Are there any good FOREX Trading Schools out there?



Are there any good FOREX Trading Schools out there?
I just started reading up on FOREX Trading yesterday and I am very interested in learning it. Are there any good schools that specialize in teaching it from basics all the way up (not online schools), and where I can earn a certificate or some sort of paper from it?

Best answer:

Answer by Joe
I’ve read a lot about Forex, but I’ve never heard of a good Forex trading course, or a proven profitable forex strategy, despite the claims of some scam web sites.

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.

Forex is what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347” is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347” gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

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4 Comments


  1. Amna (November 16th, 2013 at 9:49 am)

    why you wanna waste your money? If you are so much interested then you could learn forex online without spending a penny.

    Register demo account under any broker which is well known and start practice Live without investing any money. Once you become confident enough then you may open a live account with them.

    Mean while start reading blogs and other educational websites for forex basics and concepts.

    Great day,

  2. Michael G (November 16th, 2013 at 10:07 am)

    The best Forex courses is CFA program, but it is expensive, $ 2K per year, and you must to learn 3 years.
    http://www.cfainstitute.org/
    Cheaper is to learn by yourself.

  3. Jiow (November 16th, 2013 at 10:35 am)

    For Beginners To Learn Forex – 10 Minute Forex Wealth Builder

    Its primarily because of the simplicity to understand the system and also ease of using it.

    The tutorial contains two parts. The first part will benefit only the beginners in Forex market. If you are just starting off in Forex then this video tutorial will take you by hand and guide you through setting up your first account and will teach you the basics of the charting software. However if you are an experienced Forex trader you can skip the first part of the tutorial completely. The benefit for you is in the second part of 10 Minute Forex Wealth Builder, which actually contains the trading systems themselves.

    This system can be used by anyone, including beginners.

    As for the price, the forex wealth builder system is very reasonably priced. Also, the price is backed by 8 week money back guarantee.

    http://www.cprof.org

  4. Paul (November 16th, 2013 at 11:24 am)

    It is good that you are wise enough to be looking to learn as much as you can about the FOREX market before making the mistake of jumping right in.

    A good free resource to learn basic and intermediate info is http://www.babypips.com

    You can learn the actual mechanics of entering and exiting trades by opening a demo account with most any Forex broker. A word of caution though …

    Do not assume that any good fortune you may experience while practicing with a demo account will necessarily be the same when you trade with actual money.

    There is an interesting little dynamic that comes into play called Fear and Greed. Human emotion has been the cause of many folks losing a ton of money in the FOREX marketspace.

    Good Luck.

    Paul


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