I would appreciate some feed back on a direction I should take with forex training. I have the time to teach myself forex, however, I also have the resources to take a course or join a forex group/club.
I have spent the last three weeks going through various forex “how to” sites and books, but it’s slow going and the amount of information out there is at times confusing and difficult to organize.
Perhaps a forex course from a reputable instructor would benefit me sooner by providing me the tools to get started, the right way.
I would also be willing to look into a paid mentor or coach if I found the right compatibility.
Teach yourself and join a FREE fx club/group if you can. There is no need to pay for a course, nearly everything you will need to know is free online. I have yet to find a book where I couldnt find the same information online and for free. As for a mentor, I have no idea. Perhaps a dedicated mentor and student would be good, but at what cost? It’s not something that you NEED, though I’m sure learning from a profressional would be great, and costly.
It does take time and sometimes it is nice to just have someone to ask. However, there are many knowledgeable non-professionals around that can help you with the basic information. Once you’ve got the basic ideas in mind, work with a demo account and try out some strategies (which you will no doubt discard) and over time, you will begin to gain understanding.
I’ve watched some free seminars from forex professionals and it will all make perfect sense when you’re watching it. But, in the end, it all comes down to the same thing - there’s no substitute for experience. People can advise you however they like, but unless the strategies make sense to you, you won’t be successful with them. Only experience allows you to gain that understanding.
I think a lot of us on here hate to spend money when it doesn’t seem necessary - there really is a whole lot of information available for free on the web. However, if you really want to spend the money, it’s really a personal decision. Go for it! But, I’d say initially only pay someone to talk you through the very basics so that you understand the terminology and basic concepts (like what am I looking at, how do you see patterns, why’s support and resistance so important, when I click trade, what’s happening with my money, etc. BabyPips School of Pipsology will both give you a good overview, plus give you ideas to ask). After that, go your own way and don’t let someone else tell you how to trade.
Trading takes a long time to get comfortable with, there are no shortcuts. You will be demo trading for at least six months and many on here have demo traded for a couple years. Oh, and remember, whatever you pay a professional, you have to recoup that cost before you’ve actually started to gain money.
Both responses were thoughtful and made great points. Babypips’ school was quality in that it provided a good lesson plan and process. i learned more on this site than the scores of forums, blogs and commercial sites. I keep thinking of [U]Reminiscences of a Stock a Operator[/U], where Larry Livingston continuously pays “high tuition” for the lessons he learns. It seems one way or another I’m going to pay. But do I want to pay both the coach and the market for my lessons or the “expensive enemies within myself” and the market?
Previous experience has taught me that going at things by your self can be a dangerous and foolish filled path. You don’t climb Everest by your self, and it seems forex is an equal foe.
I do appreciate wisdom and the generosity of those who share it, it has saved me time, money and stress. Consequently, pips aren’t the only thing I’ll be hunting this summer.
Thanks for the quick response and to joyful pip accumulation.
It’s a personal choice, your own direction is based on your needs and expectations as a trader. For myself I have invested in courses, both in seminar and online formats, I have taken information and techniques from everything i’ve studied, everything i’ve self taught, read and experimented with, and mashed it into something that works for me and my circumstances and goals and i’m still learning.
Each day take time to re-hash something, and papertrade no matter how good you think you are…even if you’ve made mega bucks forex trading, always go back to basics.
There’s no shortage of information on the internet, be it courses, systems, e-books etc study the subject from many angles, and after trying a few methods you’ll have the experience to recognize what does and does not work…hope that helps.
Happy Trading
…and there are fantastic forum sites out there as well, filled with people who do this for a living, and some who’ve made generous donations back to the markets…