Forex training for beginners should cover three main elements. It must teach forex trading https://www.fxcm-markets.com/forex/ strategies that have been proven effective, risk management skills, and the right mindset.
Forex currency markets are highly volatile. It is possible to lose substantial amounts in forex trading without any training.
There are many Forex education courses. Beware of courses that offer only certain forex strategies to students or give indicators. These programs may not be sufficient to provide the knowledge necessary to begin forex trading. The situation could get even worse when forex strategies are offered by non-licensed brokers.
These subjects should all be included in any Forex course.
1. A proven and scientifically supported forex trading strategy. These strategies should provide greater than 60%-70% winning chance under all market conditions. You must test the trading strategies for another long period. You should expect to have at least five years or more of scientific testing. Because of the lack of funds, knowledge and expertise required to conduct these tests, not all currency trading professionals are able afford them.
2. Risk management is key to sound money. Warren Buffets #1 rule in investing is, “Do NOT lose your capital!” Protecting your capital can be vital. If you want to make your forex strategy a success, good money management is essential. A trade should never exceed 5% of the capital you have. The odds of winning 100 forex trades on the online currency market with a strategy offering 60-70% probability will outweigh those who trade for the same amount.