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No One Should Ever Pay For A Beginner Course

  • #21
  • Mar 29, 2015 11:32am Mar 29, 2015 11:32am
Hi, Jiffypip

I am afraid this is the truth. Even if you go on courses with the best people available, there is still a steep learning curve although I believe a new trader could drop a couple of years if trained properly from the start and had the benefit of mentoring.

When you read the threads here and on other forum, some people are spending more than 2 years and a number of blown accounts to finally crack it.

MT



Quoting jiffypip
{quote} Well put. If I knew how much commitment was involved in becoming a consistently profitable FX trader I probably would have looked elsewhere to invest my money and time.
  • #22
  • Mar 30, 2015 2:56am Mar 30, 2015 2:56am
Quoting mankindeg
{quote} I heard a rumor that people who trade Binary options almost always lose money. It looks all sketchy to me lol

There is a grain of truth in it. Binary options is a kind of financial betting, financial derivative which main purpose is speculation for profit. I would say "designed exclusively for traders. Of course BO can't be a place for serious trading, trading analysis, etc., as its simplicity make it perfect hobby. However it can be harnessed for covering losses on fx, for example I use Optiontrade to hedge my risky positions on forex. It requires less margin but covers that small negative odds that can turn up your fx position to losses.
  • #23
  • Mar 30, 2015 3:13am Mar 30, 2015 3:13am
Quoting moonshot
. As for beginners, there is too much online available free.
It's all there for those who will do the work. Most people who are going to succeed have the sense to sift through the dross and work hard on what matters. I suppose there will always be people selling "snake oil" and the people who will buy it.

I would definitely urge newcomers to this industry to work it out for themselves. Everybody has a different style of trading and risk tolerance and in the end, it is a solitary occupation.
Gone to a better place
  • #24
  • Mar 30, 2015 3:45am Mar 30, 2015 3:45am
Loss of Wealth Warning!

Quoting BugattiBoy
.... i have looking at different peoples strategies as a beginner to find a perfect strategy .....
Rule #1 - Forex trading is not a get-rich-quick occupation.
Rule #2 - there is no "perfect strategy", there is only the wisdom of experience.

So, go here and do the entire school program.

Then start reading the James16 thread here in Forex Factory
I'm sure there are some other established threads that are worthy of attention


Why am I in Forex? ...because there are years when the stock market goes only down.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #25
  • Mar 30, 2015 11:52am Mar 30, 2015 11:52am
First of all, I agree with everyone else that Babypips.com is a great place to start.

However, I totally disagree with not paying for good services. It is exactly like the gym and losing weight. They have free places to exercise. Hell, the road is free to run on but most people can't actually get themselves to do it. Maybe .5% of people have the discipline to do it themselves. So, they go to a gym and pay for services. We know the majority of gym memberships go unused but there will definitely be a higher % of people than the people that don't buy a gym membership. Spending the money is actually an incentive for some people to succeed that is needed. However, let's assume 5% of the people that join a gym get in shape where 95% wasted their money. Now, let's take the person that joined a gym, hired a personal trainer and also hired a nutritionist. They definitely spend the most amount of money but they also definitely have the highest chances of success. Why? They have more invested and more to lose. Sure, they could have downloaded free information off the internet on exercise and nutrition but we all know people don't work hard until they have something to lose. So, I'm all for paying for good services in my life. Trading and otherwise.

If you are currently broke, you don't have much choice but to go the free route. Hopefully you are one of the .5% that are self-starting and disciplined enough to do it yourself. Sadly, everything thinks they are the .5% LOL

There's a reason why people that paid for college, paid for advance learning certificates, etc. make more money. They are the most likely to finish and build the work ethic necessary. There's a reason why the people that say college is too expensive and takes too much time end up at the bottom. It is no different in trading.
  • #26
  • Mar 31, 2015 9:41pm Mar 31, 2015 9:41pm
Quoting smikester
{quote} It's all there for those who will do the work. Most people who are going to succeed have the sense to sift through the dross and work hard on what matters. I suppose there will always be people selling "snake oil" and the people who will buy it. I would definitely urge newcomers to this industry to work it out for themselves. Everybody has a different style of trading and risk tolerance and in the end, it is a solitary occupation.
Agreed, personally, I wouldn't call myself a Forex Trader is all I did is to buy them systems or seek the services of MM. As such, education is crucial to anyone becoming a pro, or at least harnessing the necessary skills to succeed. But as you say, they must really sift through and separate the harvest from the weed, and it is not an easy task, ideally places like FF and other ForexReviews sites can do a great deal to cutting their work short.
  • #27
  • Apr 1, 2015 8:40am Apr 1, 2015 8:40am
The best post on the subject, I think.

Quoting turtleup
First of all, I agree with everyone else that Babypips.com is a great place to start. However, I totally disagree with not paying for good services. It is exactly like the gym and losing weight. They have free places to exercise. Hell, the road is free to run on but most people can't actually get themselves to do it. Maybe .5% of people have the discipline to do it themselves.
  • #28
  • Apr 2, 2015 8:31am Apr 2, 2015 8:31am
Hey guys, if anyone's interested I found a quiz about Forex. It basically has 32 questions and I scored 22 lol. Still got more to learn. Anyway, here it is if you want to try it http://forexiq.org/
  • #29
  • Apr 2, 2015 10:46pm Apr 2, 2015 10:46pm
Quoting moonshot
The Aim of this thread is to help Rookies out there looking for quality free beginner courses get the best possible, and not to fall in the clutters of bogus paid courses. There are a lot of bogus courses out there. I am not so much concerned about the advanced trading courses, but rather the beginner courses. Some providers are charging for traders to take their beginner courses, and in my opinion, the only stage a trader should begin to contemplate about taking a paid course is at advanced levels. As for beginners, there is too much online available...
There is a 7 Part Home Study Course and also a 143 page Forex Trading Manual for free for everyone here:
http://www.z4x.co.uk/ZWINNER/zwinner2.html

I hope this helps.

John
Winning is a Great Feeling!
  • #30
  • Apr 3, 2015 1:36am Apr 3, 2015 1:36am
I say never pay for courses, specially if you can get it for free online, forem forex factory babypips and forex peace army, there are even free webinars offered by brokers like hotforex or vids on youtube. we aim to earn so dont make unnecessary expense while you are learning.
  • #31
  • Apr 3, 2015 1:02pm Apr 3, 2015 1:02pm
Quoting mytrader1961
Hi, Jiffypip I am afraid this is the truth. Even if you go on courses with the best people available, there is still a steep learning curve although I believe a new trader could drop a couple of years if trained properly from the start and had the benefit of mentoring. When you read the threads here and on other forum, some people are spending more than 2 years and a number of blown accounts to finally crack it. MT {quote}
I'm one of those people, it was over three years before I started to get consistently profitable.
Babypips is great, I haven't looked at the fxstreet package.
My advice to beginners is the same advice I ignored for so long; use longer time frames, keep it simple, don't get caught up with every new indicator you find and above all be disciplined with money management.
If I'd listened in the beginning I'd be a lot further down the road.

I think for beginners the 'Trading Made Simple' thread on this site could be very useful.

Have fun.
Don't ask me, I have no idea what's going on.
  • #32
  • Apr 8, 2015 8:27am Apr 8, 2015 8:27am
Yes, I'm absolutely agree, but nowadays there are so much such bogus companies that rookies can't find a normal one, and they have no choice and paying there money
  • #33
  • Apr 8, 2015 1:26pm Apr 8, 2015 1:26pm
Ok admin and moderators of FF, how a page of links to freebie education material?
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #34
  • Apr 9, 2015 5:31pm Apr 9, 2015 5:31pm
Theres one very good totally free place to learn to trade with 3 or 4 daily live seminars with fully qualified traders, a complete video course on trading simple and slightly advanced. Live webinars where traders actually trade live. Also after the webinars theres always a question and answer session where you can get all your question answered with charts to explain.

Totally awesome free training at FXCM where its all free if you have a trading account with them but also they run a free trial for 7 days so you can try it all out first... Without doubt the best free or paid training I've ever seen...

Heres the website for the free trial, give it a go you're love it...

http://www.fxcm.com/uk/services/forex-trading-tools/

Good luck and happy trading....
Feel the Fear and do it anyway!!!
  • #35
  • Apr 10, 2015 2:34am Apr 10, 2015 2:34am
Baby Pips, Forex Factory and FXStreet schools are with no doubt the best sources online to start learning the basics about Forex, apart from the all books related to the topic, so in my opinion I don't think that paying for a forex course is worthwhile.
  • #36
  • Apr 10, 2015 10:34am Apr 10, 2015 10:34am
Practice is the best teacher. Trade with a demo account after finishing the newbie course and not necessarily paid course is needed, depending on your learning habit and preference.
  • #37
  • Apr 10, 2015 8:47pm Apr 10, 2015 8:47pm
Quoting JeffZhou
Practice is the best teacher. Trade with a demo account after finishing the newbie course and not necessarily paid course is needed, depending on your learning habit and preference.
Great observation. Some people jump in after they are done with the course, but you are right. It is good to try out some of the strategies you've learned using a demo account. This is one of the reasons every broker has one for traders.
  • #38
  • Apr 11, 2015 10:14am Apr 11, 2015 10:14am
What it all boils down to, which noobs reverse.
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  • #39
  • Apr 12, 2015 10:09am Apr 12, 2015 10:09am
Spot on , Jiffypip




Quoting jiffypip
What it all boils down to, which noobs reverse. {image}
  • #40
  • Edited 1:06pm Apr 13, 2015 12:27am | Edited 1:06pm
Quoting jiffypip
What it all boils down to, which noobs reverse. {image}
I see it differently.

I'm not going to put a percentage value on each component, but an apprentice trader must get past the four base items, to give himself a chance of overcoming his nerves, and maintaining any kind of consistent discipline. And if he doesn't master all of the base items, he'll lose anyway.
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