Arrivederci fellow traders,
I am aware of the concept of spending money to make money, but I don’t want to spend more than I can earn and a lot of educators are highly priced so it is a tough call choosing one suitable to yourself, as well as brokers, high spreads usually kill a lot of my profit.
What does your past experience suggest I do with forex brokers and educators?
Ciao, Pete
Just like any other educational institution (public vs private), quality matters a lot in forex. You get what you pay for, but you will need to invest lots of time in addition to the school.
Lots of really good and quality educators around the forums.
All the best.
In the beginning you will need to invest more than you can actually earn and I do not mean to waste it on educators. It takes money to learn hoe to trade properly which is done by trading, losing and learning from your mistakes. I am not sure why you would trade with a broker who has high spreads and under no circumstance should a spread kill your profits.
Its true that money makes money .We have to spend good amount to have smart profits in forex trading. With low amount high profits are not possible . I realize this truth that only samll profits are safe with mini accounts. As much we spend and do work hard having good skillit will make money for us.
Well, my friend, as a new trader, you’ll have to spend more than you can earn, which is the quick way. However, if you want to go on the long run, you will find free ways to be a very good trader. I am not sure about one paying to learn everything in forex. Some ebooks, websites and blogs offer free education, which might not be comprehensive enough, but if you have a good brain, you can make the most out of these. On the other hand, when it comes to brokers and spreads, why not go for the smaller brokers if not offshore brokers, who tends to offer more these days.
Thanks for the comments it certainly helped!
I can second what Grix and TLB said, I learned through failure and if I could go back in time I would learn the exact same way again. Too me it was priceless.
For beginners to get the certainty in Forex trading is quite difficult task. They should start with small amount then move to higher investment. Because loosing plays more than winning for beginners. And also should have some backup to overcome your last defeat.
Hi Pete,
Why don’t you try babypips school, its free and has some good pointers. There’s no point in spending money on forex education if you are just starting out. But if you are looking for ways to build up your skill as a trader and on the look out for advanced courses, check online and the reviews. As for accounts, would suggest you start with a nano or micro…
Babypips school, forums , go buy books if you have to, there are a lot of free videos about forex and all kinds of strategies on YouTube as well. Read/study as much as you can. See what you like and what is within your comfort. Technical / fundamental and from there see if you’d like to employ indicators or keep things simple and clear with price action. Every trader /I think/ goes through this phase and once they find out their preferred mix of flavours /strategies/ you’re ready to go demo and if that seems to produce constant profit go live.
You really don’t need to enroll into any course as long as you have passion for forex. With determination and drive you’ll be able to make it as a trader. Good luck !
I reckon I’ve blown close to $2k on courses and books over the last few years. Worth it? These days I don’t use much of the material I’ve learnt, but I do use them for ideas for me to tinker with and explore on my own. The most useful course I bought was 2nd Skies price action - primarily because Chris Capre provides some stats and mechanical rules. The other courses are simply “do as I say” without providing any evidence of their profitability. It’s like, what the hell, should I trust you just because you say so? You might spend dollars on a few duds.