simple self promotion, aspiring traders trying to make themselves feel good, look smart. A few posters have the motive to help others. Many figure that if they can’t win, maybe they can help someone else and that makes them a winner somehow. Maybe so. But likely it is a case of the blind leading the blind.
I’d bet you’d rather make money from trading the markets the way things really are, not the way some very literate, but non-winner says they are. Think of that the next time you read a “helpful” post. 99.9% odds the post is from a non-winner.
Trading is a solitary business, with few peer get-togethers except by phone. And when you get discovered by people hoping to accomplish what you’ve done with extreme care and trial by fire (amazing fireman analogy again!) they demand your help and time (hard won by now) but don’t want to compensate you because they think you should just give to them because you’ve been so fortunate.
Perhaps this missive will be useful to someone. If no one believes it, that is ok too.
I’m off to tend a fire in the metals, the other currencies.
Best wishes on the NFP report in an hour.
-TheRealThing-
I found a few courses on Quantra platform which includes two courses on Forex trading which were based on Momentum Trading and Value strategy. These courses were pretty well-structured and along with the video lectures, they even have interactive quizzes and coding exercises on Jupyter Notebook in Python. I think you must check it out once as it was really helpful for me.
I checked them out, and they were really useful. thanks a lot
For Good Learning Automated and Algorithmic trading course with Python, Java or C#. you can check coursestvisi.
