Thursday, October 11, 2007

Make Forex Education Your Top Priority

I have been doing a ton of reading this summer. This is not atypical for me. Reading is a way to continue my education and renew my focus on the task at hand. I have recently been exposed to several Forex training evaluation sites, as well attended some of those FREE Forex workshops you see on Papers (some of them are still calling me!). It got me thinking

… “What advice can I provide to all those who are eager to learn the currency market with all that information out there without getting burned?”

I have come up with 3 Golden Rules to follow when evaluating currency training opportunities.

1. Know Thy Self – This is probably the most important advice I can provide. There is good training and bad training. Often the worst training has the best marketing plans. First figure out how you best learn information. Are you the type of person that can read a manual on rocket science and build a spaceship or are you a person that needs to be shown things through personal instruction and repetition? Figure out how you receive and process information and align Forex training source that fits your method of learning.

2. Don’t Believe the Hype – There is no golden system and it will take considerable effort to trade currencies successfully. Accepting these realities before embarking on your Forex Journey can save you tons of money and more importantly time spent climbing up the learning curve! If it sounds too good to be true, then it probably is. This should be no surprise! It is buyers beware market out there. Look for a Forex education company that can provide you with some solid aftercare resources.

3. Be Realistic – It is a journey and all good journeys take time to develop and flourish. This can be a remarkable journey, but one where you are apt to lose your account a few times before you surrender to the market and learn to take what the market is offering for profits that day. Listen to recommendations, but make decisions based on your own criteria, because in the Forex market this skill will serve you well!!

When reading internet-based sales letters or infomercial or forums, just remember that everyone has an opinion, but in the end the only one that matters is your!!

Happy Trading!!



Happy trading to you too!

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alysia said...

Nice blog. Thanks for your work on it.

I've recently created a completely free forex website which hopefully will be of use to you.

The purpose of this site is to show you how the forex market reacted in the minutes and hours after news was released. Patterns have emerged. For instance, if the USD Non Farm Payroll number is significantly better than expected, the USD will initially gain against the GBP and Euro in the minutes after the number is released, and then lose value shortly there after.


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