Before you invest any money in purchasing a Forex Trading Course it is extremely important that you ask some important questions of the training provider. Getting clarity on the answers to the following questions will go a long way to ensuring you get value for money from your Forex Trading Course investment.
Important questions to ask.
Is the training provider licensed with ASIC and do they hold an Australian Financial Securities License? If the company delivering the Forex Trading Course is licensed it means that the training and marketing promotional material is compliant. If the Forex Trading Course, company or person you are about to learn from is not licensed with ASIC and does not hold an Australian Financial Securities License then I would strongly recommend you continue to research until you find one that is. If the company offering the course is licensed you are also protected by the Australian Financial Ombudsman and if you feel you have been deceived or mistreated you can report them to the AFO or ASIC and their license may be suspended or revoked.
Does the Forex Trading Course demand that you use a specific broker? If they do then you are unlikely joining an independent training company. Many Forex Trading Courses require you to use a specific broker as the Forex Trading Course will be receiving a kickback on your trades. Many Forex Trading Courses have no interest in seeing you make money rather they have a strong desire to simply see you trade. Ensure that the Forex Trading Course you are about to purchase gives you the freedom to use any Forex broker you wish and the course material is not being offered to you by a broker. Brokers who offer Forex training in my experience, offer very general information only and Forex brokers have a very strong interest in seeing you trade an account often, and preferably with a large amount of money. A reputable licensed Forex Trading Course should allow you to begin trading with whatever account balance you wish and trade through any Forex broker you wish.
What type of trading systems will you learn? Most Forex Trading Courses offer advice on how to trade a Technical Analysis system. Whilst technical analysis is an important component of your knowledge base to trade successfully you need to keep in mind that the most successful traders do not use technical analysis alone. Investment banks and hedge funds make the lions share of the profit in the Forex market and the traders who are executing the trades will be using a combination of Fundamental analysis and Technical analysis along with sound risk management principles. The biggest mistake made by novice traders is to think technical analysis is going to tell them where the price is going next. Fundamental facts drive hedge funds and investment banks to buy and sell in financial markets and they will use technical analysis to determine value propositions to enter their trades and a sound risk management system to ensure they do not have major drawdowns when a trade goes against them. Most Forex Trading Courses that only offer technical analysis as the learning material are being delivered by trainers who do not make profits in the markets. Showing a set of charts is very visual and this is why many investors believe learning technical analysis is a simple and easy way to learn how to profit. This is plain wrong thinking. Understanding the Fundamentals of financial markets is not visual and the true understanding of how financial markets work requires time spent inside an investment bank or hedge fund or time spent trading with traders who have worked in those places.
Any reputable Forex trading course should teach Fundamental analysis, technical analysis and sound risk management principles.
What sort of experience do the trainers have? Ensure that the trainers you are about to learn from are well respected in the industry with years of successful trading experience. Are their professional opinions sought by media outlets? Have they won any awards? Do their senior traders and trainers appear on TV programs such as Sky News Business, CNBC or Bloomberg? Have they worked inside investment banks or hedge funds or have they hired and worked with traders who have? Do not invest your money in a Forex Trading Course if you cannot answer “Yes” to the questions above. If you are investing your money in learning to trade then ensure you are learning from a real trader who risks their own money in the financial markets and are willing to do it live in front of you each day.
Do they provide live training online and face to face? Many training organisations only provide online video training. Ensure your Forex Trading Course provides a mixture of video training, live online training and also face to face training. Try to ensure that the Forex Trading Course that you are joining enable you to call their office on a 1800 number and speak to the trainers and support team, without any additional cost to you.
Are there ongoing fees? Ensure you know exactly what you are up for when you join a Forex Trading Course and you are aware of any extra charges or monthly fees you may need to pay and how long the course material and support lasts. Generally speaking you should not have to pay for any ongoing fees or support and this should be included in your initial investment. Investors hate hidden fees so ask the right questions about any fees you need to pay before you hand over your credit card details.
What sort of support do you get? A reputable Forex trading course should give you access to email support, live chat support and also a free call number that you can call within business hours if you need assistance. If there is only email support then I would question the quality of the company you are dealing with.
Are they willing to give you their personal trades using the system they teach? If the Forex Trading Course is not willing to call the trades they teach you live in the market each week you need to question the profit opportunity that exists and ask them why not? A reputable Forex Trading Course should offer trainers who risk their own money using the trading systems they are teaching you and when the systems occur in the market if they are training you to take those trades then they should also be taking those trades and showing you the results. You also should be able to see on their website real faces and real names of traders and their returns that use the system. When I refer to real names I do not mean just a first name only, you want to see a real face, even a video testimonial and some clients who are willing to provide their full names and their returns on investment. If the company is not showing this then they are highly likely not to have a successful trading system and happy customers.
Can you visit their office? A really important one. A Forex Trading Course should offer a fixed address of business on their website and marketing material, not simply a PO Box. When you speak to or email their representatives ensure you ask them what their physical address is and if they cannot provide you with one then you are highly likely dealing with a potential fly by night training company.
Do they use the latest technology to alert you to important events and their trades? Do they have their own company App that they can send you their trades and any important market information about breaking news? How you receive information flow about the financial markets is critical and any reputable Forex Trading Course should have its own company App that you can download once you are a customer.
About the Author: Andrew Barnett
Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular keynote speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).
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