Beginner’s guide to getting into Forex Trading (The get rich slow scheme) Part 1 – 2

Wouldn’t it be great if you could enrol on a course at a local university or college, to get a start in your financial education? Unfortunately such a course doesn’t exist and even if it did it would usually be a long process and likely be full of theory with little practise. Also the information you learn would most likely be outdated as well. You could also find a Guru or Organisation/Company to follow, but you wouldn’t know if you were getting the real thing or just lining the pockets of the vast majority of scammers out there. These online Forex Trading courses can be a pain in the jacksey, but would usually be a lot easier to bear than a traditional academic course. So where do you start to look for such a course?

The problem is that in order to make a start and even gain an edge in the business of Forex Day Trading, you need to arm yourself with as much quality information as possible. Then you need to practise, practise and practise some more. There is no substitute for experience, but it is better to let others who have gone before you make the expensive mistakes if possible. Whichever way you choose though, you can be rest assured that there is no easy path to success.

There are no shortcuts, or secrets that you can rely on in order to make big bucks with Forex Trading. If anybody is telling you otherwise, then they are just trying to sell you his or her secrets or shortcuts and more than likely is probably an online marketer who has no actual Forex trading experience. Nevertheless, there are always means whereby you can make your trading life a little easier.

The first thing I would do is to go on to trading forums like www.babypips.com or www.fxstreet.com, you could do a Google search with the phrase “beginner trading forum” to find your own, but these two are well know and have a good reputation. You could also search for “Best Forex Course” or “Forex Course Reviews”, but you would most likely turn up with biased review sites. If you don’t get along with the forums and would like to rely on searching on Google, then I would not stop at the first few results either.

It is a well know tactic of Online Marketers to create fake review sites for the sole purpose of plugging particular products. There is usually an affiliate scheme for each product on “review” and the Marketer would have signed up with whatever affiliate networks promotes these products. He would have chosen his products to promote and received an “Affiliate Link” to put on his website(s). If someone clicks on this link on these fake review sites and buys the products, the Marketer would then receive commissions that range between 6% and 75% for each sale.

Actually this might be a good technique to make an “online” income, if Forex Trading doesn’t work out for you! Don’t get me wrong, I don’t begrudge people trying to make a living, but I think it is wrong when all they care about is their commission, and they provide poor information.

So, you found a number of trading courses with genuine and hopefully unbiased reviews. Unfortunately I would not rely on information from one single source, like all great educational tools, its important to get more than one point of view, or demo package or online course. One product cannot hope to cover every single aspect of Forex Trading and its multitude of techniques. Books can become outdated fast, so make sure you receive the latest editions and not all techniques work forever as well. I believe for example, that Elliot Waves have been done to death and wouldn’t waste my time with anything more than a basic comprehension of its principles. The currency market is alive, immutable and constantly changing. So for the newest information, I would stick to online sources. Find a number of Gurus that each have a good reputation and follow what they do. The chances are that you would have already bought their products anyway.

You should also find courses that cater for your level of knowledge of Forex Trading, as the last thing you want is to spend money on a course that is too advanced or too easy for you. Such is the brilliant nature of the Internet, there is a lot of material and courses being offered for free, you just need to delve deep enough. Start delving and look past the first page of search results in Google, people miss the odd gems because they only look at the first few pages of their search results. Start bookmarking free sites that give you easy, but comprehensive Forex trading terms, because these can be lifesavers as you learn about the market.

So, you have done a course or two on the subject of Forex, but did any of these courses cover Money and Risk Management? This, and your psychology, is in my experience some of the most overlooked aspects of trading and this is something that is so crucial, it could make you or break you. I offer a free report that covers Money and Risk Management in detail, this report documents my own special Money and Risk Management Technique that I use for trading everyday. Go to my site FxSignalTrader dot com (work it out! – or look at my resource box if there is one) and use the form on the right hand side of the homepage and I’ll send you the document for free, no strings attached, obviously you would need to enter your email and give me permission to send it to you. Whilst you are there you can also go to the “Training” page and view the Psychology videos, there’s some real gems there to really get your mind right.

Now, all you need to do, is do it! There’s no substitute for experience and hands on practice. Find yourself a broker and make sure they offer you a practice account and most importantly, make sure that the broker charges a low “Spread”, this is essentially the rate at which you will be charged for each trade, whether you win or lose. I would recommend Oanda & Fxcm (Do a Google. At the time of writing this article, I’m in no way affiliated to these companies), these two brokers offer reasonable “Spreads” and additionally, they offer trading with “Microlots”. Trading in “Microlots” means that you would be able to trade with small amounts of cash and not all brokers offer this. For example you could trade Cents per point, rather than dollars per point as is typical with most brokers, so in theory you could start with as little as $500 to $1000, if you want to get your feet wet for real, without breaking the Bank.

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