With more and more people looking to trading as an option to supplement their income and those who look to make it a more full-time endeavour, is it possible to learn all you need to know without following structured forex trading education?
Whilst I’m sure there are exceptions, the general rule is that success is not likely without structured study or mentorship.
Just like any other professional career, forex trading should be afforded the same respect with regard to educating one’s self in order to succeed.
You wouldn’t hire a builder whose education consisted of watching a couple of videos on Youtube, so how could a trader who has tried to piece together what is publicly available online, whether it be Youtube videos or social media posts, expect to find success in such an unforgiving environment as forex trading.
A google search of how to trade forex at the time of writing this returns 26 300 000 results, so where to start, and how does one filter out the nonsense and go about getting the best forex education?
Most traders start out by following some guru on a popular social platform or youtube and do their best to build an understanding of how to be successful. This can waste months, if not years, as the trader flounders around chasing the next catchy video title that promises success with a fantastic trading strategy.
Simply put, structured study shortens the learning curve that a trader must go through to find consistency in forex trading.
So, where does one start? How is it possible to sort the real educators from the fake gurus?
Starting off as a new trader and finding education on trading for beginners is the easy part. Babypips is well known for a solid start. It covers the basics and gives a good grounding.
What is the next step? Where are you going to get the best forex education? This is where it’s time for you to start doing some research. Unfortunately, there is limited regulation on forex education, so this makes it imperative that you are able to distinguish between scams and quality education.
How would someone look to improve their trading through structured education be able to know where to find quality education that is going to accelerate their trading career? The easiest way is to ask yourself if the educator benefits from your success.
Let’s start by looking at prop firms, and some prop firms offer both forex trading education to people looking to learn how to trade and to traders looking to improve their trading, both technical studies and psychological education, an often overlooked and extremely important part of trading is psychology and coping with the many challenges a trader will encounter as well as offering to fund to successful traders.
So how do they benefit from it?
Prop firms that benefit from successful traders trading their capital and taking a profit share, so it would be in their best interests to help create successful traders who would, in turn, improve their business through successful trading, so yes, they have something to gain from your success and are more likely to offer a quality education in trading forex, as they have an interest in you succeeding as a forex trader.
In the world of forex trading, it is easy to get caught up in hype and scams. While promises of overnight success always sound like a dream come true for the struggling trader, one always needs to remember that what appears to be an overnight success is from months of study and hard work, from a structured approach to learning and submitting to the time you need to grasp the concepts taught.
As with any career, the study pays off. Don’t get caught by the next catchy video title, and do your research to find the best educator you can.