Which FX Education

Hello everyone i am new to forex. I know it takes alot of learning to be successful in this game and i intend to put in the effort. The problem is that i don't know what FX education package to go with, there are so many out there. 'Trading MasterMind' seems good as does Peter Bains' Forex Mentor. Please i need the opinion from seasoned traders. Look forward to hearing from you. Thanyou.

Hi goldigga, and welcome to the Factory!

You do not need to pay several thousand dollars to learn to trade forex, so if you're eyeing one of those vendors who want two or three thousand for their course, then please be aware that most are simply not worth the money.

At this point, as a newbie, you do not know enough to judge whether a particular training course is a good or bad one. To be able to judge, you need to first gain basic knowledge of trading. You can get most if not all of that here at the Factory or in certain books.

There are three areas to successful trading, and you must learn all three in order to succeed. They are:

Mindset - Trader Psychology and Emotions (Greed, Fear, Hope)

Money Management & Trade Management - To protect your capital first and to make money second.

Method - Entry & Exit methods. (I list this last because it is the least important, but unfortunately is the one new traders focus on.)

Profitable trading methods are a dime a dozen. In the end, it is the trader who is profitable, not the method. It is the trader who is risky, not the trading itself.

I recommend you begin your studies with the following:

Read the four sticky posts in the Beginner's Forum. Make sure you follow all the links to external articles (don't forget to come back to the Factory though )

You'll need to read good books. Trading books are pricey, so shop for used copies on Amazon. You can also obtain them through your local library's Interlibrary Loan System. You might want to go the library route first. Then if you really like the book you can buy your own copy.

There are five books that are essential, must have books in my opinion. They are:

Mindset
Market Wizards - Jack Schwager
Reminiscenses of a Stock Operator - Edwin LeFevre
Trading in the Zone - Mark Douglas

Money Management
Trade Your Way to Financial Freedom - Van K. Tharp

Method
High Probability Trading - Marcel Link

You'll notice that there are three books for Mindset. Again, mindset is the most important.

I would also recommend you read the James16 Chart Thread located here:

http://www.forexfactory.com/forexfor...ead.php?t=2331

It is a long thread, but is probably the best free information you're likely to find anywhere. In this thread, you will learn Price Action Analysis, which will teach you the basics of trading naked price bars instead of relying on lagging indicators which are derived from price in the first place.

Speaking of indicators, you can flush 99% of them. Too many newbies fall into the trap of trying to find just the right combination of indicators that will create the Holy Grail of trading and make them rich.

As to the Holy Grail, some say it does not exist. I say it does, but not as a method. The Holy Grail exists inside the trader; inside you; and your job is to learn to find the Grail within yourself (Trading in the Zone gets into how to do this).

The Trader (you) is the hub of a three spoked wheel. You are in the middle, and the three areas listed above radiate outward from you. This wheel is your "system" and you are it's heart. As you go, so goes your system, and so goes your trading results.

Learning to find the Holy Grail of trading within yourself, and learning to balance the three essential areas will take time. For most people, this is anywhere from two to five years. (Think College Degree).

Hope this helps!

Dial

P.S. I cannot comment on Trading MasterMind or Peter Bain as I am not conversant with those courses. Perhaps someone else can address those.

Be careful with all those crazy offers out there! I personally learned from a "family of traders" through {link removed, see rule #2}

I not only learned how to place a trade (which is what most of those "offers" teach you) but they taught me how to make money and use strategies. I have learned the strategies, picked the ones that I like the most and trade fundamentally (news/interest rates, etc) and technically. They really give you the tools you need to be successful! Check them out! They offer something for all types of traders. You can choose which program you want to go through. They recommend the books to read, The Disciplined Trader and Trading in the Zone are great places to begin! They also taught money managment, which is REALLY IMPORTANT! I rec'd the kind of training that other brokers and educators charge thousands and thousands for. I did pay for my training, but they worked like a "family" with me. I really had a great experience and am a successful trader now.

Please be careful of anything that sounds way too good to be true! I know people who went through FXCM, and have been trading on their demo for over a year and still haven't made any money. FXCM are not only educators but they are a broker. Now think about that....do you think they want to teach you how to make money...that would mean they would lose money....they aren't getting rich through their education program, they are making money off the people who go through their program and don't really know how to trade to make the money.

I use Oanda, as my broker because it's so user friendly! I used my demo while I was learning and then put the strategies I learned into practice. I LOVE TRADING NOW!

Good Luck!

I have read "MARKET WIZARDS:Interviews With Top Traders" written by Jack D. Schwager (translated from English into Japanese) ten times over.
What great traders they are!