Forex Trading Training – Why We Emphasize It Strongly
Forex trading training is emphasized multiple times on this website. We believe that it is extremely important that you invest in your trading education in order to be a proficient and successful trader.
There is a huge cost to being an ignorant trader. Having said that and assuming that you are reading on then you’ve come to the right page resource to plan your training.
As a trader and business person you must treat your trading as a business and not a video game so you must have a plan. If you don’t have a plan when something goes wrong, you will not be able to analyze it and dissect the problem.
By sticking to your plan and recording what was happening when you entered and exited a trade, you stay focused, regardless of what happened. It gives you a frame of reference and a plan to succeed the next time you encounter the same situation. Your training prepares your for developing your trading plans. If you know the basics of analyzing the market you will see the setups that say “enter the market now” and you will see the market behavior that says “get out of the market now”.
The basics of Forex trading training begin with understanding charts and charting. Charts describe the behavior of the markets. In order to understand the Forex market you must be able to read a chart. A chart is relatively easy to read therefore you should begin there.
Currency price is reflected in the description of price bars, candlesticks, point and figure bars, and other price descriptors. All of which are shown in the charts.
Once you have charting under control you should move on to understanding the bar or candlestick patterns represented by price movement over time. This is a significant area of study for all traders. The patterns of support and resistance are fundamental patterns that provide a great deal of information about the status of market behavior.
There are many patterns that traders should learn about that include pivot points, retracement areas, Fibonacci ratios, etc. If all of this sounds overwhelming believe me it isn’t. If you understand basic arithmetic and geometric shapes you will have no trouble understanding trading basics.
There is a wealth of information online to help you understand all of this but in most cases it is not organized in a coherent way to make it easy to learn. That is why we, the Trading-Home-Business.com team, highly recommend taking a home study course that has a component of mentorship and coaching to bring it all together in an efficient Forex trading training package.
We’ve found a course that meets all of these requirements in Forex Mentor. It is a home study course that provides video mentorship and it covers all of the fundamental knowledge required to be a successful trader.
The Forex Mentor team is professional and available for members of their course. The course materials are professionally done and designed with a logical and technical approach. This company even provides an assessment of the market conditions each day that they call the AM review.
They also offer (to all Forex Mentor members) seminars, products, and books that are designed to educate and achieve more advanced skills in trading.
Compared to some of the other Forex trading training companies on the market the price of this course is a bargain (We recently had a company approach us for a $6000 course that essentially taught the same subject material).
If you are new to trading I highly encourage you to consider investing in this course to give yourself a solid foundation in Forex trading.