Many new traders come with little or no education to the forex market, only to blow out their entire account in matter of days.
Why?
Because the have never learnt anything about how the FOREX works, technical analysis, strategy’s, traders psychology, chart set up and many other important things you should know before you start to trade.
So, knowing this, it is important for new traders to have some serious education about forex before you go trading LIVE.
What type of education?
This can be a forex trading course or online education with live instructors from respectable FX companies.
How much should a trader spend?
It depends on how much a trader is willing to pay but a good forex trading course must be available starting as low as $250, some companies even offer it for free. Online education with live instructors can cost a lot more, finally it is up to the trader what he is willing to pay for proper forex education.
Just think about this: it is very easy to lose an entire forex account with no education, whether it is a $1000 or a $100,000 account, personally, I would learn forex first before wasting my money.
What lessons a trader should learn in a forex trading course or with online forex instructors:
Forex Basics
What is Forex?, Currency Pairs, Order types,…
Technical Analysis
Technical Indicators, Candlestick, Types of charts, Patterns, Moving Averages, Support&Resistance, Trend Lines,..
Trading System
Entry Setup, Limit Levels, Where to place a stop levels,…
Chart Patterns
Special Chart patterns with high probability to look for,…
Trading Psychology
How to succeed in Forex trading and how to avoid pitfalls, Holy grail,..
Money Management
Risk-to-reward ratio’s,….
