I trade Forex part time by now. In the beginning it was really hard to make consistent profit trading currencies. Throughout my trading career I have taken many day trading trainings. Some of them were good some were below average. What I discovered while going through these trainings changed my overall lookout on them.
If you are new to Forex or if you are struggling to get consistent success in trading then probably you are looking for some sort of training for traders. I can give you a few tips from my experience how to pick a good day Forex trading training. A good trading course or training needs to target two major things. One is your trading mindset or trader's psychology. Second it should give you a standard trading strategy that you can practice on your own.
Let's discuss each subject separately. If training does not consider the trading mindset then no matter how many unique and extremely profitable strategies they have they will be useless to you. Unless you are already mastered the trading psychology and already making profit. You will not avoid losses by learning new strategies and collecting new information about the market. Even best of the best traders loose from time to time. What matters is your attitude towards the loosing trades. Do you start panicking one price goes against your position or do you accept it as a necessity in your trading experience? If you panic then you tend to make trading mistakes that will lead you to more losses.
I think some traders who are involved in training business either naturally born traders or they forgot how hard it was to them to tame their emotions. They don't even consider that mindset can be an issue in trading. They say something like: "Confidence in trading comes from your knowledge of the market." But I met people who have extremely good knowledge and they fail to make consistent profit in trading. On the other hand I know some traders who are less knowledgeable than the first type of traders but they manage to pull the profit out of market on a consistent basis. That's why I am a strong believer that growth or fall of your equity curve hugely depends on your mindset. So the first thing to look in traders training or trading course it's if they are dealing with the trading psychology.
The second thing a Forex training has to have is a simple yet profitable strategy that you can practice on your own. It's incredible to watch how professional trader and closes trade after trade in profit. But he has a lot of experience and he is using his developed feel of market that you may not have yet. If the course doesn't have one strategy with simple, clear almost mechanical rules for entry and exit then you will have a hard time to practice what you have learned at the course. Without a good practice you will forget what you have learned. By practicing some simple system over and over again you will develop your feel for market and then you will be able to move to more advanced and discretionary type of trading.
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We’re going to break down stock trading training for beginners so it doesn’t seem scary. One of the first things you need to do when you start out is to pick a good broker. A stock broker is going to be where you do all your business. Picking one that has large commissions and fees can be detrimental to a beginner.
ReplyDeleteAn important second step is going to be learning how to read a stock chart. The stock chart holds all of the clues to which direction the stock is going to move. Watch our ThinkOrSwim video on charts setup.
Another great resource for learning to read a chart is stockcharts.com. They have a chart school for any questions that you might have. Charts can look like Greek when you’re starting out. The more you look at a chart, the more you’ll understand it and be able to predict trends.