When choosing forex course, Binni Ong, veteran trainer in forex trading, who runs a trading room and a trading team, shares tips on how to choose forex course in Singapore. Or even Malaysia, Indonesia and anywhere in the world.
A student who took my course in http://onlineforexmaster.com shared with me this. The student wanted me to specifically shared her story and prevent many from spending 冤枉钱.
View the summarise post of '5 things to avoid in a forex course and 5 tips to select a good forex course' at the end of the post in slideshare.
The student attended many forex courses before attending my forex course.
Student was so relieved that mine emphasises how to find trades, how to execute trades and how to manage trades (to cut losses fast and to ride a trade fully).
5 points Sally regretted about attending other Singapore forex courses
Student attended many forex courses all conducted in Singapore. I am going to call the student Sally to make the article easier to read.
Sally was initially very worried about attending an online forex course. However, she is sick and tired of all these motivational talks and decided to cut it clean. So maybe attending an online course is a good idea. After going through my Master Forex Course, she actually likes it. We have an instant chat service using Telegram where we give one to one attention on her. Most important, she gets direct access to me. Via our interaction, Sally revealed many things to me and asked me to share so others could avoid her mistakes. Thanks Sally.
5 things to avoid when choosing a forex course
1. Avoid forex trainers who do lots of motivation, lots of rallying. Spends 30-50% of time doing 'feel good' activities and talking about others experience. Nice to hear. But less than half the course duration left to talk about trading.
2. Avoid forex courses that teach textbook material. What's textbook material? Any concept that can be found freely in public domain or print. Buy a book, watch free online videos instead of paying few thousands to hear motivational talk.
3. Avoid forex trainers that promise support, but provide none. Wrote email, but nobody replies. Called and asked to speak to someone, but nobody can help. Experience was very different before becoming a paying student. Frankly this is very hard to avoid and probably one can only find out the hard way. Make sure you fully understand the service commitment before committing your money.
4. Avoid forex courses that will lead to further up selling. It will become a bottomless pit as there is no finish line for the course.
5. Take steps to verify when a trainer claims that he makes xxx pips from trades. Sally found out that her previous trainer highlighted all kinds of winning trades like "We made 2500 pips shorting GBPNZD here and here" but never shared the trade entry beforehand. There is no proof that any trade was done. The trainer claimed many winning trades and but could not provide any proof that they had announced the trade beforehand.
Additionally, Sally also shared that she was shown lots of mobile phone screen captures that show trading profits. She realised that she could do that by starting a demo account (using virtual money) and do a concurrent buy and sell on a same currency pair. To show winning trades only, just close the losers.
Whatever Sally shared with me is not new. My company TerraSeeds Market Technician Pte Ltd and I have been in this business for 10 years. Some competitors already pulled this kind of tricks 10 years ago. Many of them have left the business. New entrants come into the business, pull the same tricks on new learners now. I will like to share 5 tips to judge in a forex course. Try asking these questions the next time you attend a forex preview.
5 tips to judge a good forex course
Tip 1: Focus on what you want when look for forex courses
When you decided to attend any forex course, your objective is to learn forex to make money. Focus on your desired outcomes when choosing a forex course. Focus on what the trainer, what the course can help you to achieve your objective.
It is easy to be attracted by "those few hundred thousands dollars or 100% gain in x months" that's presented in forex previews you might be attending. However, these are history. They might not be indicative of your performance. Look at present. Focus on outcomes of your learnings - which is the trades produced from what is being taught. A good trade, a good trade management, a good money management will generate higher probability of making money.
Tip 2: Ask for trades that was recently done as a learning outcome of the forex course
Remember Sally pointed out about some forex trainers doing a buy and sell at the same time? Later, they closed losing trades and shouted loud their winning trades. Thus, it is important to look for proof like timestamps, dates, price levels. It doesn't matter whether trainer themselves did that, because as long as it is a method that is repeatable, a method that really can make money, then once you learn it, you can make money too. For example, I post my trades in G+. They are timestamped. Then I tweeted that trade and then telegram it to my members. Even if I delete da post, there is no way of deleting telegram broadcast. So I can't hide from any losing trades. All my trades written in The Alien Room are provided before price actions happened and not provided on hindsight.
Tip 3: Ask for basis of trades done
Why did they choose this trade, how was trade managed? Where is entry, exit level? Why was that point chosen?
Tip 4: How often are trades being discussed and talked about?
You are involved in forex trading for money. Number of quality trades = money. So if you aren't asking about trades, but to focus on whether trainer drives a ferrari or other students made few hundred thousands, then you are barking in the wrong tree.
Tip 5: Ask for a trade diary or journal
A good trader will keep a trading journal/diary. This is almost one of the prescribed MUST DO. Look at the journal, look for patterns such as small losses, big gains (when this happen, then this method can win in the long run). Look for trade duration. When you look for trade duration, you will know whether you are able to execute such trades on your own in future. If you are working full time, a method that enters 10 trades in 3 hours is not suitable for you.
You can take a look at trade diary in the Alien Room.
Is forex education that important in forex trading?
Today, learning is important.
However, forex trading is just different. Attend courses and get trained on forex basic to set a strong foundation. But it doesn't ensure that you can make money.
Think about your driving experience. You need to take basic and advance driving theory. But you only know how to drive when you get onto the car and start driving. You have your driving instructor beside you. That's how everyone in Singapore learns driving.
Bring this to forex trading
- Basic + advance theory. Learn forex trading.
- Start driving. Start trading.
- A driving instructor beside you to guide and watch your safety. Bring this back to forex trading, you need to a guide, someone whom you can follow, where you could see how trades being formulated, executed and managed.
What I've seen in my 10 years of training thousands of students, practical experience is the most important. Expose forex traders to what they need to do- TRADE. But don't throw them into the sea. Let them follow the best (a master maybe). Learn through experience.
My observation - only those who are really good and know how to trade dare to talk about trades. Those who are not, divert your attention and talk about other things such as motivation and how much money you could grow, cars you could buy.
Have you watched the movie "Inception"?
View the summarise post of '5 things to avoid in a forex course and 5 tips to select a good forex course' in slideshare.