When it comes to Forex trading courses, there are plenty out there. But what do you need to look for before buying a Forex trading course?
This post will cover just that.
Before you dive into buying anything you need to research thoroughly. When you go buy a new TV you wouldn’t just buy the one you see first. you will most likely walk around, look for a good deal, check the features, or walk away to the next shop. The same goes for Forex courses. Here are a few things to keep in mind when buying the course.
1) Is the website or person offering the forex trading course Genuine?
These days anyone can come online and release a course easily. They get into the market for a year or two and then claim that they have made millions, posting their lavish lifestyle, screenshots of their trades, Ferraris, etc.
But there is a lot more going on in the background. You need to research their background, is it true what they are saying? Remember if forex was that easy everyone would be doing it.
Here is an example of a person claiming to have made millions and boasting about his lifestyle. When in reality he has been flagged by the FCA and has also been claimed by many people that they have lost their money. Always do your research!
Bedroom traders boasting fortunes
Here is another example that happened at the end of 2019. A person known by the name Gurvin Singh was offering forex services to people. Only to find out a few months later that it was a Ponzi scheme and he ended up scamming more than 1000 people. People lost their life savings and were not even able to get them back. There is also a 4-episode documentary on this on the BBC Named Scam Land: Money, Mayhem, and Maseratis.
Scam Land: The unlicensed ‘forex trader’ who promoted a £3.8 million scheme
2) what is included in the course?
You need to know what the course is offering for the amount you pay. There is no point paying thousands of pounds to only realize later there isn’t much in the course. Some courses have the same information that you can find for free on Babypips.com
There has to be a strategy that has been tested for many months in the markets with tracked results to show that it has worked. There need to be videos to show how to use the strategy in the live markets, theory alone is not enough. For example, we have posted our Myfxbook on our website to prove to people that our strategy works in the markets and has been for many years.
3) YouTube is not the Answer
When I was a beginner, I thought I could learn Forex just by watching videos on YouTube. The reality is there are 100’s of people on YouTube showing you how to trade with their own strategies. There are scalpers, swing traders, day traders, position traders. But you need to know the difference between all of these different style. They all have different types of strategies, and the psychology of trading is different. In reality you can’t be trading using all these strategies at once. You need to choose a style that suits you and then practice and master that strategy until you get good. Losing is all part of the game. One of the biggest mistakes traders do is changing their strategy when they lose. This won’t work in the long run, and you will eventually realize that.
4) How is their customer support?
If you dont trust the website, one way to find this out is to check for peoples review on google. There are websites that review forex courses and people tell you whether its scam or actually something genuine. There are websites out there that offer the course and when you buy them there is no customer support or anyone you can ask for help if things don’t work.
In conclusion, do your own research before buying any course. Be aware of scammers and save yourself from trouble.
We also have a free 14 day course in case you want to know what the course might contain. We are a genuine 5 star rated forex school who teach you how to trade.