Are you new to forex trading and would like to start off on the right track? Then you need to go through some of the issues we have identified in this article below.

The basis of a good house that can withstand the storms is in its foundation. The foundation of a forex trading career is in the kind of forex education that the trader receives. The reasons why so many retail traders fail at forex trading can be traced to the faulty foundations set by inadequacies in the forex courses that they receive. If a trader has received a good forex course, then there is a 50% chance that he will succeed in the market. A bad forex course means that the trader has 0% chance of trading success. So what are the components of a good forex course?

1)      Timing and Duration

I am truly amazed whenever I see a forex course scheduled on a weekend, after which the seminar organisers actually encourage their attendees to hit the markets on Monday. How do such half-baked traders hope to compete in the market with professional traders who have received training and have made a living from forex trading for 15 to 25 years? These “one-day intensive” forex courses/seminars, held when the markets are closed over the weekends, are simply a recipe for disaster. Forex trading is like going to school. No aircraft pilot learnt to fly in one day. I am also yet to see a surgeon who went through a one-day intensive course in heart surgery, and then is pushed into the operating room to carry out a coronary bypass surgery. Forex is something that takes time to learn. Ideally, traders should have at least one-year learning and demo trading experience before going live.

2)      All-Encompassing Core Content

All aspects of technical and fundamental training must be covered. Sometimes I see traders who say they are technical traders and never trade the news, or that they are fundamental traders and never use indicators in trading. Both styles complement each other and cannot be used in isolation.

3)      Psychology Training

Whenever money is involved in an activity, there is bound to be a lot of emotion involved. Many of the trading losses that traders suffer is attributable to negative emotions coming to play during trading. A good forex course should encompass training on emotional control. Emotions such as fear, greed and anxiety are trade killers and every trader who aspired to trade will experience these at some point when they go live. Now it is not bad to experience these emotions; we are all human. But it is the response to these emotions that will make the difference. Does a trader get greedy and start opening trade positions without recourse to money management? Or does he respond to the greed emotion and refuse to give in to it, obeying laid down principles of risk management? This is what a good forex course will sort out.

The key lesson here is this: if you want to make it in forex, undergo a good forex course that has all the components listed above.